Wed Aug 7, 2013 2:17am EDT
Aug 7 (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.
* The Justice Department sued Bank of America on Tuesday, accusing the bank of defrauding investors by vastly understating the risks of the mortgages backing some $850 million in securities. The lawsuit adds to the hefty legal burden of the bank, which has been badly battered by mortgage-related losses and litigation since the financial crisis. ()
* It would not be surprising to see Amazon Chief Executive Jeff Bezos worry little about turning a quick profit at his new acquisition, The Washington Post, and instead try to shake up the newspaper industry with innovation. ()
* President Obama endorsed efforts in the Senate to wind down mortgage finance giants Fannie Mae and Freddie Mac and end their longtime implicit guarantee of a federal government bailout. ()
* Walt Disney Co's net income fell 36 percent in its third quarter, in part because of marketing expenses for the flop "Lone Ranger", forcing it to take a write-down of up to $190 million in the current quarter. Operating income from ESPN and Disney's theme parks rose 8 percent and 9 percent respectively, driving Disney's financial performance. ()
* Federal Reserve regional presidents Charles Evans and Dennis Lockhart suggested on Tuesday that the central bank could ease its extraordinary efforts to stimulate the economy sooner rather than later, but stopped short of providing an exact time frame. ()
* Swiss bank UBS AG agreed on Tuesday to pay $50 million to settle federal accusations that it misled investors about a complex mortgage security, a transaction that loomed over the government's recent legal battle with a former Goldman Sachs trader blamed for his role in creating a similar security. ()
* Hedge fund tycoon Philip Falcone filed a lawsuit on Tuesday that accused the satellite television mogul Charles Ergen of colluding with another hedge fund in a "fraudulent scheme" that prevented his broadband wireless company, LightSquared, from emerging out of bankruptcy. ()
* Detroit's financial woes have brought renewed scrutiny to public pension plans. Senator Orrin Hatch, Republican of Utah, and others have suggested overhauling these plans to shift more responsibility to the private sector. Private insurance companies would assume responsibility for these defined benefit plans, offering annuities to beneficiaries in exchange for employer-paid premiums. ()
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