In an acknowledgment of the bombshell suit filed a couple weeks back by Massachusetts's crusading secretary of the commonwealth, the $7 billion Madoff feeder fund says the state's fraud complaint is "grossly unfair" and "filled with errors." But plaintiffs' lawyers say Fairfield's response won't stop them from using evidence Massachusetts regulators dug up.

If it looks like a securities class action and walks like a securities class action--but doesn't bring claims under federal securities laws--does the U.S. Supreme Court's stricture against U.S. securities suits by foreign investors still apply?

The last time we wrote about the bitter dispute over the next America's Cup yachting race, we promised it would be the last time. We lied. But don't blame us! Blame the dueling billionaires who can't work out the logistics of the race without, apparently, resorting to European espionage missions. Will this litigation never end?

Aurelius Capital Partners tried a new tack in its second attempt to get its hands on hundreds of millions of dollars belonging to the Republic of Argentina's recently-nationalized pension fund. But the hedge fund still failed.