Business Briefs

Stocks fall on economic reports, bank shake-ups

NEW YORK — Wall Street retreated sharply Monday on more signs of economic weakness and executive shake-ups at two major banks, reminders of the ongoing fallout from the credit crisis.

A manufacturing index for May showed its fourth straight monthly decline, while the Commerce Department said construction spending dipped in April for the sixth time in seven months.

The market drew no comfort from the financial sector, either, as Wachovia Corp. forced out its chief executive officer and Washington Mutual took the chairman's role away from CEO Kerry Killinger.

The Dow Jones industrial average fell 134.50, or 1.06 percent, to 12,503.82.

Broader indicators also dropped. The S&P 500 index lost 14.70, or 1.05 percent, to 1,385.68.

The Nasdaq index fell 31.13, or 1.23 percent, to 2,491.53

Nasdaq sets deadline for Force Protection reports

Armored vehicle maker Force Protection Inc. said Monday the Nasdaq Stock Market will not delist the company's shares if the Ladson-based manufacturer can file two overdue financial reports by a new deadline.

Force Protection said it now has until Sept. 15 to file its 2007 annual report and issue results for the 2008 first quarter.

The company said in a statement "there can be no assurance" it will meet that deadline.

Force Protection said in March it would restate previously reported statements with the Securities and Exchange Commission because of accounting errors discovered during its year-end review.

Shares of Force Protection on Monday closed down 27 cents, or 6.3 percent, at $4.

Tata completes purchase of Jag, Land Rover units

DETROIT — Ford Motor Co. officially unloaded its Jaguar and Land Rover businesses Monday, netting the cash-strapped automaker a $1.7 billion boost that's a third of what it paid for the two brands.

India's Tata Motors Ltd. completed the purchase of the luxury names in a deal announced March 26.

Ford bought Jaguar for $2.5 billion in 1989 and Land Rover for $2.7 billion in 2000.

MeadWestvaco in deal to sell paper mill in N.Y.

RICHMOND, Va. — MeadWestvaco Corp. said Monday it agreed to sell a specialty papers cedar mill in New York.

Financial terms were not disclosed. MeadWestvaco said it expects the sale to Potsdam Specialty Paper to close in the third quarter. Earlier this year, MeadWestvaco announced the $485 million sale of its North Charleston paper mill to KapStone Paper and Packaging Corp.

Attorney gets 30 months for kickback scheme role

LOS ANGELES — Melvyn Weiss, co-founder of a law firm known for securities class-action lawsuits, was sentenced Monday to 30 months in prison for his role in a lucrative lawsuit kickback scheme.

Weiss, 72, also was ordered to pay $9.7 million in forfeitures and $250,000 in fines.

Weiss pleaded guilty to a conspiracy charge in April.

Authorities said Weiss's firm made about $250 million by filing actions on behalf of professional plaintiffs who received $11.3 million in kickbacks.