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.

Describing the third-party litigation financing business as "lumpy, unpredictable and high-risk," Burford Capital nonetheless announced significant increases in its financial results on Thursday.

We're beginning to reap the consequences of the sweeping Lehman examiner's report. Plaintiffs in a long-pending securities class action have now filed an amended complaint that adds allegations about Lehman's now-infamous Repo 105 balance sheet asset transfers--and adds Lehman's auditor, Ernst & Young, as a defendant.

The cable company's secured lenders, led by JPMorgan Chase, wanted to force a refinancing of $11 billion Charter borrowed on rock-bottom terms in 2007. But after a highly complex bench trial, the bankruptcy judge found Charter was not in default of its loan agreement.

One of the largest and costliest matters backed by outside litigation funding — an ambitious $1.65 billion lawsuit brought by two American brothers — met its demise on Tuesday.

That didn't take long. A couple of Manhattan federal district court judges overseeing billion-dollar securities cases are already weighing the effect of the Supreme Court's game-changing ruling in Morrison v. NAB.

The allegations in the new complaint sound an awful lot like what shareholders have already claimed in a Delaware Chancery Court case against Barclays and KKR. But they're also similar to those in a sweeping LBO bid-rigging suit Robins is pursuing against 17 investment banks and private equity funds.

The proceedings in Delaware have hogged the spotlight, but there's some pretty significant litigation over the WaMu collapse going on in Seattle as well.