Wachtell argued in a recent client alert that the SEC shouldn't be aggressively punishing Wall Street wrongdoers. They're right—someone else should do that.

Mayer Brown represents Munich Re, the insurance company that challenged a California law extending the statute of limitations on genocide claims. The appeals court concluded that because the U.S. government does not recognize the deaths of more than 1.5 million Armenians in World War I as a genocide, the California law is unconstitutional.

Perhaps no firm is more prominent in defending financial litigation than Paul, Weiss, Rifkind, Wharton & Garrison. We asked Paul Weiss chair Brad Karp how Citi--and the entire financial sector--is faring in court.

Sometimes a court ruling is almost as noteworthy for its dicta as for its holding. That's the case for a ruling this week in Assured Guaranty's $1 billion RMBS suit against UBS, in which a federal judge took a jab at the "immorality" of our "win at any price society."

The National Credit Union Administration has sued a UBS unit for allegedly making misrepresentations in the sale of more than $1 billion in mortgage-backed securities to two credit unions that failed. The suit, filed on Thursday in Kansas federal district court, is the latest by the NCUA against financial institutions that sold mortgage-backed securities to now-defunct corporate credit unions.