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"In this court's view, it is both counterintuitive and incongruous for defendants in this SEC enforcement action to agree to settle a case for $600 million that would cost a fraction of that amount, say $1 million, to litigate, while simultaneously declining to admit the allegations asserted against it by the SEC," Marrero wrote. He added that an observer might conclude CR Intrinsic and the other defendants "essentially folded" as long as the SEC agreed they wouldn't have to admit to doing anything wrong. The judge said he will wait for the ruling from the 2nd U.S. Circuit Court of Appeals in Manhattan in the Citigroup case. In 2011 Rakoff rejected Citigroup's proposed settlement with the SEC because the company did not admit it had done anything wrong. He asked lawyers for the SEC and Citigroup if it made sense to allow the company to pay penalties while denying allegations it misled investors on a complex mortgage investment.
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