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.

District Judge Leonard D. Wexler U.S. DISTRICT COURT EASTERN DISTRICT OF NEW YORK Attorneys for Plaintiff: By: John C. Rawls, Esq., Valyncia Simmons, Esq., Bracewil

Fifth Avenue of Long Island Realty Associates V. Caruso Management Company, Ltd. District Judge Leonard D. Wexler Decided: June 15, 2010 Attorneys for Plaint