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Showing posts with the label Judge Rakoff

SEC v Citi - First response to new briefs

Selected highlights from the Appeals Court Brief filed yesterday by the SEC: "As one example, the same district judge who rejected the consent  judgment here approved a consent judgment in which Worldcom agreed to  injunctive relief—and later, a $750 million penalty, one of the  largest ever obtained  by the Commission—without admitting or denying the fraud allegations in the  complaint." Irrelevant, since they refer to a different time and industry. More  importantly, a $750 million dollar fine in 2002 translates into a $962  million dollar fine in 2012. Or a $285 million dollar fine is only  $223 million in 2002 dollars. The SEC notes that "BP resolved charges that it violated the Clean Air Act in connection  with the Texas City refinery explosion, which killed 15 people and  injured 170, by entering into a consent judgment that ordered it to  undertake an array of remedial measures and pay one of the largest  civil penalties ever assessed for Clean Air Act v