Business briefs

NAACP drops mortgage suit against Wells Fargo

The NAACP is ending its lawsuit against Wells Fargo that alleged the bank was forcing black borrowers into subprime mortgages while white buyers with identical qualifications got lower rates. The lawsuit, filed over a year ago, is among more than a dozen the National Association for the Advancement of Colored People has filed since 2007 against large financial institutions. As part of an agreement, San Francisco-based Wells Fargo will allow the NAACP to review its lending practices. The NAACP did not seek monetary damages in its suit.

Promising retail sales news gives major indexes a boost

The stock market recovered from an early slide yesterday after an increase in retail sales overshadowed concerns about Greece's debt problems and the job market. The Dow Jones industrial average rose 29.55 points, or 0.3 percent, to 10,927.07. The Standard & Poor's 500 index rose 3.99, or 0.3 percent, to 1,186.43, while the Nasdaq composite index rose 5.65, or 0.2 percent, to 2,436.81.

Minnesota Ponzi schemer sentenced to 50 years in prison

A federal judge sentenced fallen Minnesota tycoon Tom Petters to 50 years in prison yesterday for orchestrating a $3.7-billion Ponzi scheme that counted hedge funds, pastors, missionaries and retirees among its victims. Petters, 52, apologized to family, friends, co-workers and others who were hurt but did not concede guilt. A jury convicted Petters in December on 20 counts of wire fraud, mail fraud, money laundering and conspiracy.

From wire reports