Financial news on October 15th, 2011
Business and Financial news
Ron Lieber Your Money column on Ameriprise Financial, large financial planning company that has been accused of cheating its own employees by putting their 401(k) money into underperforming funds. Read more..
Many gay parents of college-bound children complain that their application for federal financial aid, which does not allow them to portray their family's finances accurately, affects the amount of aid their children receive; the form, Free Application for Federal Student Aid, does not recognize same-sex parents since it abides by the Defense of Marriage Act. Read more..
Proposed four-year labor agreement between the Ford Motor Company and the United Automobile Workers union, which first looked as if it would be voted down, has been approved by a small margin; final outcome cannot be predicted until several large plants finish voting. Read more..
Struggling Japanese camera maker Olympus demotes its British chief executive, Michael C Woodford, after only six months on the job; swift firing is rare public rebuke to his aggressive management style, which clashed with Olympus's executive team. Read more..
Johnson & Johson wins significant lawsuit claiming it adequately alerted doctors to risks linking its popular antibiotic Levaquin to tendon ruptures; verdict comes at time when company's once-stellar reputation has been tarnished by multiple recalls of over-the-counter medicines and of faulty hip replacement devices. Read more..
Though their reasons vary, protesters at Occupy Wall Street say they have been drawn to the movement by a desire to unite. Read more..
Cash-strapped companies in Spain are increasingly looking abroad for new business and financing as another recession threatens to hit the country; some fear that if Spanish economy worsens, even more companies will leave at critical time when government is struggling to find additional revenue to close gaping budget deficit. Read more..
Mattel reports that third-quarter net income rose nearly 6 percent, to $300.8 million, and revenue rose 9 percent, to nearly $2 billion. Read more..
Rivals British Airways and Virgin Atlantic are both in talks with German carrier Lufthansa over deal to buy troubled airline BMI. Read more..