Wednesday, September 12, 2007; D04

LEGAL

Reston-based Sprint Nextel's $57 million discrimination lawsuit settlement was approved by a judge. The suit, filed in 2003, claimed that Sprint Corp. illegally moved about 1,700 employees age 40 or older into positions that were later eliminated by company downsizing. Sprint Corp. merged with Nextel Communications Inc. in 2005.

Trex, the largest U.S. maker of composite decking and fencing, appointed Chairman Anthony J. Cavanna interim chief financial officer.

Cavanna will replace Paul Fletcher, who resigned last month to take another job, Trex said in a filing with the Securities and Exchange Commission. Cavanna will be paid a consulting fee of $23,000 a month, the Winchester company said.

Cavanna, who helped found Trex in 1996, was chief executive for two years before retiring from that position last month.

Leonard Reid, top supervisor at the regulator for Fannie Mae and Freddie Mac, plans to retire at the end of the year.

Reid plans to leave the District-based Office of Federal Housing Enterprise Oversight after six years, much of it spent monitoring remediation of Fannie Mae and Freddie Mac after $11.3 billion in accounting errors were found at the companies.

Vaccine maker Nabi Biopharmaceuticals said it agreed to sell its Nabi Biologics division, one of two business units, to German drugmaker Biotest for $185 million.

Once the acquisition is complete, Nabi will move its headquarters to Rockville from Boca Raton, Fla. The company said it continues to seek a partner to commercialize its nicotine and Staphylococcus aureus vaccines, the lead products remaining in its pipeline.

District-based National Public Radio and public TV station WGBH of Boston said they jointly bought National Public Broadcasting, a company that solicits underwriters and sponsors for public radio and TV stations. NPR and WGBH will combine their underwriting operations with NPB of New York. Terms of the deal were not disclosed.

The Federal Communications Commission plans to vote on the proposed merger between XM Satellite Radio Holdings of the District and Sirius Satellite Radio in the fourth quarter, no later than Dec. 6.

General Dynamics of Falls Church said it is one of three contractors selected to bid on the Canadian Navy's $1.1 billion program to modernize its Halifax-class frigates. The formal request for proposals is expected to be issued in the next few months, General Dynamics said.

The Canadian Navy wants faster, more-maneuverable ships that can operate close to shore. The frigates also need new sensors and weapons systems.

Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.