SEC appeals ruling that struck down Citi deal

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SEC appeals ruling that struck down Citi deal
from MarketWatch.com - MarketPulse WASHINGTON (MarketWatch) -- The U.S. Securities and Exchange Commission Thursday appealed a ruling made by District Court Judge Jed Rakoff that rejected a $285 million settlement the agency struck with Citigroup . SEC enforcement director Robert Khuzami said the court made a legal error by requiring a "new and unprecedented standard" in requiring an admission of facts as a condition of approving a judgment. The SEC has been criticized for not requiring companies and individuals to admit liability, sometimes even in cases where the same company or individual has done so with another government agency.