PRESS DIGEST-New York Times business news - Dec 27

Thu Dec 27, 2012 1:48am EST

Dec 27 - The following are the top stories on the New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* Toyota Motor Corp agreed to pay more than $1 billion to settle a class-action lawsuit related to issues of unintended acceleration in its vehicles. ()

* Carnegie Mellon University said it was awarded $1.17 billion by a federal jury in Pittsburgh in a unanimous verdict that found the Marvell Technology Group Ltd had sold billions of semiconductors using technology developed at the university without a license. ()

* Hedge fund, TPG-Axon Capital Management, which owns nearly 7 percent of SandRidge Energy Inc's shares, submitted so-called consent solicitation documents with the Securities and Exchange Commission, offering up its own slate of directors to replace the current board. ()

* The Metropolitan Police Department said it had opened an investigation into whether NBC and David Gregory, the host of "Meet the Press," broke the law when Gregory displayed a high-capacity gun magazine during an interview on Sunday with the vice president of the National Rifle Association. ()

* Treasury Secretary Timothy Geithner, adding to the building tension over how to handle a year-end pileup of threatened tax increases and spending cuts, formally notified Congress that the government would hit its statutory borrowing limit on Monday, raising anew the threat of a federal default as the two parties remained in a standoff. ()

* China began service Wednesday morning on the world's longest high-speed rail line, covering a distance in eight hours that is about equal to that from New York to Key West, Florida, or from London across Europe to Belgrade, Serbia. ()

* Anyone who has seen "On the Waterfront" knows East Coast longshoremen can be a tough bunch. The dockworkers are flexing their muscles again, threatening a strike beginning Sunday that would shut seaports from Massachusetts to Texas. ()

* Hawaii's Lieutenant Governor Brian Schatz, a rising political star here who is unknown on the national scene, will become the state's next United States senator, filling a leadership vacuum in Honolulu and in Washington after the death of Senator Daniel Inouye last week. ()

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California state worker Albert Jagow (L) goes over his retirement options with Calpers Retirement Program Specialist JeanAnn Kirkpatrick at the Calpers regional office in Sacramento, California October 21, 2009. Calpers, the largest U.S. public pension fund, manages retirement benefits for more than 1.6 million people, with assets comparable in value to the entire GDP of Israel. The Calpers investment portfolio had a historic drop in value, going from a peak of $250 billion in the fall of 2007 to $167 billion in March 2009, a loss of about a third during that period. It is now around $200 billion. REUTERS/Max Whittaker   (UNITED STATES) - RTXPWOZ

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