Posts

Showing posts from February, 2013

"Friend of the Court" brief in SEC v Citi submitted. Case heard.

William Michael Cunningham last week submitted a revised "Friend of the Court" brief in a case currently pending before the United States Court of Appeals for the Second Circuit.

The case concerns the rejection, by a Federal Judge, of a settlement agreed to by the United States Securities & Exchange Commission (SEC) and Citigroup Global Markets Inc. (Citigroup), the latter accused of securities fraud.

As a friend to the Court, Mr. Cunningham provides an independent, objective and unbiased view in support of broad public interests. His education and experience have uniquely positioned him to provide objective, independent research and opinions concerning the issues central to the case.

The "Friend of the Court" brief notes that the negative impact of the fraud was $5.5 billion dollars, calculated, using the Fully Adjusted Return® Methodology, as the sum of the loss of all invested funds and the monetary value of societal impacts. The SEC settled the case for $285 m…