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PRESS DIGEST - Wall Street Journal - March 28
March 28, 2013 / 7:26 AM / 5 years ago

PRESS DIGEST - Wall Street Journal - March 28

March 28 (Reuters) - The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their accuracy.

* Some of the largest global banks lodged an unusual legal protest to overturn rulings that they said could limit their ability to beat back multibillion-dollar lawsuits filed two years ago by the federal regulator for Fannie Mae and Freddie Mac. ()

* A U.S. bankruptcy judge said it would be “inappropriate” to approve a $20 million exit package for the outgoing chief executive of American Airlines parent AMR Corp, calling it his only “hang-up” as he cleared the way for a merger with US Airways Group Inc. ()

* Standard & Poor’s Ratings Services wants to merge the 17 lawsuits piled against it - by state attorneys general who claim the firm churned out shoddy ratings before or after the financial crisis - into a single lawsuit in federal court. ()

* Cyprus’s government raced on Wednesday to prepare for its banks’ scheduled reopening after a two-week hiatus, announcing temporary capital controls to prevent deposits from fleeing the weakened institutions. ()

* A prominent proxy adviser said MetroPCS Communications Inc shareholders should vote against a merger with Deutsche Telekom AG unit T-Mobile USA, saying they would receive an unfair split of the combined company and would do fine owning shares of a standalone carrier. ()

* A divided U.S. Supreme Court on Wednesday put the brakes on a class-action lawsuit against Comcast Corp, the latest example of the court’s conservative majority limiting large suits against companies. ()

* Sharp Corp is banking on a proprietary technology with an unproven track record to revive its fortunes after it soon reports what’s expected to be the largest annual loss in its 100-year history. ()

* Suncor Energy Inc, Canada’s largest oil-sands producer, said it and partner Total SA won’t proceed with a plan to build a multibillion-dollar facility designed to refine heavy bitumen into a light, low-sulfur synthetic crude. ()

* Frank Bennack is stepping down as chief executive of Hearst Corp, the media giant said late Wednesday, to be succeeded by company President Steven Swartz. ()

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