United States Second Circuit

The district court's order refusing to approve a settlement between the U.S. Securities and Exchange Commission and defendant is vacated and remanded, where: 1) the district court abused its discretion by applying an incorrect legal standard in its review; and 2) the proper standard for reviewing a proposed consent judgment involving an enforcement agency requires that the district court determine whether the proposed consent decree is fair and reasonable, with the additional requirement that the "public interest would not be disserved," in the event that the consent decree includes injunctive relief.

Appellate Information

• Decided 06/04/2014
• Published 06/04/2014

Judges

• POOLER

Court

• United States Second Circuit

Counsel