A judge on Monday rejected a proposed $285 million settlement between Citigroup Inc and the top market regulator over the sale of toxic mortgage debt and ordered a trial.
In a written opinion, Manhattan federal court judge Jed Rakoff said the proposed settlement was "neither reasonable, nor fair, nor adequate, nor in the public interest."
For their full article, here is the link:
http://www.reuters.com/article/2011/11/28/us-citigroup-sec-idUSTRE7AR1K020111128
Price on their stock, C, is currently trading below near-term major resistance, as shown on the 4-hour chart below...the last candle, which just closed, has formed a shooting star...will see where price goes from here.
Below is a 4-hour chart of the Financials, ETF, XLF. The last candle formed an outside bearish engulfing candle after hitting major near-term resistance...will watch 12.20 and 12.00 in the short term to see which way price breaks out.
