Analysts have focused on the immediate and narrow concern of how the SEC and Citigroup will respond to [Judge Rakoff's decision to reject the $285 million settlement between the SEC and Citigroup] and on second-guessing what may satisfy Judge Rakoff. Three options exist: the agency could renegotiate a deal with the bank for a higher settlement and insert vague (and non-incriminating) language hinting at the bank’s culpability; it could allow the case to go to trial; or it could appeal the Judge’s decision. Some even suggest that the ruling may result in the SEC pursuing more cases administratively in the future. Read more on Brookings Institute here.
