DIGEST
A $910 million settlement of an investor class action lawsuit alleging that 30 brokerage firms conspired to rig prices on the Nasdaq Stock Market has been given preliminary approval by a federal judge. In New York, U.S. District Judge Robert Sweet allowed attorneys in the case to place newspaper advertisements notifying investors of their eligibility to collect money under the settlement. The judge is expected to hold another hearing next year before deciding whether to give the settlement final approval.</br></br>Sales of existing homes edged 0.2 percent lower in November from a record level the month before, a trade group said. Existing single-family homes sold at a seasonally adjusted annual rate of 4.38 million units last month, down from 4.39 million units in October, the National Association of Realtors said. The drop was the result of declines in the Northeast and Midwest.</br></br>The Justice Department sued to block Alcoa's $250 million purchase of Reynolds Metals' aluminum mill and other property in Alabama. The department, in a suit filed in federal court in Alabama, alleged that the acquisition would lead to higher prices for aluminum used to make beverage cans. It noted that Alcoa doesn't plan to reopen a Muscle Shoals aluminum rolling mill that Reynolds will close before selling the plant to Alcoa. Richmond-based Reynolds said its legal team will review its options before it comments further. Alcoa officials were not available for comment.</br></br>Bethlehem Steel, unable to turn its coke plant in Bethlehem, Pa., into a profitable operation, said it intends to close the plant by March 31. The nation's second-biggest steelmaker said it would try to sell the plant, which employs 800 workers, but that no buyers have emerged. Coke is used in making steel.</br></br>Shaw Industries, a carpet manufacturer and retailing giant, said it plans to close 100 stores in a move affecting 600 employees. Shaw has about 24,000 employees. The Dalton, Ga.-based company said it would take a special fourth-quarter charge of $36.3 million -- roughly 17 cents a share, or $22.8 million after taxes -- to cover the costs.