Four Pittsburgh-area credit unions landed on an independent research group's list of problem financial institutions in the third quarter. New to the list were the Beaver Avenue credit union on the North Side and the Southwest Communities credit union in Carnegie. They joined CGH in New Kensington and the Iron Workers credit union based Downtown, which also were on the list in the prior quarter. All four institutions received two stars out of a possible five in the BauerFinancial ratings. No Pittsburgh-area banks appeared on the latest problem list. To see the complete report visit www.bauerfinancial.com.
Pittsburgh Technology Council and seven Pittsburgh entrepreneurs hit New York City to meet with angel and venture capital investors Friday. The group held meetings with AOL Ventures, Bain Capital, Insight Venture and New York Angels, among others. They ended the day with a reception at Nasdaq, where they rang the closing bell.
A tablet inspector at Mylan Inc.'s Morgantown, W.Va., generic drug plant is suing the company, alleging discrimination and retaliation for filing a discrimination claim with the West Virginia Human Rights Commission. In a complaint filed last week in Monongalia County Circuit Court, Deborah Dooley claims she was subjected to "repeated harassment and retaliatory behavior" since filing the complaint with the human rights commission in 2011. On Aug. 29 of this year, the commission issued a final determination and dismissal order as well as a notice of her right to sue, according to Ms. Dooley's complaint against Mylan. She is seeking compensatory and punitive damages.
Wright Therapy Products Inc. in Oakdale, which makes medical devices to reduce swelling or improve blood flow, has successfully closed a $3 million Series B financing round with most of the capital raised from angel investors through Shadyside-based Eagle Ventures. President and CEO Michael Hinson said the funding "will allow us to continue expanding our solution across the entire U.S."
Americans swiped their credit cards more often in October and borrowed more to attend school and buy cars. The increases drove U.S. consumer debt to an all-time high. The Federal Reserve said Friday that consumers increased their borrowing by $14.2 billion in October from September. Total borrowing rose to a record $2.75 trillion.
Ford is recalling about 19,000 2013 model year Fusion sedans to fix a problem that could cause the headlights to become hazy over time. Last week, Ford recalled about 16,000 2013 Fusions because of problems that could cause engine fires.