Labor and employment defense lawyers weren't the only ones celebrating on Monday. There's plenty to encourage a wide cross section of the class action defense bar in the U.S. Supreme Court's ruling in Dukes v. Wal-Mart.

It's no secret that plaintiffs seeking damages for losses they sustained in the collapse of the auction rate securities market in February 2008 have, in the main, fared better in FINRA arbitrations than in federal court litigation. So it's not surprising that UBS tried to block a group of hospitals from making a FINRA claim. What's more surprising is that the judge said the hospitals could go ahead with the arbitration, even though, technically, they issued the ARS.