PRESS DIGEST-New York Times business news - Dec 27

Thu Dec 27, 2012 6:48am GMT

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Dec 27 - The following are the top stories on the New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.

* Toyota Motor Corp agreed to pay more than $1 billion to settle a class-action lawsuit related to issues of unintended acceleration in its vehicles. ()

* Carnegie Mellon University said it was awarded $1.17 billion by a federal jury in Pittsburgh in a unanimous verdict that found the Marvell Technology Group Ltd had sold billions of semiconductors using technology developed at the university without a license. ()

* Hedge fund, TPG-Axon Capital Management, which owns nearly 7 percent of SandRidge Energy Inc's shares, submitted so-called consent solicitation documents with the Securities and Exchange Commission, offering up its own slate of directors to replace the current board. ()

* The Metropolitan Police Department said it had opened an investigation into whether NBC and David Gregory, the host of "Meet the Press," broke the law when Gregory displayed a high-capacity gun magazine during an interview on Sunday with the vice president of the National Rifle Association. ()

* Treasury Secretary Timothy Geithner, adding to the building tension over how to handle a year-end pileup of threatened tax increases and spending cuts, formally notified Congress that the government would hit its statutory borrowing limit on Monday, raising anew the threat of a federal default as the two parties remained in a standoff. ()

* China began service Wednesday morning on the world's longest high-speed rail line, covering a distance in eight hours that is about equal to that from New York to Key West, Florida, or from London across Europe to Belgrade, Serbia. ()

* Anyone who has seen "On the Waterfront" knows East Coast longshoremen can be a tough bunch. The dockworkers are flexing their muscles again, threatening a strike beginning Sunday that would shut seaports from Massachusetts to Texas. ()

* Hawaii's Lieutenant Governor Brian Schatz, a rising political star here who is unknown on the national scene, will become the state's next United States senator, filling a leadership vacuum in Honolulu and in Washington after the death of Senator Daniel Inouye last week. ()