Legislative, Regulatory & Legal

NEW YORK -- Barnes & Noble's legal matters related to its Nook e-reader may be resolved, as the company announced that it has settled a lawsuit brought against the company by Spring Design Inc. Spring Design initiated legal action against Barnes & Noble in November 2009, in the United States District Court for the Northern District of California, claiming that the bookseller illegally copied the screen design of the Spring Alex e-reader. 

NEW YORK -- Following its emergence from bankruptcy, Loehmann's announced some executive changes. According to the company, CEO Jerald Politzer, who guided the company through this successful bankruptcy process, has chosen to leave Loehmann's. Joe Melvin, the company's COO and CFO will assume the role of interim CEO.

Woonsocket, R.I.  -- CVS Caremark Corp. said Tuesday that federal antitrust regulators cleared its planned acquisition of insurer Universal American Corp.'s Medicare Part D prescription drug business.

CVS and Universal American said the Federal Trade Commission has ended a mandatory review of the $1.25 billion deal. Universal American shareholders and state regulators still need to clear the deal.

The companies announced the transaction Dec. 31, and they expect it to close by the end of the second quarter.

WASHINGTON — The National Retail Federation last week responded to the Federal Reserve's proposal to cap debit card swipe fees at 12 cents per transaction.

Washington, D.C. -- A report released Monday by the Commerce Department showed that consumer spending in the United States in January edged up 0.2%, curbed by increased food and gas prices.

The results missed Bloomberg News forecasts and represented the smallest gain since June.

Incomes beat projections by climbing 1%, according to the report, reflecting the tax-cut compromise reached by President Obama and Congressional Republicans in December, and inflation remained below the Federal Reserve’s long-term forecast.

By Scott W. Bermack, [email protected]

New York City -- Blockbuster said on Monday that it reached a $290 million deal to be bought out of bankruptcy by a group of investors.

The offer by a group of hedge firms comprised of Monarch Alternative Capital, Owl Creek Asset Management, Stonehill Capital Management and Värde Partners -- is a so-called “stalking horse” bid. It sets a base price that Blockbuster hopes will attract other potential suitors who will offer more.

New York City -- Borders Group on Thursday won bankruptcy court approval to liquidate approximately 200 stores in a deal that may bring in $175 million to creditors. The sales will begin Feb. 19, allowing Borders to take advantage of the President’s Day holiday, typically a major shopping weekend.

Hilco Merchant Resources LLC, SB Capital Group, Tiger Capital Group LLC and Gordon Brothers Group won the bidding to handle the liquidation sales, according to Bloomberg.