Judge Jed S. Rakoff Says S.E.C. Misled Two Courts in Citi Case
Judge Says S.E.C. Misled Two Courts in Citi Case
WASHINGTON — The federal judge overseeing the Securities and Exchange Commission’s fraud case against Citigroup became even more direct in his criticism of the agency’s actions on Thursday, accusing the commission of misleading both his court and the federal court of appeals.
Judge Jed S. Rakoff of the Federal District Court in Manhattan issued a supplemental order saying that the S.E.C. appeared to file a “materially misleading” request with the Court of Appeals for the Second Circuit earlier this week, when the commission sought an emergency halt to further proceedings in the case.
The S.E.C. was seeking the temporary stay while it appealed Judge Rakoff’s earlier decision to reject a proposed $285 million settlement between the two parties and to order the two sides to prepare for a July trial.
rest from the NY Times here…