U.S. lender Bank of America says it is owed $160 million on unpaid insurance claims made on failed mortgages, court papers say.

In a lawsuit filed in Charlotte, N.C., the banking giant says Old Republic Insurance Co. has denied "thousands" of valid claims and is making excuses not to cover them.

The lawsuit says from 2009 to 2010 claims honored by Old Republic fell 75 percent. Old Republic, in turn, said it was turning down claims with inadequate paperwork, The Charlotte Observer reported Thursday.

With Bank of America already caught in a controversial review of foreclosures brought on by numerous court challenges over flawed documents, "This is just another phase of the crisis," said Keith Gumbinger, vice president of mortgage analysis at HSH Associates.

Bank of America said faulty paperwork has "nothing to do" with the reason Old Republic is failing to honor mortgages it insures.

BofA says it continues to pay Old Republic's premium of $870,000 each month to cover "a percentage" of its loans.

Wal-Mart Stores Inc. may fail to turn its sales around by the holiday season as planned since the discount retailer has yet to lure customers back from rival outlets, according to Cleveland Research Co.

Store traffic has declined and is unlikely to recover in the next two months, Cleveland analyst Jeff Stinson said in a report yesterday. The Bentonville, Arkansas-based company also has had to cancel some promotions to “protect” profit margins, he said.

That evidence suggests Wal-Mart won’t revive sales at U.S. stores open at least a year by the fourth quarter as Chief Executive Officer Mike Duke predicted, Stinson said. Duke aims to attract shoppers by bringing back products the retailer had removed, revamping promotional displays, and offering free shipping to homes on thousands of holiday items.

Wal-Mart’s U.S. same-store sales have declined for five straight quarters. The world’s biggest retailer, which faces increasing competition from dollar stores and SuperValu Inc.’s Save-A-Lot discount grocery chain, is scheduled to report third- quarter results next week.

Greg Rossiter, a spokesman for Wal-Mart, declined to comment on the Cleveland report.

The free shipping offer, which applies to almost 60,000 products including furniture, jewelry and video games, is on now through Dec. 20, the company said today in a statement. It isn’t valid on Apple Inc.’s iPod and iPad devices.

A businessman who authorities describe as a repeat offender in securities fraud was arrested Friday and charged with overseeing a $17 million Ponzi scheme.

Robert Stinson Jr. of Berwyn fleeced more than 260 investors over the past four years while claiming to operate several real estate hedge funds, according to a federal indictment.

The funds boasted returns of up to 16 percent a year, but authorities allege that Stinson diverted most of the money for personal use, including expensive cars, meals and vacations.

Some investors who received "dividends" from funds managed by Stinson's company Life's Good Inc. were actually paid using money from new clients, the indictment said.

Stinson also lied to investors about having degrees from the Massachusetts Institute of Technology and Penn State University, and falsely claimed big experience in currency trading, investment management and other businesses, authorities said.

In addition, Stinson concealed previous fraud convictions and two bankruptcy filings, according to the indictment. He was also the target of fraud
complaints by the Securities and Exchange Commission in 1990 and this past June.

On June 29, the FBI raided several of Stinson's business locations and seized two Mercedes bought with proceeds from the alleged scheme. Stinson then obstructed justice by wiring money out of Life's Good accounts, authorities said.

Beazer Homes USA, Inc. is selling $200 million worth of senior notes in a private offering. Proceeds from the notes, which are due in 2019, will replenish cash that was already used to fund prior redemptions and repurchases of its outstanding senior notes, according to a company statement.

Beazer Homes is a single-family homebuilder based in Atlanta, Ga. In late-August, a former executive was indicted on accounting fraud and conspiracy to commit securities fraud. Beazer reported a net loss of $59.5 million in the fourth quarter and a net loss of $39 million for the fiscal year. Comparatively, the firm reported a net gain of $33.87 million in 4Q09 and a net loss of $189.4 million for the fiscal year 2009.

A class action lawsuit was filed in the United States District Court for the District of Vermont on behalf of purchasers of Green Mountain Coffee Roasters, Inc. securities during the period from July 28, 2010, to September 29, 2010.

The complaint alleges that Green Mountain and certain of its officers violated the Securities Exchange Act of 1934 by not disclosing improper revenue recognition practices.

On September 28, 2010, Green Mountain reported that the U.S. Securities and Exchange Commission's Division of Enforcement is conducting an investigation and seeking documents relating to certain revenue recognition practices and the Company's relationship with one of its fulfillment vendors. Additionally, Green Mountain announced that as of June 26, 2010, there is a cumulative $7.6 million overstatement of pre-tax income due to an accounting error.

In reaction to the news, Green Mountain shares fell 16.08% to close at $31.06 on September 29, 2010.

If you purchased Green Mountain securities during the Class Period, you may, no later than November 29, 2010, file a motion with the Court to appoint you lead plaintiff. A lead plaintiff is a representative party that directs the litigation, and will be the movant that the Court determines to have the largest financial interest in the litigation with claims typical of those of other class members and the ability to adequately represent the class. Your share in any recovery will not be enhanced by serving as a lead plaintiff. You do not need to move for lead plaintiff to recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. The complaint in this action was not filed by Milberg.

Founded in 1965, Milberg has offices in New York, Los Angeles, Tampa, and Detroit. The Firm has litigated landmark cases and recovered billions for shareholders and consumers. Our website has additional information: (www.milberg.com).