Another law firm has filed an investor suit against Motorola Inc., claiming executives didn’t tell the market how bad things were last fall as sales began to slow.

Schiffrin Barroway Topaz & Kessler LLP filed suit last Wednesday in U.S. District Court for the Northern District of Illinois on behalf of investors who bought Motorola shares between July 19, 2006, and Jan. 4.

Motorola’s shares peaked at $26.30 on Oct. 13. On Monday, the stock price was below $17 per share.

The suit claims Motorola did not disclose problems with its product line and geographic challenges in Europe that led it to miss its forecasts in the third and fourth quarters.

Named in the suit are CEO Edward Zander; Ron Garriques, former head of mobile devices; David Devonshire, former chief financial officer; Greg Brown, then-executive vice-president of networks; Daniel Moloney, president of connected home solutions; Richard Nottenburg, chief strategy officer; and Padmasree Warrior, chief technology officer.

“We will vigorously defend ourselves against these claims,” a Motorola spokeswoman said.

Executives, excluding Mr. Zander, sold more than $26 million worth of stock during the period, according to the suit.

The Schiffrin law firm is based in Radnor, Pa. Last month, the law offices of Bernard Gross, based in Philadelphia, and Brodsky & Smith of Bala Cynwyd, Pa., each filed suit, also seeking class-action status.

Roche is seeking to acquire Tucson, Arizona-based Ventana, which makes diagnostic tests, for $75 a share. Ventana had wanted to apply an Arizona law that makes it harder for companies to be bought, but the judge ruled that it could not use that law, Roche said.

In a separate case, Roche is also contesting a so-called poison pill defense by Ventana, which would give Ventana shareholders rights to buy new shares at half price if Roche acquires 20 percent of the company.

Roche said on Tuesday it extended by four weeks the expiry of its tender offer to September 20 from August 23.

Online brokerage giants TD Ameritrade Holding (AMTD) and E-Trade Financial (ETFC) have been holding talks for weeks about a possible merger, The Wall Street Journal reported Wednesday.
The discussions currently are focused on making sure both companies agree on strategy, and the companies aren't yet close to a deal, the Journal reported, citing unnamed people familiar with the matter.

A spokeswoman for E-Trade said the firm's management team believes there is "tremendous value in consolidation that aligns business strategy and operational synergies and will do what is in the best interest of its customers." A spokeswoman for Omaha-based Ameritrade said the company has talked to and continues to talk to industry peers.

The companies previously have discussed an alliance but never reached a deal. This time, however, there is the added pressure of two hedge funds with big stakes in Ameritrade that have publicly urged the two companies to talk.

Jana Partners and S.A.C. Capital Advisors, which claim to collectively own 8.4% of Ameritrade shares, have been urging Ameritrade to join forces with a major competitor such as E-Trade or Charles Schwab (SCHW) in the interests of the majority of shareholders.

On Friday, the U.S. central bank approved a half-percentage point cut in its discount rate on loans to banks to "promote the restoration of orderly conditions in financial markets."

The decision means the discount rate, the interest rate that the Fed charges to make direct loans to banks, will be lowered to 5.75 percent from 6.25 percent.

But the Fed did not change its target for the more important federal funds rate, the interest commercial banks charge each other on overnight loans. The benchmark interest rate has remained at 5.25 percent for more than a year.

In the statement announcing the interest rate cut, the Fed said it "is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets."     

Dura Automotive Systems Inc. has received U.S. Bankruptcy Court approval for the $160.2 million sale of its Atwood Mobile Products unit and an equity plan with Pacificor LLC to support its reorganization.

Dura, which filed for bankruptcy in October 2006 in Delaware, announced the approvals late on Wednesday. It expects to emerge from court protection in the fourth quarter.

The agreement with Pacificor provides a $140 million to $160 million commitment and would make Dura a privately held company upon its emergence from Chapter 11, with protections for minority shareholders, Dura said.

Several parties objected to an earlier equity plan led by Pacificor, but Dura filed an amended agreement earlier this week to address the objections.

Private equity firm Insight Equity is acquiring the Atwood unit from Rochester Hills, Michigan-based Dura. Atwood is based in Elkhart, Indiana.

Total losses from the subprime mortgage meltdown may be in the order of $50bn to $100bn, according to estimates cited by Ben Bernanke in testimony to Congress on Thursday.

The Fed chairman said:"There clearly will be some significant financial losses associated with defaults and delinquencies on these mortgages."

Mr Bernanke also cautioned Congress against legislating narrowly on China's exchange rate, rather than addressing this in combination with the need for structural reform.

He said the exchange rate was "not a subsidy in the legal sense" but rather the cause of distortions in the Chinese economy that channel resources towards exports rather than production for domestic demand.

Under the terms of the settlement, Sony will pay $8.5 million in overtime wages to current and former employees, and will also "reclassify class members with a job title of Associate Artist and Artist 1 as nonexempt employees under the wage and hour laws of California and the federal Fair Labor Standards Act."

In spite of the settlement, Sony has denied the allegations in the suit and has admitted no liability or wrongdoing. According to a statement from the law firm, the settlement is conditional, "contingent upon court approval, and the settlement may be rescinded if a sufficient number of class members opt out of the settlement."