Category: Uncategorized

FedEx Corp will pay $35.4 million to settle three lawsuits in which New York state and New York City accused the company of shipping millions of untaxed cigarettes to residents over a decade.

The settlement announced on Monday came after a judge ruled last Oct. 15 that FedEx had knowingly violated a federal anti-cigarette trafficking statute, and a 2006 agreement with the state not to ship cigarettes to people’s homes.

New York officials said FedEx’s conduct undercut their efforts to protect public health by curbing smoking, and cheated the state and city out of tax revenue from cigarette sales.

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HSBC Holdings Plc has agreed to pay $30 million to settle litigation by investors who accused 11 big banks of rigging the roughly $9 trillion government agency bond market from 2009 to 2015.

The settlement with the British bank was made public late Wednesday night in the federal court in Manhattan, and requires approval by U.S. District Judge Edgardo Ramos.

HSBC is the third bank to settle, after Deutsche Bank AG and Bank of America Corp agreed in August 2017 to pay a respective $48.5 million and $17 million and cooperate with the plaintiffs.

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Chicago law firm Corboy & Demetrio said on Tuesday it filed a lawsuit against electric carmaker Tesla Inc alleging that its 2014 Model S sedan had a defective battery pack that caused the death of an 18-year old passenger in an accident last year.

Last May, a Tesla driven by Barrett Riley with passenger Edgar Monserratt Martinez crashed into a concrete wall and erupted in flames in Fort Lauderdale, Florida killing both the teenagers, according to the lawsuit.

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U.S. President Donald Trump said on Wednesday he has ordered a halt to federal disaster relief for California’s wildfires unless state officials involved in forest management “get their act together.”

“Billions of dollars are sent to the State of California for Forest fires that, with proper Forest Management, would never happen,” Trump wrote on Twitter, a day after western governors asked for greater federal investment in fire prevention.

“Unless they get their act together, which is unlikely, I have ordered FEMA to send no more money. It is a disgraceful situation in lives & money!” the president said, referring to the Federal Emergency Management Agency.

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Sears Holdings Corp will ask a bankruptcy judge on Tuesday if it can proceed with liquidation after it could not reach an agreement on Chairman Edward Lampert’s $4.4 billion takeover bid, people familiar with the matter said, potentially spelling the end for the 126-year-old U.S. department store chain.

If Sears liquidates its assets, it would become one of the most high-profile victims in the wave of bankruptcies that has swept the retail sector in the last few years, as the explosion in online shopping exacerbates the fierce price competition facing brick-and-mortar stores.

In a stark contrast of the diverging fortunes of e-commerce firms and many physical retailers, Amazon.com Inc became the world’s most valuable company for the first time this week, reaching a market capitalization of close to $800 billion.

Continue reading “Sears to ask bankruptcy judge for approval to liquidate”