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Tuesday P.M. Report

U of M spins off med-tech startup, TCF sues Federal Reserve over curbs on debit-card fees, and Cargill profit jumps 68 percent in Q1.

U of M spins off med-tech startup: The University of Minnesota has spun off a startup company that will develop a medical device for treating a chronic vein condition. The technology is aimed at helping patients who suffer from chronic venous insufficiency, or CVI. The disease causes blood to pool in leg veins and can lead to ulcers and infections. CVI affects more than 9 million people in the United States. The startup, called XO Thermix Medical, is led by Mike Selzer, former CEO of  Urologix. Read full story

TCF sues Federal Reserve over curbs on debit-card fees: TCF Financial Corp. is suing the Federal Reserve over a provision in the recently enacted financial system reform that limits how much banks can charge retailers for debit card transactions. The bank is arguing that the provision, called the Durbin Amendment, violates the Equal Protection clause in the U.S. Constitution’s 14th Amendment because it only applies to banks such as TCF that have more than $10 billion in assets. Read full story

Cargill profit jumps 68 percent in Q1: Cargill today reported its profit jumped 68 percent to $883 million in the first quarter, citing a “resurgence” of its food ingredient and commodity trading divisions. The Wayzata-based agribusiness giant’s revenue rose 6 percent to $27.8 billion in the first quarter. Excluding results tied to Cargill’s investment in The Mosaic Co., the company’s first-quarter earnings totaled $693 million. Plymouth-based The Mosaic Co. is a potash and fertilizer company. Read full story