In brief: Coldwater Creek founder returns

Dennis Pence, co-founder of Sandpoint women’s clothing retailer Coldwater Creek Inc., has stepped back in as CEO and president, replacing David Griesemer.

The company said Monday that Pence, co-founder of Coldwater Creek with his wife, Ann Pence, will resume his CEO role for the third time. He was the first CEO, from 1984 through December 2000. He took the helm again in September 2002 until his retirement in October 2007. Griesemer, who was the company’s president and chief operating officer, replaced Pence at that time.

The company did not list a specific reason for replacing Griesemer.

Like many clothing retailers, Coldwater Creek struggled the past 12 months as a sluggish economy slowed sales dramatically. It has said it expects a stronger fourth quarter.

In a press release Monday, Pence said, “The board has asked me to return as our leader in order to accelerate the timelines for this (anticipated) growth and for a return to long-term profitability.”

Judge rejects SEC-BofA deal

NEW YORK – A federal judge on Monday rejected a $33 million settlement between the Securities and Exchange Commission and Bank of America Corp., saying the SEC’s accusations of inadequate disclosure by the bank over bonuses paid at Merrill Lynch must now go to trial.

Separately, New York Attorney General Andrew Cuomo’s office is preparing to file charges within the next couple of weeks against several high-ranking executives at Bank of America, claiming they failed to disclose details about the bank’s acquisition of Merrill Lynch, according to a person familiar with the investigation.

Tire spat unlikely to escalate

WASHINGTON – China’s complaint Monday over new U.S. tariffs on Chinese tires raised pressure on Washington but isn’t likely to incite a full-blown trade war. Each side knows its economy has too much to lose.

The United States, the world’s largest economy, represents a huge market for Chinese exports. And China is the largest holder of U.S. government debt at a time when the federal deficit has swollen to record levels because of economic rescue measures.

China quickly took its case to the World Trade Organization after President Barack Obama ordered steep increases in U.S. tariffs on Chinese tires for three years, including by 35 percent in the first year.

For China, barriers on its exports to the U.S. mean job losses at home. Still, private economists say they expect both sides to avoid a conflict that would harm producers in each country.