The Charlotte Observer from Charlotte, North Carolina • 41

Friday August 7 2909 INE 2009 En ootoc of ivvtLlsrr sigmvoloymorgpwo lylir DOW 9256 26 -2471 NASDAQ c4 1973 16 -1989 'c7 500 99708 -564 Contact Us: Business Editor Patrick Scott 704-358-5176 Money Markets: Why you shouldn't tap into your 401(k) to pay bills 30 cof 10-YR T-NOTE 374 -02 r7 CRUDE OIL $7194 -03 GOLD $96070 -350 charliztt2rthservercatiattufiibess MDOc Elrol ev lOrrom tl -9 4 i crai 7 ITO 40 I 1116 NASDAQ 500 i 1 1 Contact Us: Business Editor Patrick Scott 'co 197316 99704 8 704-358-5176 iv CRUDE OIL GOLD li Money Markets: Why you shouldn't tap into your $7194 lc $96070 14 401(k) to pay bills 30 -03 -350 Bo RMA del Settlement over Merrill Lynch bonuses still needs judge's approval lawsuits investigations are ongoing bonuses In the settlement Bank of America neither admits nor denies guilt Judges usually rubber-stamp such settlements but the judge in this case Jed Rakoll has called a hearing for Monday In an order this week he indicated he wants more information about the SEC's reasoning and may want a larger settlement or one that would require Bank of America to defend itself against the accusations "Despite the public importance of this case the proposed Consent Judgment would leave uncertain the truth SEE BOFA 20 For one thing the $33 million settlement still needs the approval of a New York judge who has called a hearing for more information And the settlement focuses only on whether Bank of America properly disclosed bonuses paid to Merrill employees last year It doesn't touch another sticky issue: whether the bank should have disclosed Merrill's rising losses before it bought the investment firm or asked shareholders to approve the deal That issue heated up this week as e-mails emerged showing that losses were rising just before the sharehold the Securities and Exchange Commission says the bank made "materially false and misleading statements" about bonuses at Merrill and omitted "necessary material facts" when it asked its shareholders to approve the deal In a proxy mailed to shareholders in November the SEC alleged Merrill agreed not to pay year-end performance bonuses to its executives before the deal closed or without Bank of America's consent But the original purchase agreement drawn up in September and signed by both banks authorized Merrill to pay up to $58 billion in 2008 er vote The bank also faces investigations from other regulators as well as a slew of civil suits that could drag on for years Lawyers say there are still plenty of unanswered questions around the deal and plenty of lawmakers and shareholders are gunning to get more mileage out of the controversy "This is like a very long book and we're just starting another chapter" said Anthony a partner at Sabin() in New York "We're maybe a third of the way through" In Monday's $33 million settlement BY CHRISTINA REJCRODE AND RICK ROTHACKER crexrodePcharlotteobservercom mothackerchadotteobserveccom Although Bank of America Corp reached a settlement with federal regulators Monday related to its Merrill Lynch Co acquisition the legal problems stemming from the deal are far from over Lowe's confirms end of11-year title sponsorship deal Weatherman WS 0 settle his lawsuit over age bias Concord track will be renamed but what? triKifirom 7441r los 7---- -(---- i ---i'-" -tz e- i -------t-Zig li411--t--Ifol'fa-4t 4-4--f "'Nr--'7- toWir'f 4-- -e-- r- fill1-10It '''-'-'''44''''0 ---'-t- -4--1 --4--" 7) hsva-ww '2 "EA'' '-'-44'415417''''- 7'071 ik 7 4'''' -44'4'6 '4 4 ''''17 ''''''V--' l' 4 4e44'0A416- 'w 'Z 4 4 -4 -'a 4 44-4 'it' -4 we 'Z'' '''''v '4- dV 4 4' 'i 4' 0'4'''-- '3' '4-4-'4 azfr t41rxt 4 2 A -r---cr-ioL4- -7--- 4c --N- a v-e 4 i- e4001t-- f- sik 4f- 3 0 0 6 -4rk-ql- 'L' 4 N' otitig'g' 4141A 4 14 P04 C'IiIZZ''' 14 4 Ott t-e- 4c11 -'1'''' '11 I --r 0400 ko ftto 0----'4 'IS0 1 4 loosetogellb- sor- 4 4-" SV i i 'm' 4 11 110'40kir 41)c7 P0 i1 44 11'7-1'1 ei'e-' IN 4I" -6 F- 4 fl I A- A 1 II' 414' i 1 mi- A (0 f- I 4' 'e''' 4 )k 90 -1 3' iri ------t'' tt 4 i 0-1 -1 -s j0- orpoe'N -fok )4'3(1001ki 11 ar r) l' 0L 144 't i 11r- A I if- 4o' S''' 'i wI' gowte101) 4 441'elr 4 It P'ti de 4 4- e'r 1'4' I 44 4411t0 e1) fe -0" 4 ri 0 -o 0 4r P------7- --jih Pt fir 'Ak -4- 41111P 0 It c-4' ytAY I' to 44- --cec-o -yr 0 lit let if'''T 't440 "ri '-1t opi 4 0 odakoO 44sw i roke( el if' i tr -14 111 Alla 1g Nit044 -1 -tt A ti it litcli sfrodiN 4 BY MARK WASHBURN TVRadio Writer An age-discrimination suit filed against WSOC-TV (Channel 9) is expected to be withdrawn this month after a settlement was reached between the station and its former meteorologist Mark Watkins Watkins 55 worked at the station for 16 years until he was dismissed in February In the suit filed July 23 in Mecklenburg Superior Court Watkins said he got positive performance appraisals until 2008 when he was told to "modernize andor update his on-air appearance by purchasing new items for his wardrobe and by e'4: 1 dyeing his graying hair -9- On June 5 2008 the suit says Wat- ldns got a note from his supervisor 4490' r4' complaining his forecasts "were not sufficiently energetic" A Watkins alleged that when Channel 1 1111 9's new general manager Joseph Po-Watkins mina came aboard in January 2008 WSOC "began a campaign to provide a more youthful television broadcast" Watkins' suit sought damages in excess of $15000 in back pay and for "emotional distress including but not limited to humiliation loss of professional reputation