December 30, 2009 / 6:23 AM / 9 years ago

PRESS DIGEST - New York Times business news - Dec 30

Dec 30 (Reuters) - The following were the top stories in The New York Times business pages on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

* The Food and Drug Administration is developing guidelines that will set tougher scientific standards for data from tests on humans that makers of medical devices submit when seeking approval of their products, a top agency official said.

* Fresh worries about housing come as economic growth for the third quarter was revised down to an annual rate of 2.2 percent from 2.8 percent.

* Lukoil (LKOH.MM) of Russia and Statoil STL.OL of Norway on Tuesday formally signed a contract with Iraqi authorities to develop the vast West Qurna 2 oil field. The untapped reserves are seen as critical to Iraqi reconstruction efforts.

* Lee Kun-hee, the former chairman of Samsung (005930.KS) who was convicted of embezzlement and tax evasion, was pardoned by President Lee Myung-bak on Tuesday. The move drew criticism from civic groups that said it was another example of leniency for South Korean tycoons guilty of serious crime.

* The investment giant Morgan Stanley (MS.N) has been sued by a Virgin Islands pension fund that accused the bank of defrauding investors by marketing $1.2 billion of risky mortgage-related notes that it expected to fail.

* The Broadcom Corp BRCM.O, a publicly held chip maker, said Tuesday it would pay more than $160 million in cash to settle a class-action lawsuit related to stock option backdating. In the settlement, the company did not admit wrong.

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