Home care workers vote for union-negotiated pact

About 25,000 home care workers voted overwhelmingly in favor of a contract negotiated by Local 1199 of the Service Employees International Union. More than 98.5 percent ratified the contract with a state council that sets the terms of payment for the home care workers. Though they are hired individually by patients and family members, the workers are paid by MassHealth, the state Medicaid program. The contract includes a pay increase to $12.48 an hour from $10.84 over the next 2 1/2 years and provides paid time off, based on hours worked. Healthcare benefits for the workers will be added in the second year of the contract. (Jeffrey Krasner)

Putnam Investments hired Daniel C. Farrell as head of equity trading as part of chief executive Robert Reynolds's effort to improve the Boston company's stock mutual funds. Farrell, who previously was vice president of equity trading at RiverSource Investments LLC, replaces Richard Block, who is leaving at the end of this month after more than 10 years at Putnam. A company spokeswoman declined to comment on the reason for the departure. The value of investments managed by Putnam, a unit of Canadian insurer Great-West Lifeco Inc., fell about 38 percent this year, to $116 billion. (Bloomberg)

Liberty Mutual Group of Insurance Cos. disclosed leadership changes for three of its four business units, effective Jan. 1. Thomas C. Ramey, 65, chairman and president of Liberty International, will retire in mid-2009. He will remain chairman until then. Succeeding Ramey as president is David H. Long, 47, currently president of the commercial insurance business unit. J. Paul Condrin, 47, currently president for personal lines, will take over as president of commercial lines. Timothy M. Sweeney, 43, executive vice president of distribution for personal lines, will become that unit's president. (Chris Reidy)

Monster Worldwide Inc., operator of the world's largest job-search website, won a judge's approval of a $47.5 million settlement of an investor lawsuit over options backdating. Monster and two top executives were sued last year for allegedly defrauding shareholders by improperly accounting for backdated stock options. US District Judge Jed Rakoff in New York approved the deal, calling it fair and reasonable. The settlement will be funded by a payment of almost $47 million by Monster and its insurers and a $550,000 contribution by Monster's founder and former chairman, Andrew McKelvey, according to court papers. A Monster spokesman did not immediately return calls. (Bloomberg)

Investors pulled a record $127 billion from US stock and bond mutual funds in October as they sought the safety of Treasuries and cash, according to the Investment Company Institute. Withdrawals and investment losses reduced fund assets to $9.6 trillion as of Oct. 31, a 22 percent drop from the $12.3 trillion peak in May, data compiled by the Washington-based trade group show. Investors removed $41 billion from bond funds last month, compared with redemptions of $973 million in September. Withdrawals from stock mutual funds increased 29 percent to $72 billion. (Bloomberg)

US health officials have found trace amounts of the chemical melamine in one sample of infant formula sold in the United States, the Food and Drug Administration said. "There's no basis for concern because we're talking about trace levels that are so low . . . there's absolutely no risk," spokeswoman Judy Leon said. She said it's most likely an unintentional manufacturing side effect, not adulteration or contamination. Melamine-tainted formula was found this year in China; thousands of children fell ill and several died. Leon said the unnamed US infant formula had no Chinese ingredients. (Reuters)

Fannie Mae named David Johnson to be its chief financial officer and executive vice president, effective immediately. Johnson joins the mortgage giant from Hartford Financial Services Group, where he was CFO and executive vice president. His predecessor at Fannie Mae, Stephen Swad, left in August and was temporarily replaced by David C. Hisey, Fannie's senior vice president and controller. Hisey will stay as executive vice president and deputy chief financial officer. (AP)