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U.S. District Court Magistrate Judge Timothy Black has granted class-action status to a 2005 lawsuit filed against Fifth Third Bancorp officials, including members of its board of directors, alleging that they mismanaged the company’s employee retirement plan by investing in Fifth Third stock.

The lawsuit was filed by Conn.-based law firm Scott+Scott on behalf of all plan members from September 2001 to the present. It also claims that Fifth Third officials breached their fiduciary duties by charging the plan excessive investment management fees, including by double- or triple-dipping by investing plan assets in Fifth Third’s family of mutual funds through Fifth Third investment affiliates. Fifth Third and the individual defendants have denied the allegations (instant payday loan).

The lawsuit has been split into two for trial purposes, one to consider claims related to the company’s internal controls following its acquisition of Old Kent Financial in 2001 and the other to consider the excessive fees allegations. The former trial is set to begin next March; the latter in September.

Fifth Third and its employees are being defended by lawyers at Keating Muething & Klekamp. Most of the outside directors are being represented by lawyers at the Cincinnati office of Vorys Sater Seymour & Pease.

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The European Central Bank on Thursday signaled it might cut interest rates for the first time in five years as credit strains paralyzed money markets.

Interbank lending rates extended their upward march, reflecting tightness in credit markets, while a sharp fall-off in U.S. commercial paper issuance indicated businesses were having an extremely difficult time raising short-term capital.

ECB President Jean-Claude Trichet, speaking after the central bank left rates unchanged, highlighted further risks to the European economy from the credit crunch, suggesting the once inflation-leery official was warming to the idea of bringing rates down from the current 4.25 percent.

Trichet said ECB policy-makers recognized “the extraordinary high level of uncertainty stemming from latest developments” on turbulent financial markets and the credit crunch. “Economic activity in the euro area is weakening with contracting domestic demand and tighter financing conditions,” he said.

“The ECB is adopting a substantially softer tone, which opens the door for a future interest rate cut,” said Howard Archer, chief European economist at Global Insight.

The Wall Street Journal reported that U.S faxless payday advance. Federal Reserve officials are weighing further interest rate cuts, even if Congress approves a $700 billion financial industry bailout, because of a worsening economic outlook.

A rate cut is still far from certain, partly because of inflation worries, the WSJ said in an unsourced report on its website.

The change in the ECB’s tone reflected a rapid deterioration in the global credit situation. The year-long crisis has seen the downfall of such staple corporate names as Lehman Brothers and AIG, and bank failures have become frequent. 

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The Federal Trade Commission has granted early termination to the waiting period for Napster's deal to sell itself to Best Buy Co. Inc., according to a filing Napster made with the Securities and Exchange Commission Thursday.

The $121 million deal announced Sept. 15, which values Los Angeles-based Napster (NASDAQ: NAPS) at $2.65 per share, was granted early termination of the waiting period on Sept. 30, according to the SEC filing.

Through the deal, "Best Buy intends to use Napster's capabilities and digital subscriber base to reach new customers with an enhanced experience for exploring and selecting music and other digital entertainment products over an increasing array of devices," said Richfield, Minn.-based Best Buy (NYSE:BBY) president and chief operating officer Brian Dunn when announcing the deal Sept payday advance. 15.

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After a tumultuous Monday on Wall Street, stocks of many Louisville-area banks and corporations bounced back in Tuesday morning trading.

The Dow Jones Industrial Average, which lost 7 percent of its value Monday, gained 235 points, or 2.3 percent, as of about 11:30 a.m. The NASDAQ and S&P 500 indices both gained 3 percent Tuesday morning.

The stocks of regional banks followed the markets.

Cincinnati-based Fifth Third Bancorp (NASDAQ: FITB) rose 21 percent, or $1.88, to $10.99.

Cleveland-based National City (NYSE: NCC), which suffered a 56 percent loss Monday on buyout speculation, rose 39 percent, or 53 cents, to $1.89 in Tuesday morning trading.

Trading for other banks with local operations were as follows: JPMorgan Chase (NYSE: JPM) rose 9 percent, or $3.88, to $44.89; PNC Financial Services Group (NYSE: PNC) added 4.5 percent, or $3.07, to $71.07; and U.S. Bancorp (NYSE: USB) was up 5.6 percent, or $1.83, to $34.58.

Stock in Louisville-based S.Y. Bancorp Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Co., increased $1.59, or 5.8 percent, to $29.14 no teletrak payday loans. Louisville-based Republic Bancorp Inc. (NASDAQ: RBCAA), parent company of Republic Bank & Trust Co., increased $1.88, or 6.6 percent, to $30.23.

