Quoth the judge: "The SEC's longstanding policy—hallowed by history, but not by reason—of allowing defendants to enter into consent judgments without admitting or denying the underlying allegations, deprives the court of even the most minimal assurance that the substantial injunctive relief it is being asked to impose has any basis in fact."
I'm glad to see at least one judge is questioning these quick, negotiated, secretive SEC agreements. #ddtb
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SEC defends rejected $285M SEC-Citigroup agreement – The Denver Post
NEW YORK—The Securities and Exchange Commission is defending its $285 million settlement with Citigroup after a New York judge struck down the deal.
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