Reliance suffered a setback in a takeover fight.

U.S. District Judge Shirley Wohl Kram, acting on a Macfadden Holding’s request, ordered Reliance Capital Group to return broadcaster John Blair & Co. stock to shareholders who had tendered to Reliance under an offer that expired July 3. The judge ruled that Reliance violated federal securities laws by misrepresenting its intention to accept the tendered Blair shares after receiving Federal Communications Commission approval of the offer. Judge Kram stayed her ruling until this afternoon to permit Reliance to appeal.