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11/3/2009 3:33 AM

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PITTSBURGH - Generic drug giant Mylan Inc. is suing the Pittsburgh Post-Gazette for defamation over a story based on internal documents that prompted a Food and Drug Administration review.

The suit, filed Friday in the Circuit Court of Monongalia County, W.Va., says the paper omitted and distorted facts in a July article that said employees at Mylan's Morgantown facility ignored warnings about manufacturing problems.

In August, the FDA concluded Southpointe-based Mylan did nothing wrong.

The Wall Street Journal reports that, in the lawsuit, Mylan claims the article led to stock fluctuations and damaged its reputation. The paper declined to comment.

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Mylan also sued the paper in August alleging misappropriation of trade secrets.

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Interest rates fall at Treasury auction

WASHINGTON - Interest rates on short-term Treasury bills fell in Monday's auction with rates on three-month bills dropping to the lowest level since December.

The Treasury Department auctioned $29 billion in three-month bills at a discount rate of 0.060 percent, down from 0.075 percent last week. Another $30 billion in six-month bills was auctioned at a discount rate of 0.170 percent, down from 0.185 percent last week.

The three-month rate was the lowest since those bills averaged 0.050 percent on Dec. 29. The six-month rate was the lowest since 0.150 percent on Oct. 13.

Both three- and six-month bills remain at historically low levels as the recession has cut demand for credit among consumers and businesses. The low rates also reflect an effort by the Federal Reserve to keep a key short-term borrowing rate at a record low in an effort to help the economy recover from the longest recession since the 1930s.

Fed officials will hold a two-day meeting starting Tuesday and the expectation is that they will again signal that rates will remain at low levels for an "extended period."

The discount rates on three- and six-month bills reflect that they sell for less than face value. For a $10,000 bill, the three-month price was $9,998.48, while a six-month bill sold for $9,991.41. That would equal an annualized rate of 0.061 percent for the three-month bills, and 0.173 percent for the six-month bills.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, was unchanged last week at 0.39 percent.


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