Barry Pollack Quoted Regarding Second Circuit's Rejection of District Judge Ruling in Law360

"Rakoff Likely to Seal Citigroup Deal After 2nd Circ. Rebuff"
Law360
06.04.14Barry Pollack was quoted regarding a Second Circuit ruling rejecting U.S. District Judge Jed Rakoff's order blocking a company's settlement with securities regulators as not being in the public's interest. Although the appeals court ordered the judge on remand to take another look at the proposed settlement and allowed courts to request additional information from securities regulators and defendants to make sure a proposed settlement is lawful and did not involve collusion, Judge Rakoff will have far less leeway to review the settlement and is going to have to grant the Securities and Exchange Commission (SEC) greater deference, Pollack said. "The Second Circuit is saying it's not up to the judge to decide if this is a settlement the judge would be willing to offer if he were acting as a regulator," he added. "It's saying that it's up to the SEC to decide what kind of settlement to offer, and if all the parties are in agreement, then all that's left for the district judge to decide is whether the settlement is legal and fits within the very broad boundaries of what would be a fair and reasonable settlement."
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