June 25, 2013 / 5:10 AM / 4 years ago

PRESS DIGEST-New York Times business news - June 25

4 Min Read

June 25 (Reuters) - 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.

* A warning from the central bank against excessive lending worried investors overseas and brought fears of economic slowdown in China. The People's Bank of China, the central bank, let the world know on Monday that it was putting the nation's banks on notice: the loose money and the speculation it fed had to stop. ()

* In two decisions issued on Monday, the Supreme Court effectively made it harder for workers to prove that they had suffered employment discrimination. One ruling narrows the definition of what constitutes a supervisor in racial and sexual harassment cases, while the other adopts a tougher standard for workers to prove that they had faced illegal retaliation for complaining about employment discrimination. ()

* The Supreme Court ruled on Monday that generic drug manufacturers could not be sued by patients who claim that the drugs they took were defectively designed. The decision is a significant victory for the generic drug industry, but further narrows the recourse for people who are injured by such drugs. ()

* The news on Monday that Weil, Gotshal & Manges, among the nation's most prestigious and profitable law firms, was laying off a large number of lawyers and support staff while also reducing the pay of some of its partners, sent shock waves through the industry and underscored the financial difficulties facing the legal profession. ()

* Courts must take a skeptical look at affirmative-action programs at public colleges and universities, the Supreme Court ruled Monday, in a decision that is likely to set off a wave of challenges to race-conscious admissions policies nationwide.()

* Richard Baker, a shopping mall developer who emerged as a major player in the department store business with his purchases of Lord & Taylor and Hudson's Bay, is now exploring a bid for Saks Inc, according to a person briefed on the matter. ()

* Warner Brothers on Monday announced a new leadership team for its film division while informing the staff that Jeff Robinov was leaving as the motion picture group's president. Combined with a shake-up at its television unit, the moves greatly concentrate power at Hollywood's largest studio in the hands of one executive. ()

* A federal appeals court has upheld the conviction of Raj Rajaratnam, the former hedge fund manager who was charged with orchestrating a vast insider trading conspiracy. ()

* Federal regulators are poised to sue Jon Corzine over the collapse of MF Global and the brokerage firm's misuse of customer money during its final days, a blowup that rattled Wall Street and cast a spotlight on Corzine, the former New Jersey governor who ran the firm until its bankruptcy in 2011.()

* Two of Dell Inc's biggest outside investors on Monday laid out the most comprehensive defense of their plan for the company to date, while attacking the company's planned $24.4 billion sale to Michael Dell and the investment firm Silver Lake. ()

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