September 24, 2013 / 5:32 AM / in 4 years

PRESS DIGEST-New York Times business news - Sept 24

Sept 24 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* JPMorgan Chase & Co paid $1 billion to resolve an array of government investigations last week. But its biggest battles with federal authorities may still lie ahead. The nation’s largest bank is bracing for a lawsuit from federal prosecutors in California who suspect that the bank sold shoddy mortgage securities to investors in the run-up to the financial crisis, according to people briefed on the matter. ()

* Chrysler filed for a public stock offering on Monday, acting only under pressure from its second-largest shareholder, a trust set up to provide medical coverage for 115,000 retired autoworkers and their relatives. Ordinarily, Chrysler’s plan would be cause to celebrate the automaker’s comeback from its government bailout and bankruptcy in 2009. ()

* Detroit had a bit of rare good fortune as it hurtled toward bankruptcy last summer - a couple of banks were willing to let it out of some expensive financial contracts, called interest-rate swaps, without paying in full the usual steep termination fees. But since then, an insurance company, Syncora Guarantee, has been seeking to block the deal, lining up allies among Detroit’s other creditors. ()

* While French fries are a staple of the fast-food burger business, they have long been vilified by nutrition experts as little more than vehicles for adding fat, salt and calories to diets. Now Burger King Worldwide Inc has come up with a fry that it says delivers about 40 percent less fat and 30 percent fewer calories than the fries sold by its archenemy McDonald‘s. ()

* Robert Cohen, the founder of the Hudson Media empire, whose last wishes are at the center of nasty legal battle, was either a gravely ill old man unable to speak in his final years, or an opinionated octogenarian who enjoyed attending family bar mitzvahs. Those were the clashing portraits presented in state court on Monday of the man, who died in 2012, leaving behind a fortune that is now the subject of a bitter fight that has drawn in some of the ultrawealthy of New York society. ()

* BlackBerry Ltd said on Monday that it had signed a letter of intent from a group led by Fairfax Financial Holdings Ltd, a Canadian insurance and investment company, to pay shareholders $9 a share in cash, pending a variety of conditions, taking the company private. The $4.7 billion offer from Fairfax, which already owns about 10 percent of BlackBerry, is a powerful symbol of the phone maker’s decline. ()

* Weak reaction to important new Microsoft Corp products rarely discourages the company - instead, it usually tweaks the products over and over. So it goes with the Surface, Microsoft’s poorly selling answer to the iPad. On Monday, Microsoft introduced a second generation of Surface tablets with only subtle adjustments from the originals, a sign that the company still believes in its vision of devices that blend the benefits of tablets and laptop computers. ()

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