Jed Rakoff

A New York City health code regulation set to go into effect on Jan. 1 would have added some disturbing images to the Big Apple's glittering background of advertising: Hideously accurate ads depicting the results of smoking. But a federal judge this week killed the city's anti-smoking campaign before it could begin.

U.S. District Court Judge Jed Rakoff is famous -- or infamous -- for his zeal in righting Wall Street's wrongs. But the Galleon insider trading civil suit he's presiding over has just earned him a wrist-slap from the Second Circuit Court of Appeals.

The SEC settled its case against Bank of America for failing to disclose Merrill Lynch's losses and bonus plans before their merger, but BofA shareholders are still seeking justice. On Friday, a judge refused to dismiss their claims, meaning they'll get their chance at a trial.

In a risky move, Bank of America's (BAC) board will turn over documents disclosing the legal advice it received regarding the buy-out of Merrill Lynch. The information could be considered "untouchable" under attorney-client privilege rules, but B of A wants to appear very cooperative with...