Judge Jed Rakoff of the Southern District of New York Federal Court has become an outspoken critic of the use of settlements to bring litigation against major financial institutions to a close, arguing that they risk privileging the 'facade of enforcement.' This apporach has been subject to appeal by the Securities and Exchange Commission. In a major public lecture, Judge Rakoff examines the litigation brought in the aftermath of the Global Financial Crisis. Following his speech a panel of senior regulators, academics and practitioners responded. A Podcast of the event is available on the CLMR portal