Business news briefs: BNY Mellon, state settle class-action lawsuit in Okla.
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Bank of New York Mellon Friday said it will pay $280 million to settle a class-action lawsuit in federal court in Oklahoma blaming the company for investment losses stemming from the 2008 collapse of Sigma Finance Inc. In 2009, the Pennsylvania Treasury Department said it lost $133 million in the collapse of the London financial services firm. The state has not sued BNY Mellon, nor was it part of the class action in Oklahoma. "The treasurer has been in communication with BNY Mellon about how to recover as much money as possible for the taxpayers," Treasury Department spokesman Michael Smith said. Talks were ongoing, he said.
The H.J. Heinz Co. paid William R. Johnson, its chairman, president and CEO, $16.2 million in the fiscal year that ended April 20, according to a regulatory filing. The Pittsburgh food company's chief executive pay dipped from $18.5 million the previous year and $19 million two years ago. Mr. Johnson this year realized $9.4 million in value on exercising stock options.
TD Ameritrade Holding Corp. will cooperate in a multistate investigation into potential violations of antitrust law in the retail brokerage industry. The company also agreed to implement an antitrust compliance policy and training for employees, the Connecticut attorney general said Friday. The investigation focuses on possibly collusive conduct by several retail securities brokers and firms that help them execute orders. Scottrade Inc. reached a similar agreement in March. A spokeswoman for Omaha, Neb.-based TD Ameritrade said the investigation resulted in no findings of wrongdoing by the company.
The U.S. Small Business Administration announced Friday that federal economic injury disaster loans are available to small businesses, agricultural cooperatives and other organizations in Pennsylvania because of freezing temperatures that occurred from March 1 through May 13, damaging several crops. Companies and organizations in Armstrong, Berks, Butler, Carbon, Clarion, Columbia, Crawford, Dauphin, Elk, Erie, Forest, Jefferson, Lebanon, Lehigh, Luzerne, McKean, Mercer, Northumberland, Schuylkill, Venango and Warren counties are eligible for up to $2 million in small business disaster loans.
TMG Health, a Medicare Advantage and Medicaid billing and management company based in suburban Philadelphia, this week announced the opening of its Pittsburgh Technology Center in Pine. The company said the new office is part of its strategy to deliver "technology-enabled solutions to its customers in the government market."
First Published July 7, 2012 12:00 am