Summary: In a recent case, the Securities & Exchange Commission's consent settlement with Citigroup was rejected by presiding Judge Rakoff of the Federal District Court in Manhattan, calling into question SEC's enforcement regime. What does this decision mean for SEC's normal preference of settling its cases without requiring defendants to admit wrong-doing? Who has ultimate responsibility for protecting investor interests and determining the appropriate regulatory enforcement regime? If the SEC is forced to bring more enforcement actions through litigation, will it ultimately bring fewer enforcement actions? On this previously recorded conference call, the speakers discussed these and other issues and took questions from callers. Featuring Prof. Stephen Bainbridge of UCLA School of Law; Prof. Jonathan Macey of Yale Law School; and Mr. Dean Reuter, Vice President and Director of Practice Groups at The Federalist Society, as the moderator.
