June 4, 2014 / 5:20 PM / in 4 years

U.S. SEC hails appeals court ruling on Citigroup settlement

WASHINGTON, June 4 (Reuters) - The Securities and Exchange Commission’s top enforcement chief praised a U.S. appeals court ruling Wednesday that found a lower court judge abused his discretion when he rejected a $285 million fraud settlement between Citigroup and the agency over securities tied to the financial crisis.

“We are pleased with today’s ruling by the Second Circuit Court of Appeals reaffirming the significant deference accorded to the SEC in determining whether to settle with parties and on what terms,” said SEC Enforcement Director Andrew Ceresney in a statement.

He added that the SEC will continue applying its year-old policy of seeking admissions of wrongdoing in some select cases, but that settlements without such admissions are also critical and help “serve the public interest.” (Reporting by Sarah N. Lynch; Editing by Doina Chiacu)

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