Other stocks of local interest that showed gains in Tuesday morning trading were:

• Almost Family Inc. (NASDAQ: AFAM) increased $1.18 cents, or 3.1 percent, to $38.73;

• Brown-Forman Corp. (NASDAQ: BFB) increased $1.79, or 2.6 percent, to $71.70;

• Churchill Downs Inc. (NASDAQ: CHDN) increased $1.24, or 2.7 percent, to $46.68;

• Cummins Inc. (NYSE: CMI) increased 31 cents, or 0.7 percent, to $42;

• Ford Motor Co. (NYSE: F) increased 35 cents, or 8.4 percent, to $4.52;

• General Electric Co. (NYSE: GE) increased $1.04, or 4.5 percent, to $24.13;

• Kindred Healthcare Inc. (NYSE: KND) increased 33 cents, or 1.2 percent, to $26.90.

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Wachovia was in advanced merger discussions with Wells Fargo late Sunday, the Wall Street Journal reported, citing people familiar with the discussions.

Wachovia was also in talks with Citigroup (NYSE: C) in New York over the weekend. But by late Sunday, Wells Fargo was emerging as the preferred bidder. Wells has a better track record of successfully integrating a major bank merger and has escaped the current credit crisis relatively unscathed.

In contrast, it was only last fall that Citi was criss-crossing the globe with tin cup in hand, seeking to raise billions to offset its substantial losses amid the credit crisis.

Both Wells (NYSE: WFC) and Citi see an acquisition of troubled Wachovia's extensive branch network in the Eastern United States and deposits as a rare prize.

Details on the Wells-Wachovia negotiations were not available late Sunday.Even though Wells would have the upper hand in acquiring Wachovia, the combined bank's name, its management team and its headquarters location were still open questions late Sunday.

In March, Wells Fargo CEO John Stumpf told the San Francisco Business Times that he was not averse to conducting a Fed-assisted deal similar to the help the central bank gave J.P. Morgan Chase to acquire faltering Bears Stearns in March. As of Sunday, the government was reportedly quite reluctant to provide similar aid to a buyer of Wachovia.

This month, Wells Fargo Chairman Dick Kovacevich told those attending a Beverly Hills business conference that the bank "often buys fixer-uppers.

"Given the financial conditions today, I feel like a kid in a candy store," Kovacevich said.

Spain's Banco Santander also was reportedly interested in Wachovia, but long-time industry observers were dubious that the U.S guaranteed approval cash advance loans. government would be interested in working with a foreign bank to rescue Wachovia.

A combination of San Francisco-based Wells Fargo and Charlotte-based Wachovia (NYSE: WB) has long been the subject of speculation among those following the banking industry. Wells brings to the table its dominance in the West, which would fit nicely with Wachovia's strong presence in the East.

Reports late last week indicated that struggling Wachovia was seeking a suitor. The bank fumbled badly on its ill-timed purchase of Oakland-based Golden West Financial, parent of World Savings. Much of the bank's mortgage woes stem from that $25 billion deal completed in 2006. Many analysts said that deal was a huge mistake even before it closed.

The U.S. Treasury and Federal Reserve were reportedly involved in Sunday's negotiations, presumably to help spur a deal that would put Wachovia in stronger hands. An acquisition of Wachovia by Wells Fargo would represent a departure from the San Francisco bank's long-running strategy of focusing on internal growth and concentrating on selling more products and services to customers within its current branch territory in the western half of the United States.

But last week's government-orchestrated deal in which J.P. Morgan Chase (NYSE: JPM) acquired failed Washington Mutual created the nation's second coast-to-coast bank, after Bank of America. (NYSE: BAC) Large branch networks allow banks to spread their costs over more customers, while providing those customers with greater convenience and access to ubiquitous branches and ATMs throughout much of the country.

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A new bio-park for plant and life sciences research and commercial development at the Danforth Plant Science Center has named its board of directors.

