SUPREME COURT OF THE STATE OF NEW YORK Appellate Division, Fourth Judicial Department 1136.2 CA 09-01520 PRESENT: HURLBUTT, J.P., FAHEY,

There was a long line outside Judge Jed Rakoff's courtroom to see the Monday afternoon showdown between Ted Wells and David Boies. The two stars, featuring contrasting styles, did not disappoint.

Lawyers for both the SEC and Citigroup tried to convince a Second Circuit panel on Friday that Judge Jed Rakoff erred in rejecting a $285 million settlement between the agency and the bank. But a lawyer appointed by the court to argue for Rakoff maintained that the judge simply wanted more facts in order to evaluate the settlement.

If we keep going at this rate, there soon won't be a prominent securities litigator in New York who's not involved in a suit challenging the bond insurer's restructuring. The banks' suit--the third in as many months against MBIA--is led by Sullivan & Cromwell, but S&C is not alone on the complaint. Not by a long shot.

Supreme Court of the State of New York Appellate Division: Third Judicial Department Decided and Entered: December 10, 2009 506671 In the

Surprise! The judge has more questions about BofA's disclosure decisions--especially because the SEC's version of events doesn't always jibe with the New York AG's.

District Judge Robert W. Sweet U.S. DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK Appearances: Attorneys for Plaintiffs: By: Christopher J. Gray, Esq., Law Office of