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PRESS DIGEST-New York Times business news - Aug 23
August 23, 2013 / 5:25 AM / 4 years ago

PRESS DIGEST-New York Times business news - Aug 23

Aug 23 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* Last August, when the renowned trial lawyer David Boies announced the hiring of David Bernick, general counsel at the tobacco giant Philip Morris, he called the move a “huge step” for his firm, Boies Schiller & Flexner. But after just a year at Boies Schiller, Bernick is leaving. He is expected to announce on Friday that he is moving to the law firm Dechert, according to people briefed on the matter. ()

* Believing that the government is now more likely to let large banks fail in a crisis, Moody’s Investors Service threatened on Thursday to downgrade the credit ratings of several big financial firms. ()

* The United States stock market showed again on Thursday that it remained vulnerable to technological breakdowns even as regulators and market operators work to keep up with trading that is increasingly electronic and driven by speed. The latest trouble shut down trading on the Nasdaq market and its more than 3,000 stocks for more than three hours Thursday afternoon.()

* Pandora Media Inc, the company behind the popular Internet radio service about to face major competition from Apple Inc, reported on Thursday a loss of $7.8 million, or about 4 cents a share, for the second quarter but the company continues to experience rapid growth. ()

* Ron Motley, a trial lawyer who built a fortune out of high-risk cases against the asbestos and tobacco industries, leading the litigation team that helped bring about the largest civil settlement in American history - $246 billion - died on Thursday in Charleston, South Carolina. He was 68. The cause was respiratory complications related to a long illness, said his friend and law partner of nearly 35 years, Joe Rice. ()

* Federal prosecutors filed an updated indictment in the criminal insider trading case against a former SAC Capital Advisors portfolio manager, adding a claim that he received secret information about drug trials from a second doctor. ()

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