The Bio-Research and Development Growth Park is expected to open in April 2009 with the following board members:

• Jim Berens, president, Wexford Science+Technology LLC;
• Dan Burkhardt, partner, Oakwood Medical Investors;
• Denny Coleman, president and chief executive, St. Louis County Economic Council;
• Jerry Glover, vice president of external affairs, Monsanto Co.;
• Vicki Gonzalez, president and chief executive, Nidus Center;
• Jan Jaworski, vice president for research, Donald Danforth Plant Science Center;
• Linda Martinez, partner, Bryan Cave LLP;
• Richard Roloff, vice chancellor for capital projects, Washington University in St cash advance loan no fax. Louis;
• Richard Sayre, director of the Enterprise Rent-A-Car Institute for Renewable Fuels, Donald Danforth Plant Science Center;
• Jacqueline Davis-Wellington, executive vice president, real estate and community development division of the St. Louis County Economic Council;
• Sam Fiorello, president of BRDG Park and chief operating officer of the Donald Danforth Plant Science Center.

The park is being created to help life sciences companies bridge research, resources and relationships to achieve commercial success.

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Just like recess vanished in a number of public schools across the nation, lunch breaks in the workplace might also become a thing of the past, based on findings in a recent survey.

Company executives polled said their average lunch break dwindled to 35 minutes, compared to 42 minutes five years ago, according to a survey published by OfficeTeam, an administrative staffing firm.

On top of that, some managers also admitted they worked through lunch more than half of the workweek.

The survey was conducted via telephone to 150 randomly selected senior executives at the 1,000 largest companies in the nation.

"In today's 24/7 workplace, a lunch break often takes a back seat to e-mails, phone calls, meetings and pressing deadlines," said Dave Willmer, executive director of OfficeTeam. "Many people are doing more work with fewer resources and, therefore, putting in more time at their desks. Some may also be working across time zones and forgoing lunch breaks to accommodate their colleagues' schedules."

As lunch breaks keep shrinking, so are the number of tony restaurants offering the midday meal.

Glen Sanders Mansion served its last lunch Aug. 1.

Angelo Mazzone saw it coming: During its heyday 20 years ago, the Scotia restaurant was serving 100 lunches a day. In the end, a good day was 20.

"I should have done it 10 years ago, but I didn't have the heart," Mazzone says.

He isn't the only proprietor responding to the waning lunch crowd at upscale venues.

Anne Trimble, owner of the posh La Serre in downtown Albany, started offering a "bistro" menu two years ago to boost noontime business.

Lunch patronage had declined 70 percent over the last 20 years, from more than 100 a day to 30 payday loan. Over the years, the 30-person staff La Serre employed in the 1980s has been reduced to 16.

Trimble also adjusted for a crowd that was eating lighter and spending less.

Known for its haute French cuisine, La Serre now offers a lunch menu with burgers and sandwiches. It's a stark contrast to the leg of lamb and roast pork lunch specials Trimble's diners demanded 20 years ago.

"We started offering a menu for people who don't want to have a $25 entree," Trimble said.

Lunches started falling off in 1984, the same year the Internal Revenue Service's Tax Equity and Fiscal Responsibility Act of 1982 kicked in, Trimble said. The legislation reduced from 85 percent to 50 percent the percentage of entertainment expenses that businesses could claim as tax write-offs.

It's the same time that lunch business started declining at Glen Sanders Mansion, which once was a popular spot for General Electric Co. executives.

"Everything changed when the business guys stopped going in and having martinis at lunch," Mazzone said.

At the same time, brown-baggers reached a new high in 2007, increasing to 38 per person per year from 35 in the previous year, according to a June 2008 study from the NPD Group, "How Brown Bagging Is Affecting Food Service Lunch." The number translates to 8.5 billion bagged adult lunches per year.

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The Bush administration sought unchecked power from Congress to buy $700 billion in bad mortgage investments from financial companies in what would be an unprecedented government intrusion into the markets.

Through his plan, Treasury Secretary Henry Paulson aims to avert a credit freeze that would bring the financial system and the world's largest economy to a standstill. The bill would prevent courts from reviewing actions taken under its authority.

“He's asking for a huge amount of power,'' said Nouriel Roubini, an economist at New York University. “He's saying, `Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.''

As congressional aides and officials scrutinized the proposal, the Treasury late yesterday clarified the types of assets it would purchase. Paulson would have authority to buy home loans, mortgage-backed securities, commercial mortgage- related assets and, after consultation with the Federal Reserve chairman, “other assets, as deemed necessary to effectively stabilize financial markets,'' the Treasury said in a statement.

The Treasury would also have discretion, after discussions with the Fed, to make non-U.S. financial institutions eligible under the program.

The plan would raise the ceiling on the national debt and spend as much as the combined annual budgets of the Departments of Defense, Education and Health and Human Services. Paulson is asking for the power to hire asset managers and award contracts to private companies. Most provisions of the proposal expire after two years from the date of enactment.

