The case of Howe vs. Bank for International
Settlements et al. -- I like to call it Howe
vs. All the Money in the World -- was roughed
up a little today but survived its first day
of hearing in federal court in Boston.

During 2 1/2 hours of oral argument, U.S.
District Judge Reginald C. Lindsay dismissed
two counts of the lawsuit involving securities
fraud charges against defendant J.P.
Morgan/Chase, and ruled that the plaintiff's
method of serving lawsuit notice papers against
the BIS -- by mail in English instead of by
personal service in German -- was insufficient.

But the two dismissed securities fraud counts
were secondary to the lawsuit's substance, and
the problem with the lawsuit notice probably
can be fixed by a pricey translator if the
lawsuit is allowed to proceed.

The judge took the remainder of the case back
to his chambers for drafting a written
decision on the plaintiffs' motions to dismiss
the rest of the lawsuit.