Judge questions SEC's proposed settlement with Citigroup

A federal judge scheduled a Nov. 9 hearing for the Securities and Exchange Commission and Citigroup to explain why he should approve their proposed $285 million settlement over a mortgage-bond deal. "Why should the court impose a judgment in a case in which the SEC alleges a serious securities fraud, but the defendant neither admits nor denies wrongdoing?" U.S. District Judge Jed S. Rakoff wrote.

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