United States Second Circuit

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SEC v. Citigroup Global Markets Inc., 11-5227

In a case in which the SEC charged a bank with negligent misrepresentation in the marketing of collateralized debt obligations, and the parties reached a settlement agreement that the district court rejected, a motion to stay the proceedings in the district court is granted, where: 1) the parties made a strong showing of likelihood of success in setting aside the district court's rejection of their settlement, either by appeal or petition for mandamus; 2) the parties showed serious, perhaps irreparable, harm sufficient to justify grant of a stay; 3) a stay would not substantially injure any other persons interested in the proceeding; and 4) the public interest would not be disserved by the grant of a stay.

Appellate Information

  • Decided 03/15/2012
  • Published 03/15/2012

Judges

Court

  • United States Second Circuit

Counsel

  • For Appellant:
  • Jeffrey A. Berger, Brad S. Karp