March 12 The following are the top stories on
the New York Times business pages. Reuters has not verified
these stories and does not vouch for their accuracy.
* For the second time in history, federal regulators have
accused an American state of securities fraud, finding that
Illinois misled investors about the condition of its public
pension system from 2005 to 2009.
* A state court judge invalidated New York City's new
restrictions on sweetened beverages on Monday, a day before they
were set to take effect, saying the rules were "arbitrary and
* Britain, unlike other economic powers, is responding to
the financial crisis by creating two new agencies, one to
oversee institutions and another to watch for market abuses.
* In advance of a summit meeting of European Union leaders
on Thursday in Brussels, the president of the European
Commission, José Manuel Barroso, called on the bloc's 17
members to stay the course on austerity.
* Intrade, the online betting site, announced late on Sunday
that it had halted trading and frozen customer accounts after
the discovery of potential financial irregularities.
* Oppenheimer & Co will pay nearly $3 million to settle
accusations by federal and state regulators that it misled
investors about the performance of one of its private equity
funds, in a case that signals stepped-up scrutiny of the buyout
industry and how it values its holdings.
* Dell Inc has agreed to open its books to the
activist investor Carl Icahn, signaling a possible truce on one
front in the battle over the computer maker's proposed $24.4
* In prepared testimony for her nomination hearing, Mary Jo
White placed a premium on unearthing financial fraud, as she
works to deflect concerns from lawmakers who question her
ability to regulate banks she recently defended.
* British authorities have opened an investigation into
Hewlett-Packard Co's claims that it was duped when it
bought the business software maker Autonomy, according to
regulatory documents filed on Monday.