Judge Rejects An S.E.C. Deal With Citigroup.

WASHINGTON -- Taking a broad swipe at the Securities and Exchange Commission's practice of allowing companies to settle cases without admitting that they had done anything wrong, a federal judge on Monday rejected a $285 million settlement between Citigroup and the agency. The judge, Jed S. Rakoff of United States District Court in Manhattan, said that he could not determine whether the agency's settlement with Citigroup was ''fair, reasonable, adequate and in the public interest,'' as required by law, because the agency had claimed, but had not proved, that Citigroup committed fraud. [ABSTRACT FROM PUBLISHER]