BUSINESS BRIEFS

VIRGINIA

Altria, Philip Morris win dismissal of class action

WASHINGTON -- A Tennessee court yesterday dismissed the class-action allegations in a lawsuit brought against Altria Group and Philip Morris USA for using the terms "Lights" and "Lowered Tar and Nicotine" on packages of Marlboro Lights cigarettes.

The Circuit Court of Davidson County dismissed the class-action allegations as being barred by Tennessee consumer-protection law.

In the lawsuit, the plaintiffs alleged that Henrico County-based Altria Group and Philip Morris USA violated the Tennessee Consumer Protection Act. They sought an unspecified amount of economic damages on behalf of all residents of Tennessee who purchased Marlboro Lights cigarettes at any time since 1971.

Drought waiver given to Va. hay, feed haulers

Virginia has lifted certain requirements for hay and feed haulers because of lingering drought conditions.

At the request of the Department of Agriculture and Consumer Services, the departments of Transportation and Motor Vehicles authorized a temporary waiver of registration and license requirements, along with normal weight and width restrictions.

Agriculture Commissioner Todd P. Haymore said Thursday that the waiver will help farmers meet their livestock needs through the rest of the winter. The waiver is effective through March 30.

The waiver pertains only to statewide shippers of hay and feed products. Loads are restricted to a maximum 12-foot width provided they follow hauling permit regulations and safety guidelines.

Dividends declared

THE NATION

Consumer credit fell by $6.6 billion in Dec.

The pace of borrowing by U.S. consumers fell in December for the fourth time in five months as the deepening recession and restrictions on bank lending crimped purchases.

Consumer credit fell by $6.6 billion, or 3.1 percent at an annual rate, to $2.56 trillion, according to a Federal Reserve report yesterday. In November, credit decreased by $11 billion, more than previously estimated and the biggest drop since records began in 1943.

Borrowing may shrink further with banks continuing to make it harder to get loans as they grapple with mounting losses and write downs. Demand for credit is also sliding after consumer spending, which accounts for about 70 percent of the economy, posted a record six months of declines.

SEC chief takes step to speed fines, penalties

The new head of the Securities and Exchange Commission is ending a practice that she said had slowed the agency's enforcement efforts against corporate wrongdoing.

In her first public address as SEC chairman, Mary Schapiro said yesterday that she was ending a two-year policy requiring agency enforcement attorneys to get approval from the commissioners before negotiating fines and penalties with companies accused of violations.

Schapiro said it is among the steps she said she is taking to revitalize the SEC's enforcement efforts and bolster investor protection.

BofA exec buys shares of his struggling bank

CHARLOTTE -- In his latest move to show support for his bank, Bank of America Corp. Chief Executive Ken Lewis spent almost a million dollars this week to buy additional shares of his struggling bank.

He also told employees in a memo that the bank's board "unanimously endorsed our business model, strategic direction and the team" at its regular meeting on Jan. 28.

And Lewis reiterated the strength of his company, saying in an interview with CNBC yesterday that Bank of America would not need additional funding from the federal government.

Elsewhere

THE WORLD

Toyota expects net loss for its full fiscal year

TOKYO -- Toyota yesterday forecast its first annual loss since 1950 as plunging demand for cars, especially in the U.S., and the strong yen pummeled earnings at the world's No. 1 automaker.

Toyota Motor Corp. reported a $1.8 billion loss for the October-December quarter, down sharply from the same period the previous year. Quarterly sales plunged 28.4 percent.

Toyota said it expects a loss of $3.85 billion for the fiscal year through March -- a stunning reversal from the record profit it posted the previous year. -- From Staff and Wire Reports