New York News
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The dismissal of a lawsuit against New York Law School filed by former students who accused the school of inflating statistics on graduates’ jobs and pay was upheld by an appeals court.
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Cerberus Capital Management LP, the New York-based investment firm that owns the largest U.S. gunmaker, will put the company up for sale, acting four days after one of its rifles was used in the Connecticut school shootings that left 26 people dead, including 20 six- and seven- year-olds.
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Wells Fargo & Co., the biggest U.S. bank by market value, bought a stake in Rock Creek Group LP to provide more hedge-fund offerings to clients amid a push to double the asset-management unit within seven years.
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New York state relies on gimmicks and nonrecurring revenue to pay for rising pension costs and the most-generous Medicaid benefits in the U.S., said a group led by former Federal Reserve Chairman Paul Volcker and former Lieutenant Governor Richard Ravitch.
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Bank of America Corp.’s Merrill Lynch unit was sued by two trusts that hold and administer mortgages on behalf of investors who own more than $1 billion of securities collateralized by the loans.
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JPMorgan Chase & Co., Goldman Sachs Group Inc. and other banks asked a New York state judge to dismiss a $1.8 billion lawsuit brought by residential mortgage- backed securities investors.
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New York’s Thruway Authority abandoned a plan to raise truck tolls by 45 percent after months of opposition by farmers and upstate business groups who said it would hurt the state’s economy.
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Alladin Capital Management LLC and its brokerage agreed to pay $1.6 million to settle U.S. regulatory claims that the investment adviser falsely told clients it was co-investing with them in two financial products.
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Bank of America Corp., the second- biggest U.S. lender by assets, was sued by German regional lender HSH Nordbank AG over more than $218 million in residential mortgage-backed securities.
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VeriFone Systems Inc., the largest maker of credit-card terminals, was sued by Creative Mobile Technologies LLC for more than $250 million over an agreement to place advertisements on screens in New York taxis.
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