Although this latest recall adds to the list of airbag-related defects, it does not appear to be connected to the massive recall from Japanese airbag manufacturer Takata, which has affected 11 automakers and an estimated 50 million vehicles worldwide.
As part of to the settlements, Citigroup does not admit, nor deny the SEC charges. The proceeds of the agreement will be diverted to investors who were harmed by the funds. Both investments were sold through Citigroup Private Bank as well as through Smith Barney. Citigroup spokesperson Danielle Romero-Apsilos said in an emailed statement, “We are pleased to have resolved this matter,” although offering little elaboration.
The main battle in the negotiations is over healthcare. Both companies are asking employees to contribute to their healthcare insurance premiums. ArcelorMittal CEO Lakshmi Mittal said in a recent interview that, in addition to wage-freezes and vacation concessions, the company is asking that individuals pay $150 and families $250 for monthly healthcare premiums. U.S. Steel representatives have requested similar concessions in its negotiations with the USW.
San Diego unveiled a $1.1 billion proposal to build a stadium in the city’s Mission Valley area to keep the team there, replacing the antiquated Qualcomm Stadium. The proposal, however, only includes one-third of the cost to be publicly financed, leaving the Chargers and the NFL responsible for over $750 million of the cost. Chargers executive Mark Fabiani rebuked the proposal and city officials, saying “The Chargers have been clear from the start that the franchise will not be the city’s guinea pig for this inevitably ill-fated legal experiment.”
A formidable push is gathering for antitrust authorities to block the proposed merger between online-travel giants Expedia and Orbitz. Congressional authorities, consumer groups, and those within the hotel industry are urging the Department of Justice to strongly consider the antitrust concerns of the merger. Expedia announced the proposed $1.3 billion acquisition in February, shortly after
U.S. Attorneys’ offices in New York and New Jersey, along with the Securities and Exchange Commission (SEC), have filed over 20 charges against an international ring of hackers and traders accused of selling and buying unreleased business information. The group of hackers, mostly from the Ukraine and Russia, are suspected of taking advantage of security
Japanese airbag manufacturer, Takata, is set to launch a large-scale advertising campaign urging those affected by recalled airbags to schedule repair or replacement.
Florida-based Travel Club Marketing was hit with the largest automated-calling fine in Federal Communications Commission (FCC) history on Tuesday for making at least 185 unsolicited calls without customer consent, including 142 households on the National Do-Not-Call Registry. The fine of $2.96 million, reported by the FCC’s Enforcement Bureau, is the largest fine the agency has
In U.S. District Court in Manhattan on Monday, Judge Katherine Polk Failla issued New York’s mayor Bill De Blasio a notable defeat of a law intended to regulate the community-mindedness of the many financial institutions that inhabit the city. New York’s city council passed the Responsible Banking Act (RBA) in 2012, requiring banks in the
Foodmaker Nestle scored a major victory late Monday night when the U.S. Food and Drug Administration (FDA) granted marketing approval for the company’s Maggi noodles within the U.S. The U.S. joins six other countries in allowing the sale of the two-minute instant snack noodles, which had been tested by the regulator for unsafe levels of