IN BRIEF
Sweeteners lawsuit settled after verdict
A Johnson & Johnson unit that makes the artificial sweetener Splenda settled a lawsuit by Merisant Co., maker of rival Equal, after a jury reached a verdict against it on claims of misleading advertising that Splenda is natural.
Terms of the settlement weren't immediately available. Closely held Merisant sued J&J unit McNeil Nutritionals in 2004, accusing it of violating federal and state laws prohibiting unfair competition and false advertising for saying Splenda was more natural than its competitors because it contained sugar.
The judge told jurors not to reveal the suggested award, Helms said. Lawyers for Merisant said they were seeking $208.5 million.
DENVER
More execs may face charges, SEC boss says
More company executives may face criminal charges as a result of federal investigations into stock-option backdating, Securities and Exchange Commission Chairman Christopher Cox said Friday.
"We have a substantial number of investigations under way (including) cases that are maturing to the point of potential criminal action," Cox told reporters at a securities conference.
The investigation aims to all but eliminate the practice of improper stock-options backdating, Cox said.
"Every company is on notice that it won't be tolerated," he said.
LOS ANGELES
New Century says it may never file papers
New Century Financial Corp., will not file its first-quarter financial results on time and may never be able to file any of its outstanding financial statements, the collapsed subprime mortgage lender said in a regulatory filing Friday.
The Irvine-based company failed to meet a May 10 deadline for filing its quarterly results because its independent accounting firm, KPMG, resigned and company staff and resources have been tied up with its bankruptcy process, according to the document filed with the Securities and Exchange Commission.
New Century, which sought Chapter 11 bankruptcy protection last month, said it would be unable to file its first-quarter results "without unreasonable effort and expense."
HARTFORD, Conn.
Thomson agrees to sell education properties
The Thomson Corp., which has proposed paying more than $17 billion for British financial news provider Reuters Group PLC, freed cash Friday by announcing that it agreed to sell education and publishing-related properties for $7.75 billion.
The agreement to sell Thomson Learning to two companies is seen as preparation for the company's blockbuster proposal to purchase Reuters. The deal, disclosed last week, would make Thomson-Reuters the world's leader in providing real-time data to traders and investment professionals.
SAN FRANCISCO
Analysts say Beatles on iTunes is 'nonevent'
Despite signs that Apple may land a historic deal with the Beatles to make the band's entire catalog of music available on its iTunes store, analysts say that such a move would be a "nonevent" in terms of the company's profits.
Rumors of such a deal have circulated for years. Speculation grew to a feverish pitch Friday when ex-Beatle Paul McCartney told Billboard magazine that an agreement with iTunes is "virtually settled."
No digital-music merchant so far has rights to sell Beatles tunes online.
Apple in February settled a long-running trademark dispute with the band's music-publishing arm, Apple Corps.
NEW YORK
Bond prices decline amid mixed reports
Treasury bond prices ended lower Friday in the face of a rebounding stock market, after a day of mixed economic data.
At 5 p.m. EDT, the 10-year Treasury note was down $2.50 per $1,000 in face value, or 0.25 points, from its level at 5 p.m. Thursday. Its yield, which moves in the opposite direction, rose to 4.68 percent from 4.64 percent.
The 30-year bond fell 0.41 points. Its yield rose to 4.85 percent from 4.82 percent.
