IN THE COURTS

SONY/BMG SETTLES SUIT OVER COPY PROTECTION

A federal judge in Manhattan yesterday approved a settlement of class action lawsuits over copy-protection software that Sony/BMG installed on approximately 14 million music CDs, lawyers said.

Judge Naomi Buchwald okayed the deal ending litigation over claims that that consumers who played the CDs on their computers inadvertently exposed their systems to attacks by hackers or computer viruses.

Sony/BMG agreed to replace the affected albums and provide free album downloads to consumers. Owners of CDs with a particular anti-copying program, XCP, can also get a cash payment of $7.50. Judge Buchwald urged attorneys involved in the settlement to settle a dispute over the allocation of up to $2.7 million in legal fees the music firm has agreed to pay. A group of plaintiffs’ lawyers who brought suits over the software flaws are locked in a battle with an online privacy group, the Electronic Frontier Foundation, over the value of the foundation’s involvement with the settlement.

– Staff Reporter of the Sun

MERGERS AND ACQUISITIONS

CEDAR FAIR TO BUY PARAMOUNT PARKS FROM CBS

CINCINNATI – Cedar Fair LP will have a more national presence in the regional theme-park business with its announcement yesterday that it will buy Paramount Parks Incorporated from CBS Corporation for $1.24 billion in cash. Industry experts say that the acquisition should make Cedar Fair the third-largest theme-park operator in North America in terms of attendance, behind first-place Walt Disney Company and second-place Six Flags Incorporated.

– Associated Press

EARNINGS

LOWE’S 1Q PROFIT UP 4%; SHARES DROP

CHARLOTTE, N.C. – Lowe’s, the nation’s second-largest home improvement chain, said Monday its first-quarter profit rose 44% as the company continued to expand offerings. The results beat Wall Street estimates but its shares tumbled more than 45 as it slightly reduced its guidance for revenue and earnings in the second quarter.

– Associated Press