Turns out that you don't need to claim First Amendement protection for statements you didn't make.

Everyone's wondering, after the Ninth Circuit's blockbuster ruling, whether the Supreme Court will take on the case. We've got some insight from both sides.

Los Angeles federal district court judge Mariana Pfaelzer held that plaintiffs can amend their complaint, but they must restrict their claims to just the $31 billion of securities purchased by the named plaintiffs. (That's still a lot of securities!) The judge rejected BofA's attempt to throw out the whole case on statute of limitations grounds.

Until this week, only two judges had limited standing for mortgage-backed securities claims to plaintiffs who purchased certificates in specific MBS tranches, and both of those judges were on the west coast. Now, in a big win for JPMorgan and its lawyers at Sidley Austin, tranche-level standing has gained a foothold in the Second Circuit. Plus: Are investors close to their first MBS class settlement with Citigroup?