Business Desk

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

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NEW YORK SUN CONTRIBUTOR

WALL STREET


NYSE COULD BE FORCED TO PAY $18M IN LEGAL FEES IN ARCHIPELAGO CASE


The New York Stock Exchange may have to pay $18.1 million in lawyers’ fees as part of its settlement of a lawsuit that sought to block its proposed purchase of Archipelago Holdings.


New York State Supreme Court Judge Charles Ramos will hold a hearing next week to determine exactly how much the three law firms representing the dissident NYSE members who brought the suit will collect. The lawyers are asking for $17.1 million in fees, plus reimbursements for “out-of-pocket” expenses of up to $950,000.That amount, disclosed in a court filing dated on Monday, would exceed the fees collected by the three investment banks that worked on the NYSE-Archipelago deal. It also adds to the $7 million in legal costs that the Big Board had already incurred through November 10 defending itself in the suit.


– Bloomberg News


TRADE


LAWMAKERS MAY REVIVE PLANS TO IMPOSE TARIFFS ON CHINA


American lawmakers said they may revive efforts to punish China with trade tariffs for keeping the yuan artificially cheap, a day after the Treasury Department declined to label the nation a currency manipulator. “Where is the action?” Rep. Sander Levin, a Democrat from Michigan, said in an interview in Washington yesterday. “Once again what we have the Treasury doing is talk and no action, and that hurts our manufacturers and our workers.”


– Bloomberg News


REAL ESTATE


NEW HOMES SALES RISE


New home sales unexpectedly rose to a record last month, suggesting people bought houses in anticipation of even higher mortgage rates in coming months, a government report showed yesterday.


Purchases increased 13%, the biggest rise since April 1993, to a 1.424 million annual rate from September’s 1.26 million pace, the Commerce Department said yesterday in Washington.


– Bloomberg News


IN BRIEF


The Federal Communications Commission chairman, Kevin Martin, said yesterday that giving TV viewers the choice to purchase channels in an a la carte fashion has benefits, a reversal of the agency’s view under previous chairman Michael Powell … Ford Motor’s CEO, William Clay Ford Jr., said employees who don’t support his plans should leave as he prepares to restructure the company for the second time since 2002 … U.S. Steel, the biggest American steelmaker, elected CEO John Surma Jr. as chairman, replacing Thomas Usher, who will retire.


– Bloomberg News and Dow Jones Newswires

NY Sun
NEW YORK SUN CONTRIBUTOR

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.


The New York Sun

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