Class action litigation is beginning to take shape over allegations that major banks manipulated Libor, the benchmark rate used to calculate interest on trillions of dollars in securities globally. On Monday the federal district court judge hearing the litigation consolidated 20 class complaints, and appointed interim class counsel.

The Court vacated the honest services convictions of the Enron and Hollinger execs but remanded their cases to the circuit courts to determine if other parts of their convictions can stand. We've got predictions from Skilling counsel Dan Petrocelli at O'Melveny and Black counsel Miguel Estrada at Gibson--and an opposing take from Black's prosecutor, Eric Sussman, who's now at Kaye Scholer.