SECURITIES

Consumers Union Sues PaineWebber: The publisher of Consumer Reports magazine sued PaineWebber Inc. in federal court, alleging more than $1.4 million in overcharges as part of a fraud and kickback scheme. Consumers Union of United States Inc. alleged that a former PaineWebber broker paid kickbacks to the company’s chief financial officer to maintain Consumers Union and its pension fund as clients. The lawsuit, filed in Manhattan federal court, also names the former broker, Stanley Feminella, and the former Consumers Union chief financial officer, David Granston. In a statement, PaineWebber called the lawsuit “totally without merit” and said it will fight the case in court.