* Investors wronged by accounting fraud at Gemstar-TV Guide International Inc. will soon receive payments from an $83-million fund compiled by class-action lawsuits and regulators, the Securities and Exchange Commission said. The disbursement, approved in U.S. District Court, includes cash and stock from the Hollywood-based company, four of its former executives and auditor KPMG.
* Belo Corp. has agreed to settle a lawsuit by 61 employees at the Riverside Press-Enterprise who claimed they weren’t paid overtime because they were misclassified as exempt. Details of the settlement, reached in two mediation sessions between attorneys in October, were not released. Final payments were made to the workers last week.
* Walgreen Co. reported a better-than-expected fiscal first-quarter profit as sales surged 17% on strong results from prescription drugs. Net income for the three months ended Nov. 30 was $431.7 million, or 43 cents a share, up from $345.6 million, or 34 cents, a year earlier. Revenue rose to $12.7 billion as prescription sales, which accounted for about two-thirds of total revenue, grew nearly 19%.
* Charles Schwab Corp. of San Francisco said it was buying plan administrator 401(k) Co. from insurer Nationwide Financial Services Inc. for $115 million, a move by the discount stockbroker to gain a larger slice of revenue from corporate retirement plans.
* Target Corp., responding to complaints, said it would stop selling a compact disc case that had a photo of Latin American revolutionary Che Guevara. “It is never our intent to offend any of our guests through the merchandise we carry,” a company statement said.