A state appellate panel reversed a lower court's decision dismissing the case under the Securities Litigation Uniform Standards Act.

The plaintiffs tailored their claims to avoid having to show scienter, but Judge Paul Crotty ruled their complaint--which alleged Barclays misrepresented its exposure to the subprime mortgage crisis--still wasn't up to snuff.

Bank of America's acquisition of Merrill Lynch has sparked 160 shareholder lawsuits. Not surprisingly, the competition for lead plaintiff and lead counsel positions is attracting some heavy hitters.

Among the findings: Thirty-four percent of the cases were either dismissed or dropped--but half settled before a final ruling on dismissal. Insurers pony up for settlements more often than not, but directors and officers rarely contribute. Plus: The latest Cornerstone report shows the aggregate amount of securities class action settlements was up in 2009.

Proskauer, led by partner Sarah Gold, has helped Take-Two Interactive Software settle both a shareholder class action related to a spurned buyout offer from Electronic Arts and government investigations into stock options backdating.

The Texas billionaire and his lawyers at Bickel & Brewer fervently believe plaintiffs' lawyers botched the $143 million shareholder class action settlement with Computer Associates back in 2003. But New York's highest court has ruled they can't have files from the class action in their malpractice suit against the three firms that made the deal with CA.

It's unclear how large the damage award will be. One plaintiffs lawyer estimates it will be in the "tens of millions."

The state's pension funds are looking for a few good firms. And they want you to know exactly how they're doing it. Twelve plaintiffs firms are still in the running in advance of a key public hearing Wednesday. Nineteen are already out.

The proposed settlement comes two-and-a-half months after class counsel reached a $125 million proposed settlement with Satyam for alleged accounting fraud that earned the company the nickname, "India's Enron."