Advantage: Grasso

FINANCE
• Richard Grasso may keep his money, after all. A New York State appeals court threw out four of the six claims filed against the former NYSE chair by the attorney general's office. [NYP]
• Perella Weinberg may have missed out on advising the Ford family, but the firm finally got its first big deal with a lead role in Thomson's attempt to acquire Reuters. [DealBook/NYT]
• The future of two Dow Chemical executives will be determined by testimony JPMorgan CEO James Dimon, who knows for sure if they spread rumors of a sale. [NYT]

FASHION
• Angelina Jolie is appearing in Shiseido ads in Asia. [WWD]
• Amanda Bynes joins the ranks of celebs with fashion lines. [Fashionista]
• Proenza Schouler is in talks to be sold to a European luxury firm. [NYP]

LAW
• Cravath will get a little grimy by opening a bankruptcy practice. The firm hired Richard Levin, who helped write the 1978 U.S. bankruptcy code, to run the shop. [Law Blog/WSJ]
• Raoul Felder won't step down from the State Commission on Judicial Conduct, and here's 1,500 words explaining why. Oh, and democracy's at stake. [New York Law Journal]
• Susman & Godfrey just raised associate salaries in New York and L.A. but kind of ruined the moment with an embarrassing press release. [Above the Law]

MEDIA
• If the Thomson deal for Reuters goes through, it could pose the first major challenge to Bloomberg's financial-news empire. The combined company would command 34 percent of the market for financial data, where Bloomberg LP currently controls 33 percent. [NYT]
• In his coverage about the health risks posed by illegal immigration, did Lou Dobbs use the wrong data about an increase in leprosy cases? [The Numbers Guy/WSJ]
• After this season, Law & Order's new episodes might appear on TNT, adding to the 28 hours of the show the cable network airs each week. [Broadcasting & Cable via Mediabistro]