Judge Denies Gemini and CFTC Bid to Reopen $5M Settlement

The ruling signals that courts are reluctant to let enforcement settlements be unwound simply because an agency's priorities shift, which matters well beyond this one case: it sets a practical limit on how far a change in Washington can retroactively rewrite deals already locked in. For firms weighing whether to settle with regulators or hold out for a more favorable administration, the decision tilts the calculus toward finality. Whether other parties attempt similar reopenings, and how judges treat them, is the open question.