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Another one bites the dust. Earlier this year J.P. Morgan and the DOJ reached a $13 billion settlement, and yesterday U.S. Attorney General Eric Holder announced that the DOJ and Citigroup have reached a settlement regarding federal investigations of mortgage securities.

The $7 billion settlement is much more than the $363 million Citi initially offered, and a bit more than half of the $12 billion the DOJ countered with, reports The Wall Street Journal. Let's take a look at the settlement in more detail.

Following the financial crisis of 2008, the S.E.C. has initiated many actions against banks and bank officers related to their conduct that led to the economic fallout. One such case was brought against Citigroup, where the S.E.C. alleged that Citigroups's investors suffered loss due to the bank's violation of Sections 17(a)(2) and (3) of the Securities Act of 1933.

When the S.E.C. and Citigroup sought approval of their settlement agreement before district court Judge Rakoff, he denied the consent order, and scheduled a trial date instead.

In just the past year, the Second Circuit has decided at least four 9/11 related cases. It reversed a district court decision, resulting in bringing Saudi Arabia back into litigation, and it affirmed (on other grounds) a district court's dismissal of Con Edison's negligence claims against the World Trade Center building developers.

More recently, the Second Circuit heard oral arguments in a case where atheists are challenging the inclusion of a steel cross, created by debris in the wreckage of the World Trade Center collapse, in a 9/11 museum, and just last week heard arguments in a case that will likely drag former Attorney General John Ashcroft back into court regarding the treatment of 9/11 detainees.

The latest decision stemming from the 9/11 tragedy was handed down earlier this month by the Second Circuit.

A case that's been up and down the Second Circuit several times since 1994 is once again in the spotlight. And, the latest in the recent slew of art-related cases in the Second Circuit involves the sale of forgeries for millions. Details below on the latest on Second Circuit legal news.

Rothko Forgeries

New York art gallery Knoedler & Company, several of its employees, and an art historian are being sued by Frank J. Fertitta III, a man who claims that the gallery knowingly sold him a forged Rothko painting for over $7 million, reports The New York Times.

It looks like the A's have it. Last Friday, the Supreme Court released its order list and two cases originating in the Second Circuit were granted certiorari, and big players in each case start with -- you guessed it, the letter A.

American Broadcasting Companies, Inc. v. Aereo, Inc.

Aereo is in the business of transmitting broadcast television programming to mobile devices, without a license -- sometimes while the program is airing on television. Understandably, broadcasters disagreed with Aereo's practice, and sued Aereo for copyright infringement in district court in New York, seeking a preliminary injunction, which the court denied.

Entergy Nuclear Vermont Yankee, LLC ("Vermont Yankee") can't seem to play nice with Vermont. The two parties have been in litigation since 1978 -- and the present case arises within this context.

The Vermont Generating Tax

You may recall that earlier this year, the Second Circuit held that Vermont could not shut down Vermont Yankee because of safety concerns. Because Vermont had refused to extend Vermont Yankee's regulatory approval for the plant's operation, Vermont Yankee stopped making payments to the state, agreed upon by the parties in Memoranda of Understanding. As a result, Vermont passed the Generating Tax, a $0.0025 per kilowatt-hour on electricity produced by plants with a capacity to generate at least 200,000 kilowatts.

While the Internet is going nuts over the Apple e-Book injunction, we couldn't help ourselves when we came across a gem of a case adjudicating the ownership rights to a shipwreck. That's right, how often do you get to read about admiralty law?

So for fun (and we use that term loosely), we thought we'd cover both ...

The Great Recession might be over, but the litigation is just beginning.

In what's likely to be a string of market meltdown cases, all tracing back to the infamous mortgage-backed securities which crippled the U.S. economy in 2008, the Second Circuit breathed new life into a Barclays case, reports Reuters.

The Vermont Yankee Nuclear Power Station ("Vermont Yankee") has been a source of controversy -- and litigation -- since 1978. In the latest court battle, Vermont Yankee brought suit against Vermont's Governor, Attorney General and members of the Vermont Public Services board making preemption and dormant commerce clause claims.

Last week, in a case that is sure to have nationwide ripples, the Second Circuit Court of Appeals held that "[s]tates cannot shut down nuclear power plants over safety worries, reports The New York Times.

Second Circuit: Bolshevik-Seized Painting Belongs to the Met

If you hoped that the Second Circuit would help return your family's Bolshevik-seized masterpiece from a major museum this year, you're probably out of luck.

This week, the New York-based appellate court ruled that the act of state doctrine precludes such righting of wrongs from the Soviet past.