Judge Jed Rakoff rejected the settlement Monday. The deal would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors on a complex mortgage investment. The SEC has accused the bank of betting against the investment in 2007 and making $160 million, while investors lost millions.
Nov 28, 2011
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By Associated Press, Updated: Monday, November 28, 10:24 AM
The judge wrote that there is an overriding public interest in knowing the truth about the financial markets. He set a July 16 trial date for the case.
Messages seeking comment were left with both sides.
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