Wal-Mart closings called retaliation by labor union
The United Food and Commercial Workers filed with the NLRB seeking an injunction to force Wal-Mart to rehire 2,200 workers after the abrupt temporary closures of five stores in Pico Rivera California Midland Texas Tulsa Oklahoma Brandon Florida and Livingston Texas The OUR Wal-Mart group backs the filings saying the actions retaliated against labor activism Wal-Mart says the closures fix plumbing issues and will last up to six months with paid leave for two months and possible transfers to nearby stores The union cites prior protests at Pico Rivera and notes higher plumbing issue calls across its 4 500 stores
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Cardinal Health Pays 26.8 Million in FTC Drug Settlement
New York Cardinal Health will pay 26.8 million to settle FTC charges it monopolized the sale of low energy radiopharmaceuticals in 25 markets. The agency alleged the distributor pressured hospitals and clinics to pay inflated prices and used tactics to block distribution by rivals Bristol Myers-Squibb and General Electric. The settlement ranks as the FTC’s second largest antitrust payout.
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GM ignition deaths rise to eighty seven in fund update
The compensation fund reviewing claims from General Motors defective ignition switch victims reports 87 deaths linked to the defect and eligible for compensation, up from the prior week. About 1,085 cases remain under review of the 4,342 filed since last August, with roughly 31 percent deemed ineligible due to documentation gaps or lack of proof that the ignition switch caused the injury or death. The fund is led by Ken Feinberg and Camille Biros, tied to GM recalls of about 2.5 million cars from 2003 to 2007, mainly Chevrolet Cobalts and Saturn Ions.
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Markets edge higher on strong first quarter earnings
New York stocks rose Monday after upbeat earnings from Hasbro Halliburton and Morgan Stanley beat expectations. Investors eyed 147 companies reporting this week as a stronger dollar and lower oil prices cloud outlooks. The S&P 500 gained 19.22 points to 2100.40 the Dow climbed 208.63 to 18034.93 and the Nasdaq rose 62.79.
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Frederick's of Hollywood files for Chapter 11 bankruptcy
Lingerie retailer Frederick's of Hollywood seeks bankruptcy protection after closing all stores and moving to online sales. It faces $106 million in liabilities with about $36.5 million in assets. The company says competition and high leases contributed to the filing, and notes no profitable year since 2007. The firm was taken private last year in a $25 million deal led by a Harbinger Group subsidiary.
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