You can try creating a animated mask that matches the bands in the footage and then to a basic color correction to try to match the other part of the image, but it's a pain and the results are not always the best. Re-shoot or use the bands as a starting point for a different look.
Thanks, Ted... the problem lies with the bands moving from top to bottom within a couple of seconds. Unfortunately the footage I'm trying to correct is 22 min. long so at specific times I would have to split the layers and repeat the 'tracking' process after (so many) seconds. Can't re-shoot so I may just scrap the whole thing... non-paying job might I add. -KS
Everyone is getting the wrong idea. The effect with rolling bands is like trying to video an older TV set with (for instance) an VHS camcorder. The disocoration 'bands' move in a specific amount of time from bottom to top. Rolling shutter is not the problem. -KS