Business Today: Wall Street up after housing data; volume lowest of year

	Click to View in Browser 08/29/2012 Wall Street up after housing data; volume lowest of year NEW YORK (Reuters) - Stocks edged higher on Wednesday in the lightest trading of the year as investors waited for a key speech by Federal Reserve Chairman Ben Bernanke on Friday. Second-quarter growth revised up, Fed still seen in play WASHINGTON (Reuters) - The economy fared slightly better than initially thought in the second quarter, but the pace of growth remained too slow to shut the door on further monetary easing from the Federal Reserve. Citigroup settles shareholder CDO lawsuit for $590 million NEW YORK (Reuters) - Citigroup Inc agreed to pay $590 million to settle a shareholder lawsuit accusing it of hiding tens of billions of dollars of toxic mortgage assets, one of the largest settlements stemming from the global financial crisis. Banks renew push for Congress to extend insurance program (Reuters) - Bank groups on Wednesday renewed a push to convince the Congress to extend a financial crisis-era deposit insurance program, arguing that businesses will withdraw funds if the program expires at the end of the year. Exclusive: Boston Scientific prepares job cuts, split of heart units CHICAGO (Reuters) - Boston Scientific Corp is preparing another round of job cuts and planning to break up its biggest business, cardiac devices, reversing some of the restructuring put in place by its former chief executive. BofA lags in modifying loans under settlement CHARLOTTE, N.C./WASHINGTON (Reuters) - Bank of America Corp is lagging other banks in meeting its requirements to reduce customers' mortgage balances under a $25 billion foreclosure settlement with the U.S. government, according to a report released on Wednesday. JPMorgan's "London Whale" spooks mutual fund managers NEW YORK (Reuters) - Mutual fund managers sold JPMorgan Chase shares after the London Whale fiasco, and by one measure had the lowest weighting of the stock in their portfolios in at least seven years, analysts at Bernstein Research said on Wednesday. Barclays faces UK fraud probe on Qatar payments LONDON (Reuters) - Britain's fraud prosecutors have launched a criminal probe into payments between Barclays and Qatar Holding, the British bank confirmed, adding to an ongoing regulatory investigation into dealings between the two parties. Bank of America seeks end to lawsuit tied to AIG case NEW YORK (Reuters) - Bank of America Corp is urging a federal court to throw out an unusual lawsuit by its shareholders accusing it of concealing a $10 billion fraud case brought by American International Group Inc . J.C. Penney, PVH Corp CEOs upbeat on Penney shops, shares rise (Reuters) - J.C. Penney Co Inc Chief Executive Ron Johnson said the retailer's new specialty shops within its stores would do well and bring in new customers, fueling optimism his turnaround plan may be taking hold. Related Video Bio-retina could be boon for the blind Trading at Noon: Yelp soars after lockup period ends Economic News Second-quarter growth revised up, Fed still seen in play July pending home sales touch two-year high A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend