Quinn Emanuel's Jonathan Pickhardt, who took the lead at trial for the BankAtlantic investors hoping to scuttle the deal, hailed the decision as a "terrific victory" and a confirmation of the sanctity of contracts, even during times of financial distress.

Kasowitz Benson has had mixed luck lately pressing claims that the hedge fund Magnetar Capital colluded with various banks to to place short bets on complex securities backed by subprime mortgages. The firm's luck was all bad this week in its case against UBS AG.

It was a big turnaround for mortgage-backed securities investors last year when an appellate court ruled that plaintiffs can assert claims related to securities they never purchased. On Monday Goldman Sachs's lawyers at Gibson Dunn and Boies Schiller lost a bid to turn things back around in the banks' direction.

Two weeks before pivotal appellate arguments over the fate of the proposed $8.5 billion settlement she negotiated with Bank of America, Kathy Patrick of Gibbs & Bruns is showing no signs of backing down from pursuing demands that major U.S. banks repurchase mortgage-backed securities.