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Settlement Citigroup

Robins Kaplan LLP

Your Daily Dose of Financial News

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Coach is looking to appeal to a younger generation (hint, big sales running nearly all the time would help), and it’s decided that buying is the way to go, announcing yesterday that it’s snapping up Kate Spade for $2.4...more

Carlton Fields

Cy Pres Standard Dispute Settled With Reasonable Approximation

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The District Court for the Southern District of New York recently addressed whether the “next best” or “reasonable approximation” standard should apply when the court evaluates proposed cy pres designations in class action...more

Orrick - Finance 20/20

Citigroup, Goldman, and UBS to Pay $235 Million Settlement in MBS Class Action

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On February 13, 2015, the plaintiffs in New Jersey Carpenters Health Fund, et al., v. Residential Capital, LLC, et al., No. 08-cv-8781 (S.D.N.Y.) filed an unopposed motion for certification of the class and to approve a...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Fed Announces Dates of Stress Test Releases - On February 12, the Fed announced that results from the latest supervisory stress tests conducted as part of Dodd-Frank will be released on March 5, and the related results...more

Carlton Fields

Rakoff Rebuffed on Rejection of SEC Settlement

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Appeals for the Second Circuit has vacated a provocative order by Southern District of New York Judge Jed Rakoff. In the November 2011 order, Rakoff rejected a proposed "no-admit, no-deny" consent decree to resolve an SEC...more

Bilzin Sumberg

Citigroup Settles with DOJ for $7 Billion

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Citigroup announced last week that it will pay $7 billion to end an investigation by the U.S Department of Justice into misconduct related to its mortgage securitization practices. The blockbuster settlement came days before...more

Bilzin Sumberg

Main Street Cashes $3.1 Billion in Checks from Wall Street

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With the mortgage crisis almost a decade in the rear-view mirror, some harmed homeowners are just now starting to see reparations for the transgressions of the country’s largest financial institutions. ...more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Overturns District Court’s Rejection of SEC-Citigroup Fraud Settlement

In a closely-watched decision involving judicial review of agency settlements, the Unites States Court of Appeals for the Second Circuit vacated United States District Court Judge Jed Rakoff’s 2011 order rejecting a proposed...more

Mintz - Securities & Capital Markets...

Five Questions and Answers About the Second Circuit’s SEC v. Citigroup Decision

Last week we posted a summary of the Second Circuit’s decision in SEC v. Citigroup Global Markets, Inc. This week, as a follow-up, we pose the following five “yes or no” questions and provide responses as a way to further...more

Cozen O'Connor

The Second Circuit Confirms the SEC’s Ability to Settle Without Requiring Admissions of Wrongdoing

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In November 2011, Judge Jed Rakoff of the Southern District of New York ignited a firestorm of commentary and concern among the securities bar by declining to approve a settlement between the SEC and Citigroup in which the...more

Mintz - Securities & Capital Markets...

Second Circuit’s Citigroup Decision Protects SEC’s Discretion in Settling Enforcement Cases

Wednesday’s decision by the U.S. Court of Appeals for the Second Circuit in the Citigroup case is significant because it clarifies the standards for judicial review of consent decrees in SEC enforcement proceedings and...more

Burr & Forman

Trials Are About Truth; Consent Decrees Are About Pragmatism

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I recently wrote about Judge Rakoff’s refusal to enter the SEC’s proposed consent decree in SEC v. Citigroup Global Markets, Inc., 827 F. Supp. 2d 328 (SDNY 2011) – and the shift in SEC enforcement policy that it prompted. ...more

Brooks Pierce

Judge Rakoff Reversed by Second Circuit on SEC-Citi case, Still Sort of Wins

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You’d be forgiven if you’d forgotten at this point, but way back in Obama’s first term, the SEC once investigated and sued Citigroup for its involvement in a collateralized debt obligation deal. As the SEC said in its...more

Bennett Jones LLP

Judge Rakoff Overturned: SEC-Citigroup Settlement Sent Back for Reconsideration

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In a long-awaited decision, the United States Court of Appeals for the Second Circuit today overturned Judge Rakoff's highly controversial decision which refused to approve a $285-million settlement between the United States...more

Bracewell LLP

Second Circuit Says District Court Erred In Blocking SEC/Citigroup Settlement

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The United States Court of Appeals for the Second Circuit yesterday vacated a closely-watched 2011 decision by U.S. District Court Judge Jed Rakoff rejecting a $285 million fraud settlement between Citigroup Inc. and the U.S....more

Dorsey & Whitney LLP

Consent Decrees, the District Court and the SEC: The Citigroup Decision

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The Second Circuit handed down its long awaited opinion in SEC v. Citigroup Global Markets, Inc., Nos. 11-5227-cv, 11-5375-cv and 11-5242-cv (2nd Cir. June 4, 2014). The decision arises out of the refusal of the District...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

Foley Hoag LLP

The Massachusetts Securities Division Settlement with Citigroup: What Does It Mean?

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A recent Massachusetts Securities Division $30 million settlement with Citigroup Global Markets Inc. (“CGMI”) provides a public glimpse into a less-widely known form of non-public information – a research analyst’s preview of...more

Bilzin Sumberg

Citigroup Resolves Mortgage Buyback Dispute With Fannie Mae

Bilzin Sumberg on

$968 Million Settlement - During the aftermath of the financial crisis, Fannie Mae and Freddie Mac have been aggressively demanding that Wall Street and big bank aggregators repurchase millions of defaulted and...more

Orrick - Finance 20/20

Citi Settles Allstate’s $200M RMBS Suit

On May 28, Allstate Insurance Co. dismissed its lawsuit against Citigroup Inc. and several of its affiliates after reaching a settlement with defendants. The suit related to $200 million of RMBS certificates that Allstate...more

Orrick - Finance 20/20

Citi Settles FHFA’s $3.5B RMBS Suit

On May 28, the FHFA, acting on behalf of Fannie Mae and Freddie Mac, dismissed its lawsuit against Citigroup Inc. and certain of its affiliates and employees after reaching a settlement with defendants. The lawsuit related to...more

Bilzin Sumberg

Big Banks Fail 2012 Fannie Mae Star Program

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According to a report released Tuesday by Fannie Mae, the big banks who love to act like “injured innocents” when it comes to making mortgage repurchase and indemnification demands on loan originators had their own...more

Orrick - Finance 20/20

Impac Settles RMBS Suit Brought by Citigroup for $3.1 Million

On January 24, Impac Funding Corp. settled a lawsuit brought by Citigroup Global Markets Inc. alleging violations of Sections 18 and 20 of the Securities Exchange Act and negligent misrepresentation based on alleged...more

Orrick - Finance 20/20

Citigroup Settles RMBS Class Action Lawsuit for Nearly $25 Million

On August 27, lead plaintiffs City of Ann Arbor Employees’ Retirement System and Greater Kansas City Laborers Pension Fund submitted an unopposed motion seeking preliminary approval of a settlement of claims against certain...more

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