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A U.S. appeals court on Wednesday said a federal judge abused his discretion by rejecting a $285 million fraud settlement between Citigroup and the U.S. Securities and Exchange Commission. The 2nd U.S. Circuit Court of Appeals in New York said U.S. District Judge Jed Rakoff was wrong to require the SEC to establish the “truth” of its allegations as a condition of approving the settlement.

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