BofA, bond insurer MBIA agree to dismiss lawsuit

Bond insurer MBIA Inc. and Bank of America Corp. have jointly agreed to dismiss a lawsuit against the Charlotte bank, raising speculation that another financial crisis-related settlement could be in the works.

The litigation with MBIA is part of the fallout from Bank of America's deals to buy Merrill Lynch in 2009 and Countrywide Financial in 2008. The bank last month reached an $8.5 billion settlement over soured Countrywide mortgage loans packaged into bonds during the housing boom.

MBIA, which provided insurance to banks for mortgage bonds that later turned toxic, had sued Merrill Lynch in a dispute over financial instruments known as credit default swaps. MBIA and Bank of America disclosed the withdrawal of the suit in a court filing Monday in New York State Supreme Court in New York County.

The suit had previously been dismissed after various appeals but it was still possible it could have been revived. The two parties are also mired in other legal disputes. MBIA shares on Tuesday climbed more than 6 percent to $9.04. Bank of America shares slipped 1.3 percent to $10.21. Rick Rothacker

Fifth Third and Aquesta open new bank branches

Fifth Third Bank's newest branch on Ashley Road in Charlotte may soon be recognized for its "green" design. The bank is pursuing silver recognition under the Leadership in Environmental Design standards of the U.S. Green Building Council.

Fifth Third Bank now has 56 banking centers in North Carolina. The newest branch, which opened in June, is the company's second "green" location and its first in North Carolina.

Cornelius's Aquesta Bank has also opened a new branch, in the Mayhew Shopping Center on Brawley School Road. ELEANOR KENNEDY

New Goodwill store slated near Ballantyne

Goodwill Industries of the Southern Piedmont said Tuesday that it plans to build a new 12,000-square-foot thrift store at the Capstone Commons Shopping Center on Lancaster Highway.

The store is expected to employ between 20 and 25 people, generating $500,000 in annual wages and benefits. Construction is already under way on the new store, which will include a drive-thru donation center. The location is expected to open in the fourth quarter of 2011.

The Capstone location will be the retailer's 21st in the greater Charlotte region. Goodwill, which uses proceeds of sales to fund job programs, says visits to its Piedmont stores have increased from 1.8 million in 2007 to 2.2 million last year. Ely Portillo

U.S. trade deficit jumped in May as oil imports rose

The U.S. trade deficit surged in May to the highest level in more than two and a half years, driven wider by a big increase in oil imports and a decline in exports.

The Commerce Department said Tuesday that the deficit increased 15.1 percent to $50.2 billion in May. That's the largest imbalance since October 2008.

Exports declined 0.5 percent to $174.9 billion. Imports rose 2.6 percent to $225.1 billion. Oil prices have fallen since May, so the effect of higher prices should ease some in the coming months.

The deficit is running at an annual rate of $563.2 billion. That's 12.6 percent higher than the 2010 imbalance. A higher trade deficit subtracts from overall economic growth because it means consumers are purchasing more foreign-made goods and fewer products made by U.S. workers. Associated Press