They say you can't beat the house. In litigation sparked by the collapse of the giant Fontainebleau casino project on the Las Vegas strip, neither the project's borrowers or a group of term lenders have been able to beat the banks.

Top U.S. Justice Department lawyers defended Wednesday's non-prosecution agreement with UBS AG and the guilty plea of a Japanese subsidiary, while class action plaintiffs lawyers called on UBS to compensate plaintiffs in parallel private litigation alleging that the bank manipulated LIBOR.

Cite as: In Re Wachovia Equity Securities Litigation, 08 Civ. 6171 (RJS), NYLJ 1202489220302, at *1 (SDNY, Decided March 31, 2011)District Judge Richard J. Sull

A Manhattan federal judge ruled on Thursday that an Illinois pension plan could proceed with its efforts to bring a class action against General Electric on behalf of investors who purchased $12 billion of the company's stock. The plaintiff claims that investors were misled by GE and several large financial institutions about the company's exposure to subprime mortgages and other risky investments during the recent financial crisis.

If we keep going at this rate, there soon won't be a prominent securities litigator in New York who's not involved in a suit challenging the bond insurer's restructuring. The banks' suit--the third in as many months against MBIA--is led by Sullivan & Cromwell, but S&C is not alone on the complaint. Not by a long shot.