Fed proposes own bank planIn an unusual public attack, the...

BUSINESS DIGEST

January 05, 1994

Fed proposes own bank plan

In an unusual public attack, the Federal Reserve yesterday strongly criticized a Clinton administration plan for the consolidation of bank regulatory agencies that would hand over much of the Fed's regulatory role to the Treasury Department.

The Fed proposed instead a new regulatory lineup that would preserve much of its own current role.

Settlement runs into snag

The biggest class-action settlement offered by Prudential Securities in the scandal involving investors in 35 oil and gas limited partnerships has run into a significant roadblock.

California's top securities regulator Monday night filed a letter calling for a temporary halt in hearings on the company's $120 million settlement of the class action involving the Prudential Bache Energy Income partnerships, which raised about $1.4 billion from 130,000 investors.

Others may seek Macy's

Federated Department Stores' bid for R.H. Macy & Co. appears to have put Macy into play, putting pressure on others who are interested in the retailer to come up with competing plans.

Chief among them is Dillard Department Stores Inc., whose past advances had been rebuffed by Macy.

Black & Decker sells lock unit

Towson-based Black & Decker Corp. said yesterday it has sold its Corbin Russwin Architectural Hardware business to Williams Holdings Plc, the London-based maker of Yale brand locks, for $80 million.

Bristol-Myers to cut 5,000 jobs

Faced with slowing growth in worldwide pharmaceutical sales and growing pressure on drug prices, Bristol-Myers Squibb Co. said yesterday that it would eliminate 5,000 jobs over the next two years.

The company, which has 51,000 employees, said it would cut 3,000 jobs from its worldwide pharmaceutical business, with the rest spread through the company, including its New York headquarters.

FERST sues over contract

F&E Resource Systems Technology Inc. (FERST) and P.G. FERST L.P. said yesterday that they filed a lawsuit against Browning-Ferris Industries Inc. and its subsidiary, Browning-Ferris Inc., seeking a total of $1.3 billion in damages.

Baltimore-based FERST said it charged Browning-Ferris with breach of contract and antitrust violations related to Browning-Ferris's withdrawal from a commitment to supply waste to FERST's recycling and composting project in Prince George's County.

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