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Business news in brief

In the Region

Agency: $28M to exit swaps

The South Jersey Transportation Authority will use $28 million of a $129.6 million bond issue to terminate interest-rate swap agreements, according to bond-offering statements from the agency that operates the Atlantic City Expressway. Such agreements, in this case with Bank of America and Wells Fargo, were designed to reduce debt payments, but failed to pay off when interest rates stayed low after the financial crisis of six years ago. Traffic on the expressway has fallen along with the fortunes of Atlantic City's casinos. A consultant hired by the authority predicted that traffic would continue to decline over the next five years, reaching an estimated $71.6 million in 2018, down 4.4 percent from $74.9 million this year. - Harold Brubaker

Jeb Bush leaves Tenet board

Jeb Bush will step down from the board of directors of Tenet Healthcare Corp., which operates Hahnemann University Hospital in Philadelphia, by the end of the year. The former Florida governor has been a director since 2007. Tenet noted that Bush is "not resigning on account of any disagreement" with the company. The move comes as Bush actively explores a presidential run and unwinds some of his business commitments. A spokesman said last week that the potential Republican contender will leave his advisory role with British banking giant Barclays by Wednesday. - Associated Press


IRS sues Microsoft executives

The IRS has sued former Microsoft chief executive Steve Ballmer and a slate of other former and current executives, seeking to compel them to testify in an investigation into the company's tax practices. The lawsuits, filed in federal court in Seattle, are the latest salvo in a long-running investigation of Microsoft's tax practices. At issue is whether the company's various subsidiaries properly followed tax law in transferring software-selling rights to countries and U.S. territories with lower taxes. The IRS earlier sued Microsoft itself to compel the company to provide documents as part of its inquiry into how Microsoft valued agreements with subsidiaries in Puerto Rico and Bermuda. - Seattle Times

Credit Suisse loses decision

Credit Suisse Group AG was ordered to face a $10 billion lawsuit by New York's attorney general accusing the Swiss bank of fraud in the sales of mortgage-backed securities before the 2008 financial crisis. A New York State Supreme Court justice rejected the bank's request to dismiss the case.