Judge Nixes Citigroup Deal

Nov 28, 2011

A federal judge nixed a $285 million settlement agreement between Citigroup and the Securities and Exchange Commission involving a major financial case. U.S. District Court Judge Jed Rakoff said the proposed agreement is "neither far, no reasonable, nor adequate, nor in the public interest." Under the deal, Citi would have settled charges that it misled investors in mortgage debt prior to the collapse of the housing market. Rakoff has been a persistent critic of the SEC's oversight of Wall Street. Guy Raz talks to NPR's Jim Zarroli for more.