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Monday, November 28, 2011

#Reuters - #NYT - Judge Blocks #Citigroup Settlement With S.E.C. = #mortgage

From the article ... click title

NEW YORK (Reuters) - A judge on Monday rejected a proposed $285 million settlement between Citigroup Inc and the top U.S. market regulator over the sale of toxic mortgage debt and ordered a trial.

In a written opinion, Manhattan federal court judge Jed Rakoff said the proposed settlement was "neither reasonable, nor fair, nor adequate, nor in the public interest." ....
 The U.S. Securities and Exchange Commission accused Citigroup of selling a $1 billion mortgage-linked collateralized debt obligation, Class V Funding III, in 2007 as the housing market was beginning to collapse, and then betting against the transaction.

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