By now you’ve probably read the news that U.S. District Judge Jed S. Rakoff poured water on the SEC’s proposed $285 million settlement with Citigroup over a mortgage-bond deal.

If you haven’t, our colleague Chad Bray has the story here, and click here for a copy of Rakoff’s 15-page opinion and order.

Earlier this year, the SEC accused the bank of failing to disclose to investors its role in selecting underlying investments in a $1 billion mortgage-bond deal called Class V Funding III — or that it retained a “short” position betting against those assets. A Citigroup spokeswoman declined comment Monday, saying the bank would have no comment until it had reviewed the order. The SEC didn’t immediately have a comment when reached Monday.