The SEC named four West Germans, a West German mutual fund and two Swiss companies as having participated in an insider trading scheme in connection with GTE's proposed acquisition of Contel. The agency did not indicate how the Europeans obtained the information. Other participants in the scheme are expected to be named later.
John O'Brien, who resigned suddenly as head of Grumman, is under investigation by a federal grand jury for possibly accepting loans from a Grumman subcontractor, a source told the Associated Press.
Chrysler indicated it planned to explore with the United Auto Workers the possibility of employee ownership in contract talks. It also asked the UAW to make Chrysler the target of the talks, so that it would not have to match contract terms reached with Ford and GM.
American Brands will acquire Moen Group, a plumbing fixture manufacturer, for $975 million in cash from Forstmann Little.
David C. Gergacz, the architect of US Sprint's successful bid for a share of the $25 billion federal telephone contract known as FTS 2000, has resigned, the company said, offering no other details.
Jiffy Lube International said it faced a possible lawsuit from franchisees and an SEC inquiry. Jiffy Lube sold 82 percent of its stock to Pennzoil in January for about $43.5 million.
TransOhio Savings Bank, a subsidiary of TransCapital Financial Corp., filed suit against the Office of Thrift Supervision and the FDIC, charging that the agencies breached a 1986 contract under which TransOhio acquired the former Citizens Federal S&L Association of Cleveland and Dollar Savings Bank of Columbus.
Manville's bankruptcy court reorganization matters were turned over to U.S. Judge Jack B. Weinstein, who has harshly criticized the financing of the Manville trust -- an entity formed to pay asbestos personal injury claims against Manville. Chief Judge Charles Brieant in federal court in Manhattan issued the order.
The Treasury will auction $10.5 billion in 52-week notes next Thursday.
Mortgage rates dropped. The rate for 30-year fixed mortgages fell to 9.99 percent from 10.11 percent and adjustable-rate mortgages dipped to 8.39 percent from 8.45 percent last week, the Federal Home Loan Mortgage Corp. said.
Boeing said it is talking with Aeritalia of Italy and Aerospatiale of France about selling them its Ontario-based De Havilland commuter aircraft division.
Wall to Wall Sound and Video has filed for bankruptcy protection. President Jerome Shulman said the bankruptcy will give his company breathing room to phase out unprofitable operations.