It's almost impossible to exaggerate the obstacles Barclays' lawyers faced in the $13 billion Lehman 'windfall' litigation: claims by three different plaintiffs represented by three powerhouse firms; a judge openly skeptical of the bank's core argument; and a disjointed trial schedule that stretched over six months. Yet in the end the bank prevailed in upholding a deal that helped shape the unfolding of the great recession.

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.