Schumer Warning

A failure by the government to support the U.S. financial system could lead to “a depression,'' Senator Charles Schumer, a New York Democrat told reporters yesterday. “To do nothing is to risk the kind of economic downturn this country hasn't seen in 60 years.''

The Treasury is seeking authority to step in as buyer of last resort for mortgage-linked assets that few other financial institutions in the world want to buy, following government takeovers of mortgage giants Fannie Mae and Freddie Mac and insurer American International Group Inc.

“Democrats will work with the administration to ensure that our response to events in the financial markets is swift,'' House Speaker Nancy Pelosi said in a statement.

The majority party will seek to reduce mortgage foreclosures and create “fast-track authority'' for an overhaul of financial regulation, Pelosi said. Democrats will ensure “the government is accountable to the taxpayers in any future actions under this broad grant of authority, implementing strong oversight mechanisms.''

Executive Pay

The proposal will include curbs on executive pay for the companies whose assets the government will be buying, Steve Adamske, a spokesman for Representative Barney Frank, said yesterday in an interview.

Democrats also will include a plan to stem foreclosures, which may involve tapping the loan-modification abilities of the Federal Housing Administration, the Federal Deposit Insurance Corp., and Freddie Mac and Fannie Mae, Adamske said. Frank, a Democrat from Massachusetts, is chairman of the House Financial Services Committee.

“The consequences of inaction could be catastrophic,'' Senate Majority Leader Harry Reid said in a statement.

“While the Bush proposal raises some serious issues, we need to resolve them quickly,'' he said. “I am confident that, working together, we will.''

House minority leader John Boehner, an Ohio Republican, said yesterday he is reviewing the proposal but didn't say whether he was inclined to support it.

`Furious' Boehner

“The American people are furious that we're in this situation, and so am I,'' Boehner said in a statement. “We need to do everything possible to protect the taxpayers from the consequences of a broken Washington.''

Congress, which may pass legislation as soon as Sept. 26, needs to “make sure there are protections built in for taxpayers,'' said Schumer, a New York Democrat on the banking committee overnight payday loans. Lawmakers should ensure “taxpayers who gave the money will be put ahead of the stockholders, bondholders and others.''

Paulson is seeking an expansion of federal influence over markets that hasn't been seen since the Great Depression, said Charles Geisst, author of “100 Years of Wall Street'' and a finance professor at Manhattan College in New York.

Hoover Era

Geisst likened the plan to the Reconstruction Finance Corp., which was chartered by Herbert Hoover in 1932 with the goal of boosting economic activity by lending money after credit markets seized up.

President George W. Bush said he called leaders in both houses of Congress and “found a common understanding of how severe the problem is and how necessary it is to get something done quickly.''

“This is going to be a big package because it's a big problem,'' Bush said following a meeting with Colombian President Alvaro Uribe at the White House. “We need to get this done quickly, and the cleaner the better.''

Democratic presidential nominee Barack Obama said in a radio address that he “fully supports'' Paulson and Fed Chairman Ben S. Bernanke's efforts to stabilize the financial system. The plan, however, should benefit both main street and Wall Street, he said.

Republican Presidential nominee John McCain “looks forward'' to reviewing the proposal while focusing at least in part on “minimizing the burden on the taxpayer,'' said Jill Hazelbaker, communications director for the McCain campaign.

Ban Legal Challenges

The ban on legal challenges of actions by Treasury is “distasteful, it's unfortunate and it's bad precedent, but this is an emergency and you have to act,'' said Jerry Markham, a law professor at Florida State University and author of “A Financial History of the United States.''

“What you don't want happen is to have lawsuits that will slow things down and cause problems,'' he said.

The proposal would raise the nation's debt ceiling to $11.315 trillion from $10.615 trillion and require the Treasury secretary to report back to Congress three months after Treasury first uses its new powers, and then semiannually after that.

Paulson would gain discretion to act as he “deems necessary'' to hire people, enter into contracts and issue regulations related to a revival of U.S. mortgage finance, according to a three-page proposal. The Treasury would “take into consideration'' protecting taxpayers and promoting market stability.

Hiring Authority

The Treasury may hire managers to purchase the assets through so-called reverse auctions, seeking the lowest prices, Treasury said yesterday. The document specifies that Treasury may buy only assets issued or originated on or before Sept. 17.

The House will pass legislation to implement the plan by the end of this week, and the Senate will act soon after, Frank said on Sept. 19 in an interview on Bloomberg Television's “Political Capital with Al Hunt.''

