Energy regulation bill passes Senate vote
A plan to move the state back to a regulated energy market won approval Wednesday night in the Maryland Senate, after lawmakers sparred over whether the proposal would save ratepayers money. The Senate voted 27-19 for the plan that has the backing of Gov. Martin O'Malley. The Democratic governor said in a statement after the vote that he looks forward to working with the House of Delegates on the bill. But with less than two weeks left in the legislative session, the plan's fate is unclear. Under the proposal, residential and small commercial customers would come under a regulated system, and the state could order utilities to build power plants and set electricity rates.
Laura Smitherman
Legg Mason sells $49 million in SIVs
Legg Mason Inc. sold structured investment vehicles valued at about $49 million from its balance sheet, after removing all of the troubled debt from its money-market funds last month. Legg Mason also repaid debt and amended debt agreements, the Baltimore-based fund manager said Wednesday. The company paid $250 million of its revolving credit facility and reduced its revolver commitment to $500 million from $1 billion. Legg Mason sold $1.8 billion of SIVs on March 5 from its money-market funds, removing the distressed-debt investments that had afflicted its portfolios since the onset of the credit crisis in 2007. Structured investment vehicles seek to make money by issuing short-term securities at low interest rates and buying longer-term debt that pays higher rates.
Bloomberg News
Medical group accused of ADA violation
The U.S. Equal Employment Opportunity Commission said Wednesday that it has filed a lawsuit against a Baltimore County medical practice for firing an employee who planned to return to work after breast cancer surgery. The suit, filed in the U.S. District Court for Maryland, contends that Medical Health Group Inc. of Rossville violated the Americans with Disabilities Act by discriminating against Barbara Metzger, a 58-year-old referral clerk, who had worked at the company for nearly 25 years. Metzger was fired in 2007, about a week before her approved five-month medical leave ended, according to the suit. A company manager said that she had no knowledge of the suit.
Mary Gail Hare
TVI Corp. files for Chapter 11
