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Tuesday P.M. Report

Trek Bicycle, LeMond settle lawsuit: Trek Bicycle Corp. has settled a lawsuit with cycling legend and Minnesota resident Greg LeMond, ending a long-running legal battle that focused on doping allegations involving LeMond’s rival and seven-time Tour de France winner Lance Armstrong. The settlement includes two $100,000 payments by Trek to 1in6.org, a charity with which LeMond is involved. LeMond, 48, accused Trek of breaching a contract to distribute LeMond-branded bikes and accused the company of favoring products associated with Armstrong at the expense of his products. As part of the settlement, LeMond and Trek have terminated their relationship. Read full story

Genmar wraps up sale of assets: Genmar Holdings has completed the sale of several boat brands to Los Angeles-based private-equity firm Platinum Equity, the companies said today. Platinum now owns Genmar’s Ranger, Stratos, Champion, Wellcraft, Four Winns, Larson and Glastron boat brands. As part of the deal, Platinum also acquired manufacturing facilities in Arkansas, Michigan and Tennessee, as well as some equipment and real estate. Platinum is now forming an independent company, which will have a new name, to manage the boat business. Read full story

Cost cuts boost Pentair’s profit in Q4: Pentair’s efforts to cut costs paid off in the fourth quarter, with the company reporting earnings today that beat analysts’ estimates. It also increased its expectations for the first quarter and all of 2010. The Golden Valley-based maker of water-filtration and pool equipment reported fourth-quarter earnings of $29.2 million, or 29 cents per diluted share, including restructuring and impairment charges of 18 cents a share. Read full story

Opus West suit says Opus Corp. “siphoned” $150M: The debtors in possession of Opus West Corp.’s assets has filed  suit against Minnetonka-based Opus Corp. and several related entities, including the Opus Foundation. Phoenix-based Opus West, which was one of five regional operating Opus companies, claims Opus Corp. used “systematic manipulation and abuse” for the purpose of evading legitimate contracts and debts. During the three years leading up to the filing of Opus West’s Chapter 11 bankruptcy, the suit claims, Opus’ parent company “siphoned” almost $150 million of Opus West’s earnings. Read full story

Minneapolis Fed names new research director: The Federal Reserve Bank of Minneapolis today named Kei-Mu Yi as director of research to replace Arthur Rolnick, who will retire on July 31. Yi is currently vice president and head of Monetary and Macroeconomic Research at the Federal Reserve Bank of Philadelphia. Yi also spent seven years working for the Federal Reserve Bank of New York as a research officer. Read full story

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