• CHINATOWN SETTLEMENT: New York City officials said Tuesday a Chinatown block nicknamed the “counterfeit triangle” would reopen for legitimate business after the stretch’s owners pay an $800,000 settlement to the city. The Mayor’s Office of Special Enforcement led a raid on the block — bounded by Canal, Walker and Centre Streets — in February 2008. Authorities shut down 32 storefronts found to be selling counterfeit goods and seized more than $1 million in fake merchandise bearing the marks of brands such as Prada, Fendi, Coach, Rolex, Gucci, Dolce & Gabbana, Burberry and Calvin Klein. The estate of Vincent Terranova owns the buildings and agreed to the settlement, authorities said. The agreement holds that the block must be used for legitimate purposes and stems from a lawsuit the city filed against the buildings’ owners in New York State Supreme Court following the raid. “Property owners should know that they are responsible for what goes on in their buildings and that hosting illegal activity like counterfeiting is a losing proposition,” said Mayor Michael Bloomberg. “Counterfeiting deprives legitimate businesses of customers and their employees of their paychecks.”

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