Judge Blocks $285 Million Settlement Against Citigroup Because The Bank Won't Admit Wrongdoing

Judge Blocks $285 Million Settlement Against Citigroup Because The Bank Won't Admit Wrongdoing

Earlier this fall, the Securities and Exchange Commission announced a whopping $285 million settlement with Citigroup over allegations that the bank misled investors in a 2007 mortgage derivatives deal. But that triumph was short-lived, as a judge has decided to block the settlement because of a standard settlement condition wherein the bank is allowed to close the case without admitting guilt or denying the allegations. [More]