(Inserts dropped “million” in first paragraph)
NEW YORK, Aug 5 (Reuters) - A U.S. judge on Tuesday reluctantly approved a $285 million fraud settlement between Citigroup Inc and the U.S. Securities and Exchange Commission, two months after an appeals court voided his decision to reject it as inadequate.
U.S. District Judge Jed Rakoff issued an order approving the deal, which did not require the bank to admit to any wrongdoing, and said he had little choice. But he said he feared the 2nd U.S. Circuit Court of Appeals’ decision would rob such settlements of any “meaningful oversight.”
“That court has now fixed the menu, leaving this court with nothing but sour grapes,” he wrote in a brief opinion outlining his disappointment. (Reporting by Joseph Ax; Editing by Lisa Von Ahn and Dan Grebler)