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Business Digest: MetLife will pay $3.3-million for trading offense

By Times Staff and Wires
Published August 10, 2007

MetLife Inc., the largest U.S. life insurer, will pay $3.3-million to settle claims that a former executive let clients make after-hours trades in mutual funds at the expense of other investors, the Securities and Exchange Commission said Thursday. William Thater, a former senior vice president at MetLife's General American Life Insurance unit, gave late-trading privileges to a wealthy New York family in 2002, the SEC said. He agreed to pay $163,000 to settle the agency's claims against him.

Jacksonville

BofA names new Florida president

Bank of America has named Jacksonville-based banker Susan Walker as its new Florida state president. She succeeds Robb Hilson in the state president's position. Walker, who formerly served as the bank's "Premier" banking and investments regional executive for northern Florida and Georgia, will oversee Bank of America's business, civic and philanthropic interests in the state.

Washington

Jobless tally is up for last week

The number of newly laid-off people signing up for jobless benefits rose last week, suggesting that employment conditions while softening a tad still remain good. The Labor Department reported Thursday that new applications for unemployment insurance increased by a seasonally adjusted 7,000 to 316,000 for the week ending Aug. 4.

Chicago

Newspaper: Lead in toy no surprise

The toy company that issued a voluntary recall for a Thomas & Friends spinning top this week had a 2002 test report showing the toy contained lead paint, according to a published report. The Chicago Tribune reported Thursday that toymaker Schylling Associates Inc. changed the design of the toy that year rather than recalling it when a test found it had lead paint. The company initiated a voluntary recall Wednesday for the 24,000 Chinese-made tops shipped between June 2001 and July 2002.

Los Angeles

Blockbuster is buying Movielink

Video rental chain Blockbuster Inc. said Wednesday it is buying the digital movie download service Movielink, giving it the online foothold it has long sought to compete with Netflix Inc. Terms of the deal were not disclosed. Blockbuster said it will eventually make elements of the service available through Blockbuster.com.

Traverse City, Mich.

GM says battery deal is a big edge

General Motors Corp. has signed an agreement with a batterymaker that could propel it ahead of Toyota Motor Corp. in the race to bring plug-in hybrid and electric cars to market, a company official said Thursday. A123 Systems Inc. already produces millions of nanophosphate lithium-ion batteries for cordless power tools. GM vice chairman Bob Lutz said the deal, coupled with Toyota's announced delay of lithium-ion battery powered hybrids for up to two years, could give GM the lead in bringing the new clean technology to market.

[Last modified August 9, 2007, 23:38:21]