CRI Insured Mortgage Association of Rockville and an affiliate filed suit against Integrated Resources over Integrated's statements about the CRI exchange offer for four Integrated real estate investment partnerships. CRI accused Integrated of violating the anti-fraud provisions of securities laws.
Bassett-Walker, a fleece-wear manufacturer with 14 plants in southern Virginia and North Carolina, said it will furlough about half of its 5,000 employees for a week because of the sluggish retail economy.
Mortgage rates were mixed this week. Rates on 30-year fixed mortgages rose to 10.24 percent from 10.22 percent last week, while one-year adjustable-rate notes declined to 8.19 percent from 8.24 percent, the Federal Home Loan Mortgage Corp. said.
The Treasury auctioned $12.5 billion in 69-day cash management bills at an average discount rate of 7.37 percent, an average investment rate of 7.58 percent and an average price of $98.587.
Heritage Savings Bank of Richmond was taken over by federal regulators and renamed Heritage Federal Savings Bank. The thrift, which has no branches in the Washington area, is the largest in Richmond with $817.9 million in assets.
Public Citizen, a consumer group, said it made a mistake in putting the ITT Hartford Insurance group on a list of five property and casualty insurance companies that could fail in a recession.
Maryland businessman Robert James Johnston Jr. was indicted by a federal grand jury for wire fraud and related charges stemming from an alleged scheme to defraud $800,000 from Storage Technology Corp., a Colorado firm that makes computer equipment.
Manischewitz agreed to be acquired by Mano Holdings, a new company created by the merchant banking firm Kohlberg & Co., for $42.5 million.
The Bank of New England reported a loss of $123.2 million in the third quarter, mostly from a $100 million provision for possible credit losses, company officials said.
Texas Instruments lost $7 million in the third quarter, compared with a profit of $65 million in the same quarter last year.
A European investors group that wants to buy part of the Argentine state phone company ENTel said it can't come up with the down payment by the Nov. 8 deadline.
Donald Trump has offered investors in his Taj Mahal bonds nearly 20 percent of the hotel and casino's equity, but a debt-rating service says the bondholders are in a position to get up to half.
Norway will link its currency to the European Currency Unit, even though it is not a member of the European Community. The ECU is a composite of 10 EC currencies dominated by the German mark.