Read The Recorder‘s roundup of the stock-option backdating scandal. There won’t be a test later … but there might be a subpoena.

The Securities and Exchange Commission settled allegations of wrongdoing with Mercury Interactive on May 31 in exchange for a $28 million fine. But former Mercury executives are nowhere near out of the woods. SEC charges of helping a scheme to backdate options and then improperly account for them remain against former general counsel Susan Skaer. The SEC also accused Skaer, who resigned from Mercury in November 2005, of falsifying board of director approval of grants.

Skaer’s attorney, Orrick, Herrington & Sutcliffe partner Melinda Haag, said at the time of the charges that Skaer never “knowingly violated any rules” and was not trained as an accountant. Several other former Mercury Interactive executives also face SEC charges.

Nor are the derivative suits dead. Partner Amber Eck of Lerach Coughlin Stoia Geller Rudman & Robbins said Wednesday that her firm plans to appeal the state court action. She declined to comment on the grounds for the appeal.