If we keep going at this rate, there soon won't be a prominent securities litigator in New York who's not involved in a suit challenging the bond insurer's restructuring. The banks' suit--the third in as many months against MBIA--is led by Sullivan & Cromwell, but S&C is not alone on the complaint. Not by a long shot.

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.

Precedent ruled the day at the U.S. Court of Appeals for the Fifth Circuit in a price-fixing case against makers of liquid-crystal display panels, even if not all the judges were particularly happy about it. Who was happy? Lawyers for the LCD makers at White & Case.

Two months after opting out of a class action against Pfizer, a group of major public and private institutional investors are taking matters into their own hands. On Thursday the breakaway investors and their lawyers at Bernstein Litowitz filed their own securities fraud suit, accusing Pfizer of duping shareholders about risks associated with two once-blockbuster drugs.

Never has such high-caliber, high-priced legal talent toiled with so much creativity and effort on a case of so little societal benefit. In the latest round of the Battle of the Billionaire Sailors, Boies persuaded a Manhattan judge to bar the race from taking place in the United Arab Emirates in February.