Facebook and its IPO's underwriter Morgan Stanley are facing at least three shareholder lawsuits alleging that the companies allowed misleading assessments and omissions in their IPO registration statement. This, on the same day that Massachusetts Secretary of Commonwealth William Galvin issued a subpoena to Morgan Stanley in response to other allegations. Peter J. Henning, a professor at Wayne State University Law School who specializes in white collar crime, co-wrote an article about this for the New York Times' DealBook.

Our partner, The New York Times, reported yesterday that Nevada's attorney general is asking a federal judge to throw out a settlement made between the state and Bank of America, claiming the bank violated the broad loan modification agreement it made with Nevada in 2008. If the judge throws the settlement out, Nevada would likely sue Bank of America.

Twenty years ago, the Amazon River in Ecuador was heavily contaminated after chemical-laden wastewater was dumped into it. The effects on the surrounding population were devastating: illness, death, and economic loss. Chevron Corp., the U.S.'s second largest oil company, is the alleged culprits, and the company may have to pay at least $8 billion to repair damages after a ruling yesterday. In a statement, Chevron reacted, saying "The Ecuadorian court's jumdgment is illegitimate and unenforceable. It is the product of fraud and is contrary to the legitimate scientific evidence. Chevron will appeal this decision in Ecuador and intends to see that justice prevails."

The Justice Department announced Thursday that it has filed a lawsuit against Arizona Sheriff Joseph Arpaio, the Maricopa County Sheriff's Office and Maricopa County for failing to turn over documents in an investigation into alleged discrimination, unconstitutional searches and seizures, and jail policies that discriminate against people with limited English skills. In their complaint, the government agency says the sheriff's office has failed to turn over documents relating to the case and has refused to cooperate. It is the first time in decades a lawman has refused to cooperate in one of the agency's probes. Sheriff Arpaio says the government is targeting him - and Arizona.

Discount retailing giant Wal-Mart is facing the largest class action lawsuit in American history. Over one million women say that the corporation pays both salaried and hourly female workers less than their male counterparts.