CASINO WORKERS SETTLE STRIKE
ATLANTIC CITY, N.J. (AP) -- Thousands of striking casino-hotel workers have reached a tentative contract agreement that signals an end to a bitter, month-old walkout -- the longest in Atlantic City casino history.
The union representing about 10,000 striking bartenders, cocktail servers, housekeepers and other service employees approved the five-year deal late Monday. It calls for significant gains in wages and benefits and guards against the casinos' practice of leasing space to non-union restaurants and bars.
A vote by rank-and-file members was planned for Wednesday. Workers could be back on the job as early as Thursday, according to union officials.
MARSH & MCLENNAN TO COLLECT FEES TO PAY POSSIBLE FINES
NEW YORK (AP) -- Marsh & McLennan Companies Inc. is looking to collect about $230 million in incentive fees at the heart of a bid-rigging probe by New York authorities as a way to help fund a possible settlement over the questioned fees.
The company said in a news release late Monday that it will put the market service agreement fees into a separate account to be used as part of any restitution agreement it may reach with New York Attorney General Eliot Spitzer.
Marsh said its clients owed about $230 million in incentive fees as of Sept. 30.
Spitzer has accused Marsh & McLennan of bid rigging and using the incentive fees -- also known as contingent commissions -- to manipulate the sales of corporate property and casualty policies. As a result, businesses have paid more than necessary for their coverage.
T-BILL YIELDS AT 3-YEAR HIGH
WASHINGTON (AP) -- Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in three years.
The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 1.950 percent.
Another $19 billion in six-month bills was auctioned at a discount rate of 2.140 percent.
The new discount rates understate the actual return to investors -- 1.987 percent for three-month bills with a $10,000 bill selling for $9,950.71, and 2.193 percent for a six-month bill selling for $9,891.81.
In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, rose to 2.27 percent last week, up from 2.22 percent the previous week.
ANALYST GOES ON TRIAL FOR ALLEGEDLY BRIBING FBI
NEW YORK (AP) -- A San Diego financial analyst bribed an FBI agent for inside information about white collar investigations, then used it to manipulate stock prices for his own gain, a prosecutor charged on Monday.
Anthony Elgindy, 36 -- who was known as Amr Ibrahim Elgindy before legally changing his name last year -- and his co-defendant, former FBI agent Jeffrey Royer, have pleaded not guilty to securities fraud and other charges.
RECALLING MINIVANS, SEDANS
DETROIT (AP) -- Chrysler Group said Monday it is recalling 240,000 minivans because the radios may short circuit and cause a fire.
Dodge Caravan and Chrysler Town & Country minivans from the 2001 and 2002 model years are affected in the recall. Chrysler said the short circuit may result from water seeping into the radio. The defect is most likely to occur in vehicles driven in hot, humid areas, Chrysler said.
The National Highway Traffic Safety Administration began investigating the defect in July after receiving reports of three fires and one injury.
Chrysler also announced it would recall 11,100 Chrysler Sebring and Dodge Stratus sedans from the 2005 model year because bolts in some rear seat belt retractors may be improperly installed.
Chrysler will perform repairs for free in both cases. Owners of the vehicles will be notified during the next three months.