A federal judge blocked what would have been a $285 million mortgage settlement between Citigroup and the Securities and Exchange Commission, according to a tweet from The New York Times.
If the deal had passed muster, it would have settled accusations that the bank misled mortgage investors when selling securities, according to a separate NYT report. Jed Rakoff, the judge that blocked the settlement, criticized the SEC's enforcement practices at a hearing on the settlement earlier this month.
"Doesn't the S.E.C. have an interest in what the truth is?" Rakoff reportedly asked at the hearing.
The Morning Email helps you start your workday with everything you need to know: breaking news, entertainment and a dash of fun. Learn more