Sullivan & Cromwell succeeded in knocking out a class action claim that UBS was liable for underwriting dubious HealthSouth bonds. But the judge's opinion doesn't exactly bode well for the bank in a related case.

David Frederick is rapidly becoming the new best friend of plaintiffs at the Supreme Court. His latest win--for Merck shareholders suing over the company's Vioxx disclosures--should open the door wider for the securities class action bar.

Is the Senator from Pennsylvania--who recently introduced a Stoneridge rollback amendment to the financial reform bill--a tool of the plaintiffs bar? Apparently, the corporate lawyers who've given him hundreds of thousands of dollars since 2005 didn't get that memo.

Twice before, the securities class action has been tossed without prejudice. This time, a new judge said the plaintiffs are out of chances.

Judge Kevin Castel produced a 140-page opus in denying big chunks of the bank's motion to dismiss in August. So it's not a big surprise that he didn't look very kindly on BofA's request that he take another crack at it.

Don't get too excited: Most of the money in the settlement will go to holders of U.S.-traded American Depository Shares. But for investors who bought Satyam shares overseas, a 90 percent discounted recovery is still better than nothing.

It looks like the logjam of litigation filed over mortgage-backed securities is beginning to break. This appears to be the first class settlement of claims by investors in these securities.

For the second time in less than a week, a Delaware Chancery Court judge had harsh words for a CEO seeking to sell his company in a multibillion-dollar deal, but stopped short of blocking the proposed sale.