Kessler Topaz and Prickett, Jones & Elliott, fresh from winning a record $305 million attorney fee award in the Delaware Court of Chancery, want a judge to rule that companies can't adopt bylaws restricting shareholder suits to be filed exclusively in the Delaware court without first holding a shareholder vote. "Bring it on," says former SEC Commissioner Joseph Grundfest of Stanford Law, who's been championing such provisions.

The plaintiffs lawyers leading El Paso shareholders' assault on the company's planned $21 billion acquisition by Kinder Morgan lost their bid to enjoin the sale late Wednesday, but they sure got the judge's attention. Can they translate the opprobrium of Delaware Chancery Court chancellor Leo Strine Jr. into a big payday--and more than a little embarrassment for El Paso advisor Goldman Sachs?

The judge called the deal "half-baked justice at best," but still "better than nothing." And that's about the best Rakoff had to say for a case that's bedeviled him for six months.

The AIG litigation machine keeps humming as a New York federal judge declines to dismiss a class action alleging that the insurer misled shareholders about its credit default swap portfolio.

An anonymous tipster with apparent inside knowledge of the agency's negotiations with Citi raised the allegations in an unsigned fax to Sen. Charles Grassley. True or not, the fax makes for compelling reading--and we've got a link to it.