U.S. District Judge Jed Rakoff reluctantly approved on Tuesday a $285 million fraud settlement between Citigroup Inc. and the Securities and Exchange Commission in which the bank was not required to admit any wrongdoing, Reuters reports. The approval comes two months after the Second U.S. Circuit Court of Appeals in New York voided his decision to reject the deal as inadequate.
In his brief opinion, Rakoff said that it would be “a dereliction of duty” for him to attempt to evade the orders of the Court of Appeals. “They who must be obeyed have spoken, and this Court’s duty is to faithfully fulfill their mandate,” Rakoff wrote. “That Court has now fixed the menu, leaving this Court with nothing but sour grapes.”
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