Rakoff Orders SEC, Citigroup to Alert Him of Appeals Filings

Citigroup Inc. and the U.S. Securities and Exchange Commission must notify U.S. District Judge Jed Rakoff of any filings they make with the appeals court in Manhattan in a lawsuit between the parties, he said.

Rakoff issued an order today in which he laid out the history of the litigation since his refusal last month to approve an accord resolving claims that New York-based Citigroup misled investors in a $1 billion financial product linked to risky mortgages. The parties didn’t allow him time to rule on a request to halt the litigation during an appeal of that order, he said. They went to the appeals court and obtained a stay before he issued his own decision Dec. 27.