Four law firms that submitted a "grossly inflated" $2.7 million fee request after winning $12,500 for their client should go away empty-handed, a judge has ruled. U.S. District Court Joanna Seybert condemned the fee application submitted by real estate investor Robert Toussie's attorneys, including $2.65 million for Chadbourne & Parke, as "outrageously excessive" and done in "bad faith."

The odds of a surprise turnaround for the banks fighting the Federal Housing Finance Agency are looking slimmer and slimmer.

Greenberg Traurig and Quarles & Brady have agreed to fork over a combined $87.5 million to resolve claims that they failed to put the brakes on a $900 million Ponzi scheme carried out by two mortgage-industry clients.