Hedge funds that lost billions shorting Volkswagen stock haven't been easily dissuaded from going after Porsche, which pumped up VW's share price in a botched takeover bid. On Wednesday a group of funds that opted for state court cleared a crucial hurdle, when Porsche's lawyers at Sullivan & Cromwell lost a bid to dismiss fraud and unjust enrichment claims that could be worth well north of $1 billion.

The odds of a surprise turnaround for the banks fighting the Federal Housing Finance Agency are looking slimmer and slimmer.

In its biggest suit yet, the National Credit Union Administration claims Bear Stearns sold $3.6 billion in shoddy mortgage-backed securities to four failed credit unions. But just like the cases that the Federal Housing Finance Agency brought against a slew of banks, the NCUA suits are in limbo as federal appeals courts weigh whether the agencies waited too long to sue.

Cite as: Barclays Capital Inc. v. Theflyonthewall.com, Inc., 10-1372-cv, NYLJ 1202498007313, at *1 (2d Cir., Decided June 20, 2011)Before: Pooler, Sack, and Rag