Given the sanctions BankAtlantic sought, the ruling amounts to a glancing blow. But that's not much consolation to the Labaton and Kessler Topaz lawyers that have watched their case fall apart after winning a historic jury verdict against BankAtlantic last year.

BP is a foreign company whose common shares are traded on the London exchange. Thursday's unanimous Supreme Court ruling clearly says that U.S. investors can't sue in U.S. courts over securities purchased on foreign exchanges. So where does that leave BP's American shareholders?

There's definitely good news for mortgage-backed securities defendants in Monday's Second Circuit order. But the appellate decision may not pose that much of an obstacle for class action plaintiffs lawyers, especially at this stage in the MBS litigation.

Last week, seven major defense firms sent an unusual joint letter to the SEC, opposing its proposal to permit shareholders to nominate corporate directors. Wednesday the securities class action plaintiffs bar shot back, in an almost unprecedented show of interfirm cooperation.

For the second time in a month, Manhattan federal district court judge Lewis Kaplan has ruled that a shareholder case against a Parmalat auditor can proceed, despite the auditor's claims that it should not be held responsible for the failings of one affiliated office. This time, the firm getting the bad news is Grant Thornton.

Even though objecting investors followed a novel "topping" proposal suggested by Delaware vice-chancellor J. Travis Laster, the judge rejected the deal because of the involvement of litigation financing firm Burford Capital.

Can corporations be sued under the Alien Torts Statute? The Second Circuit says no, while the D.C. and Eleventh Circuits say yes. Looks like the Supreme Court is going to have to weigh in.