$90 bln answer: Rakoff says Picard has no standing in bank suits
In the end, it wasn’t even a close call. Using words like “conjecture,” “bootstrapping,” and “a stretch,” Manhattan federal court judge Jed Rakoff on Thursday decimated trustee Irving Picard‘s...
View ArticleWhy does Rajit Gupta want the SEC to sue him in federal court?
Former Goldman Sachs director Rajat Gupta and his lawyer, Gary Naftalis of Kramer Levin Naftalis & Frankel, declared what might seem to be a very strange kind of victory last week when the...
View ArticleSEC settlement-language change is (at best) mere cosmetics
Late Friday the Securities and Exchange Commission confirmed in a statement what the New York Times first reported Friday morning: it has changed its policy on the boilerplate “neither admit nor deny”...
View ArticleCiti’s FINRA deal: Why ‘neither admit nor deny’ isn’t a problem
On Wednesday, the Financial Industry Regulatory Authority disclosed a settlement with Citigroup that U.S. Senior Judge Jed Rakoff might find interesting. Citi agreed to pay a $725,000 fine to resolve...
View ArticleRakoff: DOJ may have engaged in a ‘shuffle’ in SCOTUS brief
The Solicitor General’s office of the Department of Justice is home to some of the smartest lawyers in the country. These are the people who represent the views of the United States in the most...
View ArticleWhy Rakoff dumped Picard’s $60 bln RICO case v. Unicredit
Over the last six months, U.S. Senior District Judge Jed Rakoff has made Irving Picard of Baker & Hostetler look more like Don Quixote than a white knight riding to the rescue of investors who lost...
View ArticleIn powerful Citi ruling, 2nd Circuit stresses deference to SEC
When U.S. Senior District Judge Jed Rakoff rejected a $285 million settlement between Citigroup and the Securities and Exchange Commission last fall, he offered a stern rebuke to SEC lawyers who’d...
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