Dick's consents to FTC ruling on marketing deal

The Federal Trade Commission has blocked part of a deal dividing the market for golf merchandise in the United States and Canada between a Canadian retailer and Golf Galaxy, a specialty retail chain acquired last year by Findlay-based Dick's Sporting Goods. The agency didn't object to the original deal struck in 1998 when Golf Galaxy agreed to help Golf Canada develop its first stores and kept the new retailer from entering the United States for a period. The FTC argued a later deal ending the relationship but extending the noncompete agreement was anti-competitive. Dick's signed a consent agreement without admitting wrongdoing.

GM stamping plant to close in 2009

General Motors Corp. said it would close its metal stamping plant near Grand Rapids, Mich., by the end of 2009, costing about 1,340 hourly jobs. Workers were notified yesterday afternoon. The automaker announced earlier yesterday that it would end sport utility vehicle production at its Janesville, Wis., factory in December.

Honda to recall Fits, Airwaves to fix brakes

Honda Motor Co. said it would recall 144,409 Fit and Airwave model cars in the United States to fix faulty parking brakes. The models were made between May 2004 and December 2005, Separately, Honda said it would begin making V-6 Accord sedans at its Lincoln, Ala., factory by the middle of next year. The conversion to Accords in Alabama frees space for Honda's plant in Marysville, Ohio, to build more fuel-efficient four-cylinder Accords. The company also said it would increase production of four-cylinder engines at its factory in Anna, Ohio.

BNY Mellon settles suit over payout to investors

Bank of New York Mellon Corp., the world's largest custodian of financial assets, settled a lawsuit with Bank of America Corp.'s Countrywide Financial Corp. over $2 billion in notes, according to its lawyers. Note trustee BNY Mellon had sued Countrywide, acquired by Bank of America July 1, contending it didn't tell holders of the convertible senior debentures due in 2037 that they could be paid in the buyout. Under terms of the settlement, Countrywide will offer $980 per $1,000 in principal amount, according to law firm Brown Rudnick, which represents BNY Mellon.

Also in business ...

PPG Industries will voluntarily delist from the Nasdaq OMX PHLX, formerly the Philadelphia Stock Exchange, on Oct. 24 as a result of that exchange terminating its equity trading platform. PPG continues to trade on the New York Stock Exchange ... The American Red Cross Southwestern Pennsylvania Chapter has appointed Grizzard Communications Group, a subsidiary of Omnicom Group, to serve as its agency of record ... Elliott Co., Jeannette, said it acquired MVP Turbine Repair of Barnhart, Mo., from Wood Group HIT US for an undisclosed amount. MVP Turbine had revenue of more than $12 million in the latest fiscal year.