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Federal Judge Strikes Down Citigroup Settlement, Says Public Needs A Trial

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Federal judge Jed Rakoff just rejected “a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, citing a need for truth about the financial markets,” choosing instead to force the case to be taken to public trial. 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.”