HOT DOCS

U.S. S.E.C. v. Citigroup Global Mkts Inc. (2d Cir.)

ORDER - The District Court rejected the S.E.C.’s proposed settlement with Citigroup charged with negligent misrepresentation regarding collateralized debt obligations, for reasons including lack of admission of liability and collateral estoppel effect; Court’s order to proceed to trial was stayed by Second Circuit.

S.E.C. v. Orr (D. Kan.)

OPINION – The defendants made an agreement with the S.E.C. to pay disgorgement and penalties for securities fraud. Defendants are precluded from making arguments about the amounts of disgorgement, penalties and prejudgment interest that relate to the underlying issues in the complaint, because the complaint must be accepted as true.

U.S. v. Marsh (E.D.N.Y.)

ORDER - In sentencing hearing, victim impact statements showed defendants “trading” operation a complete fraud, and defendants inventing persona and backgrounds, and bragging about cheating their clients; victims suffered severe financial, marital and health problems.

COURT WIRE: JUST FILED