Citi is the first major financial institution to resolve SEC allegations that it misled investors about its subprime exposure. We're betting it won't be the last.

The shareholder suits started pouring in just one day after Deutsche Boerse AG announced its proposed $9.53 billion buyout of NYSE Euronext on Feb. 15. And with NYSE shareholders poised to vote on the deal July 7, the defendants agreed to pay out more than $900 million in dividends to make the litigation go away.

The banks argued that allowing Madoff bankruptcy trustee Irving Picard to name names would amount to defamation, but Judge Lifland ruled that the defendants' fear of embarrassment doesn't trump the public's right to know.

Could Irving Picard's multibillion dollar suits against JPMorgan Chase and other banks on behalf of Madoff customers be preempted by federal law covering class actions? We'll soon find out, now that federal district court judges have begun asserting control over the cases.

Kathy Patrick of Gibbs & Bruns was forced to defend the controversial deal she negotiated against claims that it doesn't adequately protect all investors. She also took a jab at David Grais, who has emerged as challenger numero uno of this second largest settlement in U.S. history.