IN BRIEF
NEW YORK
Wells Fargo warns of possible data breach
Wells Fargo & Co. is notifying some 5,000 people that their personal information might have been seen by someone using a bank access code illegally.
A bank spokeswoman said Tuesday that MicroBilt Corp., a consumer data vendor, told Wells Fargo on July 1 that there was unusual activity on one of the bank's access codes. The activity was particularly suspicious because Wells Fargo no longer uses that particular vendor for consumer information.
Wells Fargo spokeswoman Mary Berg said it appears the unauthorized activity happened in May and June.
She said the bank is sending letters to the list of about 7,000 names -- which will probably end up being 5,000 once the duplicates are eliminated -- and offering those people a free one-year membership to Identity Guard, an identity theft protection service.
WOONSOCKET, R.I.
CVS Caremark will buy Longs Drug Stores Corp.
Drugstore chain CVS Caremark Corp. says it's buying Longs Drug Stores Corp. in a deal the companies valued at $2.9 billion, including the assumption of debt.
The $71.50 per share cash offer was announced after the end of trading Tuesday. It's a 32 percent premium over Walnut Creek, Calif.-based Longs' closing price of $54.04.
Longs has 521 drugstores in California, Hawaii, Nevada and Arizona. Longs also operates Rx America, a prescription benefits management program that services more than 8 million members.
A CVS spokesman said there are 25 Longs stores and 62 CVS stores in Nevada.
The deal is expected to close in the fourth quarter.
CHARLESTON, W.Va.
Countrywide accused of making risky loans
West Virginia's attorney general accuses a national mortgage lender of making risky and unconscionable loans in a lawsuit that's similar to challenges filed in several other states.
In the lawsuit, filed Tuesday, Attorney General Darrell McGraw asks a county circuit judge to stop Countrywide Financial Corp. and four subsidiaries from foreclosing on loans, using "unfair and deceptive" practices and enforcing delinquency judgments.
McGraw accuses the Calabasas, Calif.-based companies of luring customers with teaser rates that rise to unaffordable rates of up to 18 percent. He also claims the companies enticed customers with no-down-payment loans and inflated appraisals.
The lawsuit seeks unspecified restitution for consumers who lost money, a $5,000 civil penalty and legal fees.
Speaking for Bank of America, which now owns Countrywide, spokeswoman Shirley Norton said she hadn't seen the complaint and couldn't comment on it.
NEW YORK
Wall Street bank losses raise worry, sink bonds
Treasury bond prices advanced Tuesday, driven by continued concern about credit losses from major Wall Street banks and uncertainty about the value of risky mortgage-backed securities.
In late trading, the 10-year Treasury note rose 0.66 points to 100.78. Its yield was at 3.90 percent, down from 4.00 percent late Monday, according to BGCantor Market Data. Yields move in the opposite direction from prices.
The 30-year long bond rose 1.03 points to 99.31. Its yield fell to 4.54 percent from 4.61 percent late Monday.
