According to Bloomberg News, the trouble-plagued financial giant is in negotiations to hire the firm, which would augment a team of legal advisers that already includes Sullivan & Cromwell; Skadden, Arps, Slate, Meagher & Flom; O'Melveny & Myers; and Gibson, Dunn & Crutcher.

The appeals court said the hedge funds weren't likely to win on the merits of their argument that money held in bank accounts in Argentina is used for commercial activity in the U.S.

Delaware Vice-Chancellor Leo Strine questioned why Cravath simultaneously represented Massey officers and directors in a derivative suit and advised the Massey board on how to evaluate the derivative claims in the context of a merger offer by Alpha Resources. He still let the deal go forward, though.

After getting $700 billion worth of help from Congress, Wall Street got a little more assistance last week, this time from the Second Circuit. The appellate court overturned a ruling that permitted an investment advisor's suit against scores of Wall Street advisors to move forward, finding that the advisor--which sued on behalf of clients who lost money in the meltdown of Adelphia Communications--lacked constitutional standing.

A federal judge tossed claims by Footbridge Limited Trust and OHP Opportunity Limited Trust, ruling that the Quinn Emanuel clients didn't prove intent to deceive.