Bush said yesterday he's unconcerned that the price tag on the package may seem high.

“I'm sure there are some of my friends out there that are saying, `I thought this guy was a market guy, what happened to him?''' the president said. “My first instinct was to let the market work, until I realized, while being briefed by the experts, how significant this problem became.''

The Bush administration seeks “dictatorial power unreviewable by the third branch of government, the courts, to try to resolve the crisis,'' said Frank Razzano, a former assistant chief trial attorney at the Securities and Exchange Commission now at Pepper Hamilton LLP in Washington. “We are taking a huge leap of faith.''

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Arizona operations of Raytheon Co. and Northrop Grumman were awarded $237.4 million in Pentagon contracts Friday.

Raytheon's missile division in Tucson is getting a $220.5 million contract for anti-missile weapons systems from the U.S. Navy. The antimissile defense systems are used in Iraq.

Northrop's operations in Sierra Vista are getting a $16.9 million U.S faxless payday advance. Army contract related to unmanned aerial vehicles. UAVs, or drones, are used by the U.S. military in Iraq and Afghanistan.

Northrop (NYSE: NOC) is based in Los Angeles; Raytheon (NYSE: RTN) in Massachusetts.

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Mexico's central bank left its benchmark interest rate unchanged, breaking a streak of three consecutive increases, as policy makers said economic growth may slow and inflation will probably remain within forecasts.

The bank's five-member board, led by Governor Guillermo Ortiz, left the key lending rate at 8.25 percent.

While inflation may continue to accelerate, the bank's statement that price increases will probably remain within its forecasts signal policy makers will leave rates unchanged for the rest of the year, said Gabriel Casillas, an economist at Banco UBS Pactual. The bank raised rates three quarters of a point since June in a bid to tame the fastest inflation in five years.

“It's a less hawkish statement,'' said Casillas, who is based in Mexico City. “Saying inflation will be within the forecasts confirms that the hiking cycle is finished.''

The bank said in a statement that the economy was more likely to weaken because the global economic slump has intensified, and that consumption and job creation have been reduced in Mexico.

“The risks of slower economic activity have increased,'' the statement said.

The bank's decision to leave rates on hold matched the forecast of 22 of 23 economists surveyed by Bloomberg. One economist forecast a quarter point increase.

Consumer Prices

Higher food and energy costs helped push consumer prices up 5.57 percent in August from a year earlier. Still, inflation remains within policy makers' third-quarter forecast of 5.25 percent to 5.75 percent.

In July, the bank increased its inflation forecasts through 2010 because of higher-than-expected commodity costs. Since then, the prices of crude oil, wheat, soy and corn have dropped at least 30 percent since their record highs.

Policy makers may also have been hesitant to increase rates because of the turmoil caused by the world's worst credit crisis since the Great Depression, said Alberto Bernal, an economist with Bulltick Securities Corp. in Miami.

“It's better just to stay pat,'' Bernal said in a telephone interview paydayloans. “The uncertainty is just too much.''

Finance Minister Agustin Carstens said earlier this week that economic growth will be reduced by the financial crisis in the U.S. and the fall in global oil prices may have a “serious'' effect on Mexico, which gets 40 percent of its federal budget from crude.

Gross Domestic Product

Gross domestic product would have expanded 4 percent this year without the problems in the U.S. housing and credit markets, compared with the government's forecast of 2.4 percent growth, Carstens said in an interview on the Televisa network.

Mexico's monetary policy in coming months will depend in part on the U.S.'s ability to resolve its financial crisis, said Rafael de la Fuente, a senior economist at BNP Paribas SA in New York.

“Worse-than-expected headline numbers won't push the central bank to hike if there are problems in the U.S.,'' said de la Fuente, who forecasts an increase in the fourth quarter. The Mexican bank won't raise rates so long as the U.S. credit crisis puts a drag on the Mexican economy, he said.

The central bank forecasts that inflation will peak at 6 percent in the final quarter of this year then subside in 2009. It isn't expected to reach the central bank's goal of 3 percent until at least 2010.

Economists surveyed by Citigroup Inc.'s Banamex unit predict the bank will leave its benchmark interest rate unchanged for the remainder of the year, according to a survey released yesterday.

Economists forecast that Banco de Mexico will reduce the key lending rate next year, the survey said.

Mexico's weakening economy makes the central bank wary of tightening consumption more with a rate increase, said Vitoria Saddi, an economist with RGE Monitor in New York.

“They don't have any interest in forcing the slowdown even further,'' Saddi said.

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