Back in March, when a Manhattan federal judge tossed an auction-rate securities class action because the bank had already reached a deal with state regulators, plaintiffs lawyers told us their litigation against resellers like Ameritrade was still viable. Um, maybe not anymore.

In the biggest business case of the term, the Court delivered a surprising 6-to-3 loss to the pharmaceutical industry. Wyeth v. Levine had the potential to end drug litigation as we know it. Instead, the Court granted what the winning lawyer, David Frederick of Kellogg Huber, calls "a resounding victory for consumers."

The Associated Press reports that Merck reached an $80 million settlement with 190 third-party payers, including health insurers and union health funds, who had paid for Vioxx prescriptions.