Hub area's job growth rate reported US's 4th fastest

The Boston area had the fourth fastest rate of job growth in July among the nation's 12 biggest metropolitan areas, the Bureau of Labor Statistics reported. Employment in Boston grew just under 1 percent from July 2007, even as employment nationally fell by a one-tenth of a percent during this period. Education and healthcare, professional and business services, and tourism-related leisure and hospitality led job gains in Boston, the agency said. Only three other large metropolitan areas saw stronger job growth: Dallas-Fort Worth, up 2.3 percent; Houston, up 2.2 percent; and Washington, up 1.2 percent. (Robert Gavin)

The office of Massachusetts Attorney General Martha Coakley said it has reached a settlement with a Waltham man over alleged illegalities involving an online electronics store that he operated. Coakley's office said it obtained a consent judgment against Jeremy Paradies, 28, of Waltham, "resolving allegations that he violated the Massachusetts Consumer Protection Act by misleading consumers, many of them British, by routinely engaging in deceptive pricing, overcharging customers, failing to give refunds, and shipping wrong orders in the operation of an online electronics store." Paradies will pay $22,000 in restitution and $8,000 in penalties, Coakley's office said. (Chris Reidy)

Raytheon Co., the US defense contractor expanding in professional instruction, won a $437 million, 10-year contract to help train Federal Aviation Administration air traffic controllers. The award replaces separate contracts that have been consolidated to support initial training at the FAA Academy in Oklahoma City and instruction at facilities nationwide, the FAA said. Waltham-based Raytheon will help the FAA train controllers from the time they are hired and throughout their career, the FAA said. (Bloomberg)

Stop & Shop Supermarket Co. has dropped a trademark infringement suit after rival Whole Foods agreed to change a disputed promotional slogan. Stop & Shop sued in July, a month after Whole Foods started using the "Real Deal" in a marketing campaign to promote bargains. Whole Foods also identified bargain items with "Real Steal" shelf signs. Stop & Shop claimed Whole Foods stole its "Real Deal" campaign, which Stop & Shop started in May. The Quincy chain also claimed the Whole Foods effort was likely to confuse and deceive customers. Stop & Shop said the dispute had been settled out of court. Whole Foods said it has renamed its campaign, "The Whole Deal." (AP)

Zafgen Inc., a Cambridge company focused on developing novel obesity therapeutics, said Thomas Hughes has been named chief executive. Hughes was formerly a vice president at the Novartis Institutes for BioMedical Research Inc. in Cambridge, where he directed drug discovery research teams specializing in cardiovascular disease, type 2 diabetes, and related metabolic disorders. (Chris Reidy)

Bear Stearns Cos. LLC and its mortgage serving unit agreed to pay $28 million to settle US charges of abusive loan collection practices that took place before the investment bank's collapse. The Federal Trade Commission said Bear Stearns, acquired May 30 by JPMorgan Chase & Co., and its EMC Mortgage Corp. unit violated consumer lending laws in servicing subprime mortgages. The companies are accused of imposing unauthorized charges such as fees for late payment, property inspection, and loan modification, the FTC said in a statement. The companies are also accused of misrepresenting to borrowers what they owed on home mortgages. (Bloomberg)

The owner and managers of the nation's largest kosher meatpacking plant in Postville, Iowa, were charged with more than 9,000 misdemeanors alleging they hired minors and had children younger than 16 handle dangerous equipment such as circular saws and meat grinders. Two employees were also charged in federal court. The state and federal charges are the first against operators of the Agriprocessors Inc. plant, where nearly 400 illegal immigrant workers were arrested in May in one of the largest immigration raids in US history. The complaint filed by the Iowa attorney general's office also says children were exposed to dangerous chemicals. A plant manager said in a statement that Agriprocessors "vehemently denies" the allegations and "acted in good faith on the child labor issue." (AP)