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.

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.

When regulators are forced to defend an outcome as soon as it's announced, and when your client's detractors are fuming with anger, you know you've done something right.

The courts have largely ground to a halt for the holidays, though there's still time for few more decisions in 2012 that could ensure a happy or gloomy New Year for the litigators involved. In the meantime, here are some of the biggest rulings we're looking forward to in 2013.

The AIG litigation machine keeps humming as a New York federal judge declines to dismiss a class action alleging that the insurer misled shareholders about its credit default swap portfolio.