IN BRIEF

Ensign Federal Credit Union opens without interruption

Ensign Federal Credit Union opened for business Monday without interruption, following a news report that the Henderson organization was insolvent.

"Service to the members has continued uninterrupted," said John McKechnie, director of public and congressional affairs for the National Credit Union Administration.

"The National Credit Union Administration has been working with management to make sure members continue to receive service during this difficult time," he said. "And our board is exploring options that would include merging (Ensign) with another credit union."

Deposits are protected with federal insurance up to $250,000 per credit union member. Ensign serves 7,900 members of The Church of Jesus Christ of Latter-day Saints.

ST. LOUIS

BetOnSports founder receives more than four years in prison

The founder of the online gambling site BetOnSports.com was sentenced Monday to more than four years in prison, ending a lengthy investigation and prosecution into one of the world's largest offshore sports gambling companies.

Gary Kaplan, 50, must also forfeit $43.6 million in illegally obtained revenue as part of a plea agreement. Prosecutors have said that amounts to more than half of Kaplan's total worth.

Kaplan pleaded guilty in August to racketeering conspiracy, violating the Wire Wager Act and conspiring to violate it. Prosecutors had been investigating offshore sports gambling since 1997, and BetOnSports since 2001.

Kaplan, sentenced to four years and three months, could end up spending another year behind bars. He has been jailed for two years and seven months since his March 2007 arrest in Puerto Rico.

DEARBORN, Mich.

Ford pleases investors, reports income of nearly $1 billion

Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.

The automaker said Monday earnings were fueled by U.S. market share gains, cost cuts and the "Cash for Clunkers" program, which drew flocks of buyers to showrooms this summer.

The Dearborn-based company reported overall net income of $997 million, or 29 cents per share, an improvement of $1.2 billion from a year ago.

In North America alone, Ford made $357 million before taxes, its first quarter in the black since early 2005.

NEW YORK

Stanley Works agrees to buy Black & Decker for $4.5 billion

Stanley Works is buying rival Black & Decker Corp. for $4.5 billion, the two companies said Monday, bringing together mammoth brands in the tool-making business.

Stanley shareholders will own about 50.5 percent of the combined company, which will be named Stanley Black & Decker. Black & Decker shareholders will own an approximate 49.5 percent stake.

Stanley Chairman John Lundgren will be president and CEO of the combined entity after the all-stock deal closes.

WASHINGTON

Report says taxpayers may recoup little of auto input

Taxpayers are unlikely to recover their full investment in General Motors or Chrysler, government investigators said Monday in the latest review to cast doubts that the government will recoup the $80 billion it poured into the two automakers.

The Government Accountability Office concluded that General Motors Co. and Chrysler Group LLC likely won't be valuable enough for the Treasury Department to break even on its investment in the two auto companies that went though bankruptcy earlier this year.

The GAO also revealed that the Obama administration is closely scrutinizing the finances of GM and Chrysler and has set some requirements on production even though it has said it will maintain a hands-off approach on the automakers' daily operations.

Wal-Mart receives approval for $85 million settlement

Wal-Mart Stores Inc., the world's largest retailer, won final approval of a settlement paying as much as $85 million to hourly workers who sued over allegations of unpaid wages.

U.S. District Judge Philip M. Pro in Las Vegas approved the settlement Monday and awarded one-third of the recovery in fees to the workers' lawyers, up to about $28 million depending on the claims made. Wal-Mart is to pay at least $65 million and as much as $85 million.

The workers claimed that Bentonville, Ark.-based Wal-Mart violated wage-and-hour laws by denying them rest breaks and manipulating time cards to reduce their pay. The accord is part of a global $640 million resolution of wage-and-hour claims reached in December between Wal-Mart and workers.

Wal-Mart will also pay $5 million to the retirement plans of its workers in these states, workers' attorney Carolyn Beasley Burton said. This is beyond the $85 million allotted for the class actions.