Two new California state court suits filed by Grais were the subject of a Sunday New York Times column that noted his strategy of steering clear of hard-to-prove fraud allegations. But there are still a raft of defense firms standing between Grais and a big payday.

It's been a busy week in M&A litigation. Yesterday we told you that Yahoo! shareholders succeeded in undoing a poison pill, making the company more attractive as a target. Today we have a less conclusive ending for shareholders, who failed in a bid to enjoin Roche's takeover offer for the biotech pioneer.

Four years after regulators began investigating alleged collusion by the banks controlling the CDS market, private antitrust litigation is finally starting to take shape.