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Terra-Citi trial overview in WSJ

THE STORY SO FAR: Excellent overview of the upcoming Terra Firma vs. Citigroup showdown by Marietta Cauchi on WSJ.com. She explains that the case will be heard by Judge Jed Rakoff, who earlier this year rejected the Bank of America's $33 million settlement with the SEC, which had charged the bank with misleading shareholders about bonuses paid prior to the Merrill Lynch merger. "The settlement does not comport with the most elementary notions of justice and morality, in that it proposes that the shareholders who were the victims of the bank's alleged misconduct now pay the penalty for that misconduct," Rakoff said of that result. He reluctantly approved a new $150 million agreement in February but called it "half-baked justice at best." (10/13a)

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