Legg Mason

Legg Mason pared gains in New York trad ing after the Wall Street Journal said activist in vestor Nelson Peltz didn’t raise his stake in the money manager. The London Telegraph Wednesday reported that Peltz had “secretly” amassed 12 million to 13 million shares of the Bal timore-based company so that he could push for a sale or breakup.

Merrill sued

Merrill Lynch and par ent Bank of America were sued by a broker who claims the firm dis criminates against women through its part nership model, which was created in response to a sex discrimination case 13 years ago.

Hartmarx

Hartmarx, the bankrupt US suitmaker that fought Wells Fargo & Co. to avoid liquidation and which counts President Obama among its custom ers, won court approval to sell itself to British pri vate-equity firm Emeris que Brands UK.

Calif. cut

California’s general- obligation credit rating was cut by Fitch Rat ings as state officials struggle to close a $24 billion deficit. Fitch cut the rating one level, to A- from A, four steps away from high-risk, high-yield junk-bond status.

BA jobs

British Airways Plc said almost 7,000 em ployees have applied for voluntary pay cuts. About 4,000 workers will take unpaid leave, while 1,400 will work part-time and 800 full- timers for free for one to four weeks.