Biz Buzz

NEW YORK

Mortgagor settles bias lawsuit

A Wall Street home mortgage lender catering to the New York, New Jersey and Florida markets has agreed to pay $3.5 million to settle a housing discrimination lawsuit. Federal prosecutors in Manhattan announced the deal with GFI Mortgage Bankers Inc. yesterday. The deal settles a lawsuit alleging blacks and Hispanics were charged more for loans than similarly qualified non-Hispanic white borrowers between 2005 and 2009. The government says the money will be used to reimburse about 600 black and Hispanic borrowers who overpaid. GFI lawyer Andrew Sandler said the company denied the discrimination claims but preferred to settle the case on affordable terms.

NATION

David's Bridal sold for $1.05B

Private equity firm Clayton, Dubilier & Rice says it is buying David's Bridal Inc. in a deal that values the private company at about $1.05 billion. Additional financial terms were not disclosed. Private equity firm Leonard Green & Partners, which bought the retailer in 2006, will remain a minority partner in the company. David's Bridal produces and sells a variety of bridal and special occasion apparel and accessories through a network of over 300 stores in North America. There are three locations on Long Island, in Massapequa, Westbury and Lake Grove. Craig Debenham, senior vice president of stores for David's, said there "will be no changes to the way the company operates. We will . . . fulfill every order as promised for our customers now and in the future."

Lexmark phasing out inkjets

Lexmark is jettisoning its inkjet printers and laying off 1,700 workers as paper becomes increasingly passe in an age of ever-sleeker digital devices. The shake-up announced yesterday is the latest fallout from the growing popularity of smartphones and tablet computers that make it easier to store and retrieve content from anywhere with an Internet connection. As a result computer printers are used less frequently, especially at home. Lexmark International Inc. has responded by pulling the plug on its inkjet business. The company, based in Lexington Ky., will instead focus on more sophisticated machines aimed at offices and customers that still produce a lot of content on paper, like advertisers and catalog publishers. People who own Lexmark inkjets should have no immediate worries; Lexmark said it plans to sell replacement ink cartridges and other supplies for several more years.

Ford to sell Lincolns in China

Ford Motor Co., eager to grab a piece of China's growing luxury market, plans to start selling its Lincoln luxury brand there in 2014. At an event at a converted 600-year-old temple in Beijing, chief executive Alan Mulally and other Ford executives said they believe Chinese customers will appreciate Lincoln's heritage as well as its new lineup of vehicles. Ford is introducing seven new Lincolns over the next three years. The announcement was a surprise for Ford, which had previously said it wanted to re-establish the struggling brand's reputation in North America before taking it abroad. Lincoln was the best-selling luxury brand in the United States two decades ago but gradually fell to last place in the market.

Krylon spray paint recalled

Sherwin-Williams Co. said yesterday it is recalling about 98,400 cans of acrylic paint because some of the canisters are leaking, creating a potential fire hazard. The company is recalling 12-ounce cans of Krylon Triple Thick Glaze and 11-ounce cans of Krylon Indoor/Outdoor Crystal Clear acrylic paint with satin finish. The cans were sold at hardware stores between July 2011 and June 2012. Sherwin-Williams said it has received 31 reports of leaking cans, which could pose a fire hazard if the cans are stored near an ignition source. No injuries have been reported. -- AP