Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, December 28, 2011

The Latest on the SEC v. Citigroup Appeal

On December 27, Judge Rakoff denied the SEC and Citigroup's motion to stay all proceedings in the district court pending determination of the "purported appeal."  Citing the principle that interim appeals are strongly disfavored in federal court, he stated that the filing of a "plainly unauthorized notice of [interlocutory] appeal" does not divest the district court of jurisdiction (Download Dist Ct Order Dec 27 2011)

The Second Circuit, on the same day, issued an order that the SEC's emergency motion to stay proceedings and expedite appeal will be submitted to motions panel on January 17 and that in the interim, the district court proceedings are stayed.

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