Uber's deal to end driver lawsuit for $84 million falls apart
reader comments 47 In April, it looked like a high-profile lawsuit against Uber was going to be resolved after the high-flying startup agreed to pay up to $100 million to settle allegations that its treatment of drivers violated labor laws. Today, US District Judge Edward Chen said the deal "is not fair, adequate, and reasonable," and he won't countenance it. In a 35-page order (PDF) he slammed the deal, which would have required Uber to pay $84 million and up to an additional $16 million..>> view original'Flash Boys' exchange, backed by LA investment giant, opens for business
At mutual fund giant Capital Group, investment managers study stocks, looking to buy when they’re underpriced and sell when they’re overpriced. That’s how the downtown L.A. firm has made healthy returns for its millions of investors since the 1930s.But over the last few years, Capital Group has been looking toward something else to help boost its returns: a new stock exchange founded by a group of Wall Street evangelists, lauded in a bestselling book and powered by a spool of 38 miles of fiber-..>> view originalFight for Viacom Is Said to End With the Redstones in Control
Mr. Dauman and Mr. Abrams filed suit in Massachusetts, challenging Mr. Redstone’s mental competency and depicting Ms. Redstone as a villain who unduly influenced her father as part of an “unlawful corporate takeover.” Mr. Dauman, in turn, was depicted as a failing, egoistic executive who oversaw the loss of $7 billion in market capitalization at Viacom in the previous year.That suit was scheduled to go to trial in September.Another legal battle emerged in June, when National Amusements moved to..>> view originalProtein Power: Muscle Milk And Skippy Help Hormel Beat Earnings Expectations
Bad news at Goodgame: German developer to cut over 100 jobs
Berlin — German video game publisher Goodgame Studios says it is cutting scores of jobs amid declining revenues. The Hamburg-based maker of Goodgame Empire, which has over 1,100 employees, says a "low three-digit number" of positions will be eliminated. Goodgame said Friday that it was "difficult to share an exact number as employees to be dismissed for operational reasons will depend on the acceptance rate of the voluntary redundancy program The move follows a decision to stop making games ..>> view original“We could be really experimental”: Why Gawker went down and why we'll hate ourselves for missing it
In a move that now seems both shocking and almost inevitable, the site Gawker announced on Thursday that it will suspend publication almost immediately. The news came shortly after the larger Gawker Media empire — which had been brought to its knees by the unlikely tag team of professional wrestler Hulk Hogan and Silicon Valley billionaire Peter Thiel — was saved by a $135 million bid by Univision.Gawker itself reported the news this way: Nick Denton, the company’s outgoing CEO, informed curre..>> view originalGap Faces a World That Doesn't Want to Be Normal Anymore
Two years ago, Gap Inc. put such celebrities as Anjelica Huston and Elisabeth Moss in simple outfits—button-downs and blazers, jeans and airy, dull-hued blouses—and told shoppers to “Dress Normal” for its fall ad campaign. It backfired. Sales slumped over the next two months and stores were forced to discount heavily. The company’s chief marketing officer departed less than a year later. You see, people didn’t want to be normal. They want to stand out.That is Gap’s problem. Sure, there’s nothin..>> view originalTarget planning to add single-stall bathrooms
Target said Wednesday that it is preparing to spend $20 million in coming months to add single-stall bathrooms along with men’s and women's restrooms in its stores, a move meant to accommodate shoppers concerned about the retailers’ policy of allowing customers and employees to use the bathroom that corresponds to the gender they identify with.“Some of our guests clearly are uncomfortable with our policy, and some are really supportive,” Cathy Smith, Target’s chief financial officer, said durin..>> view originalDeutsche Bank Whistle-Blower Spurns $8 Million SEC Reward
A former Deutsche Bank AG risk officer said he was refusing an $8.25 million reward from the Securities and Exchange Commission for blowing the whistle on the lender overvaluing a derivatives portfolio, because of his concern that the SEC didn’t go after senior executives.The $55 million fine that Deutsche Bank paid in a settlement announced by the SEC in May last year had penalized shareholders, while top executives retired with their multi-million dollar bonuses intact, Eric Ben-Artzi wrote i..>> view originalAustralia formally bans Chinese from leasing power grid
By KRISTEN GELINEAU, Associated Press SYDNEY (AP) — Australia's treasurer on Friday formally blocked Chinese bidders from leasing a Sydney electricity grid, saying the deal would not have been in the nation's best interest. The announcement by Treasurer Scott Morrison comes one week after he announced preliminary plans to ban Chinese state-owned State Grid Corp. and Hong Kong-registered Cheung Kong Infrastructure Group from bidding for a 99-year lease over a 50.4 percent stake in Ausgrid d..>> view original
Saturday, September 10, 2016
Uber's deal to end driver lawsuit for $84 million falls apart and other top stories.
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