PRESS DIGEST- New York Times business news - June 19

Reuters

June 19 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.

* In the face of Detroit's tumultuous bankruptcy proceedings, in which multiple parties are quarreling to protect their interests, the city and its unions have quietly negotiated a scaled-back pension plan that could serve as a model for other troubled governments. One of the most closely watched issues of the case is whether a government pension plan can be legally cut in bankruptcy. (http://nyti.ms/1kPIo0N)

* Citigroup on Thursday appointed Mark Slaughter, a senior New York banker, as its head of corporate and investment banking for Asia-Pacific, filling a vacancy created last month when Farhan Faruqui left to join the Australia and New Zealand Banking Group. (http://nyti.ms/1nliogA)

* A fierce legal battle between Argentina and New York hedge funds took a new twist on Wednesday when the country offered to negotiate with the funds just hours after announcing measures that would help it avoid a settlement. (http://nyti.ms/1pkELGe)

* One of the most important names in the world of debt trading, Markit Ltd, is poised to join the public stock markets - and generate a payday for the banks that are both owners and customers of the financial data firm. Markit raised nearly $1.3 billion in its initial public offering on Wednesday, valuing the company at $4.3 billion. (http://nyti.ms/1lGMOr1)

* The Securities and Exchange Commission's insider trading lawsuit against Steven Cohen's former hedge fund SAC Capital Advisors is finally over. Judge Victor Marrero of the Federal District Court in Manhattan gave final approval on Wednesday to a $602 million settlement that does not require Cohen's former firm, now called Point72 Asset Management, to admit any wrongdoing. (http://nyti.ms/UOshLY) (Compiled by Sampad Patnaik in Bangalore)

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