Oil services company Baker Hughes and its lawyers at Houston's LaGarde Law Firm may have been rebuffed by a FINRA arbitration panel in their bid to recover millions of dollars in damages over frozen ARS, but they haven't given up.

The banks that backed out of an $800 million revolving loan right before the ill-fated Las Vegas resort and casino went into bankruptcy have been remarkably unscathed by the ensuing litigation. In their latest win, they've fended off two suits claiming they cost the Fontainebleau's other lenders millions when they pulled out.

A few years back, the Canadian drugmaker launched a campaign against hedge fund short-sellers with great fanfare. That effort is now completely demolished. But here's the big news in this tortured litigation: Thursday's dismissal of Biovail's case didn't include sanctions against any lawyers.

ARS litigation isn't dead after all: The biggest holders of the now unsalable securities weren't covered by regulatory buybacks. Now they're filing hundred-million-dollar suits.

Three years after New York businessman Paul Ceglia first alleged that a contract with Mark Zuckerberg entitled him to a 50 percent ownership stake in Facebook, a judge has finally agreed with Gibson, Dunn & Crutcher that the case is a fraud.