The case involved the city's efforts to collect $16.4 million in unpaid property taxes and interest from India and $2.1 million from Mongolia for their missions at the United Nations.

Under New York law, foreign governments have tax exemptions for the diplomatic mission section of their properties used exclusively for diplomatic offices and for the quarters of certain diplomats.

But the city says the government must pay taxes for the space that houses lower-level employees. The two governments refused to pay the taxes and the city sued. The foreign governments sought to dismiss the lawsuits.

Justice Clarence Thomas concluded in the court's majority opinion that the two foreign governments are not immune from the lawsuits under a 1976 federal law, a decision that allows the cases to go forward.

Justices John Paul Stevens and Stephen Breyer dissented. "If Congress had intended the statute to waive sovereign immunity in tax litigation, I think it would have said so," Stevens wrote.

The three banks involved are Merrill Lynch, Barclays and Credit Suisse First Boston.

In April, the university filed a petition along with the other plaintiffs asking that the U.S. Supreme Court hear the appeal. On Monday, the university filed a brief asking that the court hear the appeal at the same time as another case that also grappled with the degree of responsibility for secondary actors like the banks.

Enron Corporation was found to have committed investor fraud in 2001 and then collapsed.

The university alleges that banks knew of the fraud and should now be held responsible for their role in Enron’s investor fraud.

The total alleged loss for all plaintiffs involved is estimated at $40 billion, Davis said.

According to Davis, the university lost approximately $145 million in investments as a result of the fraud and collapse.

The 50,000 plaintiffs include both individual and institutional investors, although Davis said the university was one of the pension funds with substantial losses.

The case had been heard in March by the U.S. Court of Appeals for the Fifth Circuit; that court ruled in favor of the banks in a 2-1 vote.

The idea of holding banks responsible for their part in the Enron scandal would bring into question the concept of scheme liability.

Scheme liability envisions fraudulent practices involving additional parties who actively and knowingly participate in the fraud, Davis said.

“We’re alleging that banks knew what they were doing and did what they did to perpetuate the fraud,” Davis said. “Scheme liability means banks were part of the scheme as opposed to just being innocent bystanders.”

While three banks currently remain as defendents, Davis said a number of other banks that had been involved in the case have settled for a total of approximately $7 billion out of court.

If the Supreme Court decides in the university’s favor, Davis said the remaining three banks could have the option to settle out of court as well.

Davis said he did not know when the Supreme Court is expected to respond or what the next steps will be for the case, adding that the university hopes the plaintiffs will get the chance to go to trial.

The Supreme Court dismissed an appeal of a convicted murderer from Ohio Thursday because he filed it two days late, even though he met a separate deadline set by a judge.

The judge mistakenly told the prisoner, Keith Bowles, 34, that he could file court papers by Feb. 27, 2004. Under federal rules, however, the deadline was Feb. 24. Bowles filed on Feb. 26.

The high court typically adheres strictly to deadlines and this case was no exception.

The 5-4 decision, the 16th this term, fell along conservative-liberal lines and also provoked a strong dissent from Justice David Souter.

Writing the opinion for the court's majority in this case, Justice Clarence Thomas said the judge's error did not alter the 14-day time limit set in federal law and legal rules. He said Congress could relax the deadline if it wishes.

Bowles was convicted of murder in Ohio for his role in a group beating of an unarmed man, who later died. The beating was in revenge for an earlier beating that day to a relative of a member of the group in Painesville, about 30 miles northeast of Cleveland, court records showed.

Bowles was given 15 years to life in prison. Early in 2004, a federal judge gave Bowles additional time to tell the court he intended to appeal, mistakenly noting a 17-day deadline.

The 6th U.S. Circuit Court of Appeals said Bowles' appeal was untimely.

Souter said Bowles' case cries out for an exception to the rule.

"It is intolerable for the judicial system to treat people this way, and there is not even a technical justification for condoning this bait and switch," Souter said.

Chief Justice John Roberts and Justices Samuel Alito, Anthony Kennedy and Antonin Scalia joined Thomas' opinion.

Justices Stephen Breyer, Ruth Bader Ginsburg and John Paul Stevens joined Souter in dissent.

Specialty chemicals maker Cabot Corp. said Wednesday it agreed to settle the federal class action lawsuits pending against it that alleged it and other carbon black manufacturers violated antitrust laws in setting prices for carbon black sold in the United States.

In a filing with the Securities and Exchange Commission, Cabot said its share of the settlement cost is $10 million. Cabot also denied any wrongdoing of any kind, and said it "strongly believes that it has good defenses to these claims."

The company said it agreed to the settlement to avoid further expense, inconvenience, risk and the distraction of protracted litigation.

The settlement agreement is subject to court approval.

Boston-based Cabot said it will continue to defend the remaining antitrust lawsuits pending against it. There are suits pending in several state courts brought by purported classes of purchasers of carbon black, and a single federal case brought by a party that did not join the federal class action.

"This is sickening," Prosecutor Bill Mason said Wednesday. "The charitable trust established by Father O'Dea continues his life's work of giving to others even after his death. This attorney's theft of trust assets is, in effect, stealing from the poor and needy. He is without conscience."

Mason said Economic Crimes Unit prosecutors already have negotiated a plea deal with Parrish and his lawyer that would require him to repay $250,000 to the trust and to plead guilty to an aggravated theft charge.

Parrish already has repaid $83,000, and filed a request with the Ohio Supreme Court to assume inactive status as a lawyer, said his attorney, James Sammon.

"We have worked diligently to resolve the estate in probate court," Sammon said. "And he is in the process of winding down his law practice."

When he died, O'Dea was 92 and under the care of the Little Sisters of the Poor at their home in Warrensville Heights. He had served as pastor of St. Mary's Church in Hudson and St. Peter's Church in Lorain.

One of the trustees of O'Dea's charitable trust account noticed suspicious bank activity, and reported it to the Cleveland Bar Association. Bar officials contacted the prosecutor's office.

Jenner & Block, a Chicago-based law firm that focuses on litigation, is shifting 15 to 20 of its equity partners to non-equity status, the National Law Journal reported Monday, citing anonymous sources.

Some of the partners are being asked to leave and a smaller number are opting for voluntary retirement, the legal newspaper said.

The firm's management last month began to move forward with the plan to cut some of the equity partners during the next year or two, according to anonymous sources cited in the Law Journal.

Though it eliminates the security of partnership -- once as honored as tenure at a university -- de-equitizing partners is a means to boost the average profits earned by equity partners to retain rainmakers and lure new talent. Equity-per-partner rankings have become the industry's measuring stick in the absence of any other accepted method, making demotions from partnership increasingly common.

In March Chicago-based Mayer, Brown, Rowe & Maw LLP announced its decision to purge 45 partners amid revenue growth of 11 percent in 2006. The conservative firm, one of the nation's 10 largest in 2006, topped $1 billion in revenues for the first time in its 125-year history. Sidley Austin demoted more than 30 partners in an effort to be more competitive more than eight years earlier.