and standing anxiety and depression" John Hasty an attorney representing Channel 9 and Jenny Sharpe Watkins' lawyer said Thursday that the matter had been resolved Hasty said he expected the suit to be withdrawn within about 10 days Both said details of the settlement would remain confidential Watkins said Thursday he could not comment on the settlement either but said a complaint he filed against WSOC in March with the US Equal Employment Opportunity Commission would also be withdrawn Discrimination claims have been on the rise as the economy has worsened Experts say that's partly because more layoffs have led to more complaints to the US Equal Employment Opportunity COMMiSSiOn Complaints to the agency topped 95400 in the 2008 fiscal year up from 82790 the year before national statistics show There were about 24580 age-related discrimination cases last fiscal year up from about 19100 the year before according to the EEOC data Watkins was meteorologist for the station's morning and noon broadcasts OBSERVER REPORTER KIRSTEN VALLE AND RESEARCHER MARION PAYNTER CONTRIBUTED GRANT HALVERSON GETTY IMAGES FILE PHOTO Speedway Motorsports Inc owner Bruton Smith said last week that Lowe's Motor Speedway will again become Charlotte Motor Speedway unless a new title sponsor is lined up according to The Associated Press unless a new title sponsor is lined up according to The Associated Press Lowe's officials said both companies are discussing other sponsorship possibilities "When Lowe's entered into this marketing relationship in 1999 it was during the time of our company's rapid national expansion and Lowes Motor Speedway gave us the platform to introduce the Lowe's brand to millions of NASCAR fans and SEE TRACK 4D BY K1RSTEN VALLE kvallecharlotteobservercom Lowe's will end its II-year deal as the Lowe's Motor Speedway's title sponsor the company confirmed Thursday It was rumored this month that the Mooresville home-improvement retailer would remove its name from the Concord track after its agreement estimated to be worth about $35 million a year expires at the end of the year The announcement Thursday afternoon means a name change is coming for one of NASCAR's most venerable tracks Since its first race in June 1960 the track has become one of the best known in the sport which in recent years has broadened its reach nationwide It's unclear what that new name will be Speedway Motorsports Inc owner Bruton Smith said last week that the track will again become Charlotte Motor Speedway Mark Washburn: 704-358-5007 mwashburncharlotteobservercom Home-school supply store expects tax-avoiding crowds Lack of tenant led to Cornelius foreclosure Parents pay for textbooks and other materials that schools normally provide so this is the busiest weekend Catawba Ave Cornelius Missing that milestone caused lenders to pull the plug on $515 million Augusta lee project 7 Westmoreland Rd Sam km Rd Huntersville -A0011date1 Sam hot Rd Huntersville v- 111 1 ItV 1 10losiel'rpt gill 'rlip4f 4 4: 444 )- 0 -1iz-: ofolt 4 :11 '-iAk'! I c(4' P41: 1 1 ''''4i i -1--e --7ii- ''''''''')'4 i et '2 ii 114 i 4 4 4 pe'' l-Iqr 1 4 A 'I 1 i '''oi -1 es't lik 1 ''14 7'" 1 lc y) p1 4 t04- '11 '40 scheduled to be sold under foreclosure Aug 27 according to a letter sent Monday to Cornelius Mayor Jeff Tarte by one of the lenders a labor pension fund called The BUILD Fund The development group Cornelius Bromont is in default under a Fifth Third Bank mortgage and a mezzanine loan made by The BUILD Fund A mezzanine loan is like a second mortgage except it is secured by the stock of the company that owns the property versus the real estate If the borrower fails to make payments mezzanine lenders can foreclose on the stock in weeks as opposed to the months it can take to foreclose a mortgage In its letter the lender said it expects to be the successful bidder on the property at the N21 ItECK Charlotte BY JEN ARONOFF jaronoffchariotteobservetcom The Carolinas' back-to-school sales tax holiday has merchants expecting a wave of enthusiastic shoppers this weekend even those who haven't been all that far away from the classroom At Growing Scholars a home-school curriculum and supply store in Stallings staffers are preparing for a packed store today thanks to the tax break Now in its eighth year in North Carolina and 10th in South Carolina the annual three-day break from paying sales tax on most clothes and school supplies began at 12:01 am today and runs through midnight Sunday Though experts say that enthusiSEE TAX-FREE 4D BY KERRY HALL SINGE ksingecharlotteobservercom The developers of a proposed $515 million luxury condo office and retail project in Cornelius are being foreclosed on in part because they failed to sign any significant tenant for the first planned office building It's the latest sign of how difficult it has become for speculative projects to get off the ground Known as Augusta lec the project was envisioned by local leaders as a potential recruitment tool that could one day employ 4600 workers The property 104 acres of former farmland off I-77 is 47! DAVID PUCKETT STAFF MAP August sale The fund said it is "committed to protecting its investment to the extent commercially possible" and to working with Fifth Third and the town of Cornelius to "stabiSEE PROJECT 40 JEN ARONOFF jaronoffpcharlotteobservercom Donna Mariucci (left) and Angi Derby are curriculum consultants at Growing Scholars a home-school supply store in Matthews immoJdWaraJiMao111LAdallIonagam.