An initial public offering of Gain Capital Holdings Inc. stock raised a total of $81 million in gross proceeds at a price that came in lower than the company expected.

The Bedminster, N.J., company, which is an online foreign exchange trading platform for retail customers, said Wednesday it priced an IPO of 9 million shares at $9 per share. The stock will start trading Wednesday under the ticker symbol "GCAP."

Gain Capital offered 407,692 shares and selling stockholders offered about 8.6 million. The company said it won't receive proceeds from the sale of shares by selling stockholders. Underwriters also have an option to buy more than 1.3 million additional shares to cover excess demand.

The company had said it expected to sell about 11 million shares at a price between $13 and $15. It plans to use the net proceeds to pay the expenses related to the IPO.

Gain Capital was founded in 1999 by a group of trading and technology professionals. It offers global over-the-counter foreign exchange trading where participants trade with one another rather than through a central exchange or clearinghouse. It offers access to global gold and silver markets, stock indices, and commodities.

Several Union City residents have filed a class action lawsuit against United Water on allegations that the company cheated customers by selling them useless warranties that do not cover repairs.

The warranties, which cost about $150 a year, are supposed to cover the repair of broken water pipes, sewer pipes and other items, the attorneys for three 18th Street plaintiffs, said. Although the application says "Guaranteed Acceptance" in large print, there are actually many exclusions, the attorneys said.

Multi-unit dwellings are actually excluded from the warranty, but that has not stopped United Water from marketing and selling the policies to the owners of multi-unit buildings, the lawsuit says.

The suit was recently filed in Bergen County Superior Court in Hackensack, where United Water is based.

Attorneys Carl Mayer and Bruce Afran held a press conference Tuesday at the courthouse. Afran estimated that if all New Jersey residents in a situation similar to the plaintiffs were to join the suit, and the suit was successful, it could cost United Water as much as $50 million.

St. Clair County Circuit Judge Robert LeChien agreed on Nov. 9 to substitute attorney Jeffrey Millar's former law firm, Brent Coon & Associates, with his new employer Saville and Flint of Glen Carbon, in a proposed class action against Redbox DVD rental kiosks.

Millar, who used to be employed by the Lakin Law Firm in Wood River (now LakinChapman) before he left to join Coon's firm, is among a group of lawyers that represents Redbox lead plaintiff Laurie Piechur.

Piechur proposes to lead a class of DVD renters who claim that Redbox Automated Retail Inc. charged inappropriate late charges to customers using its kiosks.

The suit seeks damages in excess of $350,000, costs and other relief.

If certified, Piechur's suit would be a nationwide class action.

Redbox denies the claims in the suit.

The company has tried unsuccessfully to have the case dismissed.

The last filing in the case was a move by Redbox asking to be allowed to file additional defenses based on information gathered in the suit's ongoing discovery.

That motion was filed in September.

A move by the owner of Blockbuster Video, a third party in the suit's discovery, is also moving to quash Piechur's discovery requests.

Eric Brandfonbrener of Perkins Coie of Chicago and Robert Sprague represent Redbox.

Millar, Thomas Maag and others represent Piechur and the proposed class.

St. Clair County Circuit Judge Patrick Young presides until his retirement Nov. 30.

The new Basel III banking rules will leave the biggest U.S. banks short of between $100 billion and $150 billion in equity capital, with 90 per cent of the shortfall concentrated in the top six banks, the Financial Times said, citing research from Barclays Capital.

The newspaper said the study by the investment banking arm of Barclays Plc (LSE:BARC.L - News) assumes the banks will need to hold top quality capital equal to 8 percent of their total assets -- a one point cushion against falling below the effective global minimum of 7 percent set in September by the Basel Committee on Banking Supervision.

The regulations mean banks may need to increase their capital through retained earnings or issuing equity or they can cut their risk-weighted assets by selling off assets and cutting back riskier business.

"These shortfalls are entirely manageable ... The more difficult question is what affect the new rules will have on the cost and availability of credit and bank profitability," the FT quoted Tom McGuire, head of the Capital Advisory Group at BarCap, as saying.

Dynegy's board has accepted a sweetened $603 million takeover bid by Blackstone Group LP but the deal still faces opposition from a prominent shareholder.

The private equity group on Tuesday increased its offer for the Houston power plant owner by 11 percent to $5 per share.

Shareholders vote on the deal later Wednesday and approval is far from certain. Financier Carl Icahn said Tuesday he would oppose the increased offer, saying it still undervalues the company. Icahn owns a nearly 13 percent stake in Dynegy.

Icahn also said the takeover agreement discouraged other bidders from submitting competing offers. Dynegy has agreed to pay Blackstone a $16.3 million breakup fee if the deal isn't approved.

The shareholder vote is expected later Wednesday in Houston.