The state's public worker pension fund has settled a federal securities fraud lawsuit against Merrill Lynch & Co. and two former company officials for $4.25 million.

The New York State Common Retirement Fund had opted out of a similar class action suit and negotiated the settlement with Bank of America, which bought Merrill Lynch in 2008.

"The Fund was misled about the extent of Merrill Lynch's participation in the subprime mortgage fiasco; that is unacceptable," said state Comptroller Thomas DiNapoli, the fund's sole trustee.

DiNapoli, a Democrat, said Thursday he was confident the settlement "makes up for a large part of the fund's losses" from Merrill Lynch.

Bank of America spokesman Bill Halldin confirmed the settlement but declined to comment further.

The suit claimed the now-$133 billion fund lost money because of Merrill Lynch's role in the mortgage-backed securities market, saying it was deliberately covered up and artificially inflated the company's stock value. That value plummeted when the exposure became known publicly.

The settled lawsuit also had named E. Stanley O'Neal and Jeffrey N. Edwards, the company's former chief executive and chief financial officers.

The fund has more than 1 million members, employees and retirees from state and local governments. Its value dropped from its historic high of about $154 billion in spring 2008 to $110 billion a year later as the economy stopped growing and the stock market tumbled, in part from losses in mortgage-backed securities.

The major record labels have agreed to pay $45 million to settle claims they failed to pay songwriters and music publishers while including their works on compilation albums. Warner Music, EMI, Universal Music and Sony BMG were sued in 2008 in a class action by Canadian songwriters and music publishers.

Generally, labels had established a practice of including songs on compilations for which they had not yet secured proper rights, placing them on a "pending list" for later payment.

TorrentFreak noted that the pending list for unpaid tracks had reached 300,000 just in Canada.

In addition to the $45 million to be paid by the labels to artists, the proposed settlement "also establishes a new mechanism that will expedite future payments of mechanical royalties to music rights holders."

"This agreement with the four major labels resolves all outstanding pending list claims," said David Basskin, president and CEO the Canadian Musical Reproduction Rights Agency (CMRRA).

The Obama administration is exploring ways to boost tax incentives for corporate investment in the United States, Treasury Secretary Timothy Geithner said on Wednesday, ahead of his meeting with chief financial officers from some of America's biggest companies.

"We're examining whether we can find political support for a comprehensive tax reform -- revenue neutral -- but that would improve incentives for investing in the United States," Geithner said in comments after a speech at Johns Hopkins University's School of Advanced International Studies.

Geithner is expected to meet with CFOs of major U.S. companies including Microsoft Corp and Cisco Systems on Friday to hash out ideas for simplifying and trimming the corporate tax -- nearly the highest in the industrialized world.

Corporate tax reform is the starting place for a conversation about broader tax reform, administration officials have said. However, a divided Congress will make it difficult to pass any meaningful reform over the next two years.

Several White House officials have said they agree with companies' main gripe that the federal corporate tax rate -- topping out at 35 percent -- is too steep. Both sides also say the tax code is way too voluminous and cumbersome.

A coalition of environmental and Native American groups on Monday sued the California Department of Fish and Game over permits issued to build 21,000 homes on Los Angeles County's last major tract of undeveloped land.

The coalition, which filed the suit in San Francisco County Superior Court, alleges that fish and game officials violated state environmental codes in granting permits Dec. 3 for the controversial Newhall Ranch development.

"It is appalling that the Department of Fish and Game, the trustee for all of California's wildlife, approved ecological destruction on this scale," said John Buse, a senior attorney for the Center for Biological Diversity, one of the plaintiffs. "Far less damaging options were available, but the department brushed them aside."

Fish and Game spokesman Andrew Hughan said he could not comment because the department has not yet seen the lawsuit, but in an earlier statement department officials said the approved plan will preserve 70 percent of the nearly 14,000-acre area as natural open space.

That space includes preserves to protect 76 percent of the rare San Fernando Valley spineflower and 93 percent of the Santa Clara River corridor.

Developers must also establish a $6 million endowment for preservation efforts.

"Hundreds of people, including biologists, botanists, hydrologists and other scientists, worked together to shape this biologically innovative project, and the end result ensures the protection of this site's unique natural resources," said Ed Pert, South Coast regional manager.

Cleanup, government fines, lawsuits, legal fees and damage claims will likely exceed the $40 billion that BP has publicly estimated, according to an Associated Press analysis. But they'll be far below the highest estimates made over the summer by legal experts and prominent Wall Street banks, such as Goldman Sachs, which said costs could near $200 billion.

BP will survive the worst oil spill in U.S. history for several key reasons: it has little debt; its global businesses are forecast to generate $26 billion next year in cash flow from operations; the environmental impact of the spill isn't as bad as feared; and the government seems unlikely to ban BP from Gulf drilling. To bolster its finances, BP has cut its dividend, issued debt and sold more than $21 billion in assets.

"It could have been a lot worse," says Tyler Priest, a University of Houston petroleum historian who serves on President Obama's oil spill investigation committee. "BP is going to come back from this."

Many influential investors appear to agree. According to Thomson Reuters, 23 firms with $1 billion or more invested in the stock market, including BlackRock Investment Management, Managed Account Advisors and Rydex Security Global Investors, more than doubled their holdings of BP stock from July through September.