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LA sues Wells Fargo, alleging 'unlawful and fraudulent conduct'

Business / Business News /

LOS ANGELES -- Rigid sales quotas at Wells Fargo Bank have driven employees to open unauthorized accounts for customers, sticking them with bogus fees and damaging their credit, according to a city of Los Angeles lawsuit that echoes a Los Angeles Times investigation.

The civil complaint, filed Monday in state court in Los Angeles by City ...Read more

Fast-food franchisees urged to fight joint-employer designation

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CHICAGO -- The discussion at the International Franchise Association in Chicago came off as a call to arms: Panelists warned that franchisees have brushed off the Fight for $15 campaign as a McDonald's problem when it could destroy their businesses.

The panelists, consisting of two lawyers, a professor and a franchisee, all urged franchisees to...Read more

Pimco's flagship fund loses status as world's largest bond fund

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Pacific Investment Management Co. said investors pulled $5.6 billion from its Total Return Fund in April, causing the flagship fund to lose its status officially as the world's largest bond mutual fund.

The fund, at the top for more than a dozen years, gave way to an index fund managed by Vanguard Group.

The April withdrawals marked the 24th ...Read more

Twitter says it disabled dozens of illegal Mayweather-Pacquiao streams

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Two days after appearing to revel in its streaming app's usage during the Mayweather-Pacquiao fight, Twitter said Monday it respected intellectual property rights and disabled dozens of illegal streams of Saturday's marquee boxing match.

"Members of the Periscope team were on staff Saturday night working to disable streams that featured ...Read more

NC dairy promises to improve how it handles cow waste

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WASHINGTON -- The western North Carolina dairy farm that pleaded guilty to allowing 11,000 gallons of cow feces into a nearby river used for drinking water and recreation promised to make a series of changes to its operations to prevent such spills in the future.

The Tap Root Dairy of Fletcher, N.C., filed an 11-point environmental compliance ...Read more

United's lawsuit over hidden-city fares thrown out

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CHICAGO -- An Illinois judge dismissed a United Airlines lawsuit against a website that helps passengers find so-called hidden-city fares to exploit a loophole in the airfare system.

The suit against Skiplagged.com and its owner, 22-year-old programmer Aktarer Zaman, sparked debate about whether hidden-cities fare bookings are unethical or just...Read more

Meerkat broadcasting app adds a Facebook connection

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Smartphone-video broadcasting app Meerkat has added several new features that could help it regain footing after being outshined by competitor Periscope over the last month.

Meerkat and Periscope are among apps that stream smartphone video to people tuning in from the app or a Web browser. Meerkat added thousands of users in March because a ...Read more

Why Do We Fail? Performance Under Pressure

Business / Business News /

Ever formed a snowball, thrown it across the street and hit a telephone pole dead on?

If you did, you probably turned to a companion who missed the whole thing and tried to re-create the throw. That second throw, odds are, missed the pole by a yard.

That second throw is an example of how pressure, even at a minuscule level, diminishes ...Read more

FCA US offering free college for dealer employees

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DETROIT -- FCA US said Monday it will offer free college courses and degrees to employees who work at its network of franchised auto dealerships when they take them at Strayer University -- a move the automaker said is designed to help dealers attract the best employees.

Strayer University, based in Herndon, Va., specializes in adult learning. ...Read more

Bank of America reverses course, will give shareholders vote on chairman move

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CHARLOTTE, N.C. -- Bank of America announced Monday that it will allow shareholders to vote on its decision last year to give CEO Brian Moynihan the chairman title, bowing to pressure from investors who want a say in the matter.

Shareholders will be allowed to ratify the bank's decision to re-combine its chairman and CEO roles, the lender says ...Read more

The next generation Chevy Volt will be cheaper

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DETROIT -- Chevrolet has set a retail price on the 2016 second-generation Volt plug-in electric car at $33,995, which can be reduced by a $7,500 federal tax credit.

While Chevrolet is touting this as $1,200 below the price of the 2015 model, Chevy dealers are carrying a large inventory of unsold 2015 Volts, which was more than a half-year's ...Read more

Corinthian Colleges files for bankruptcy

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Corinthian Colleges Inc. formally filed for bankruptcy Monday, a week after closing its remaining two dozen campuses and leaving 16,000 students scrambling for alternatives.

The move brings closure to years of troubles for the Santa Ana, Calif., company, one of the nation's largest for-profit education providers, which still faces lawsuits and ...Read more

Cisco CEO John Chambers to step down, Chuck Robbins named as replacement

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SAN JOSE, Calif. -- John Chambers' two-decade reign at Cisco Systems is coming to an end, and the networking giant said Monday morning that he will be replaced by operations executive Chuck Robbins.

Chambers has served as CEO of the world's largest networking company for the last 20 of its 31 years, growing the firm from $1.2 billion in annual ...Read more

2016 Ford F-150 will offer propane, natural gas option

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DETROIT -- Ford was expected to announce Monday plans to offer the 2016 F-150 full-size pickup with a package that prepares it to be powered by propane or compressed natural gas, an option that appeals to fleet buyers.

The announcement was set to be made in Dallas at the Alternative Clean Transportation Expo.

The $315 factory-installed package...Read more

GM ignition switch deaths rise to 97

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DETROIT -- The death toll from General Motors' defective ignition switch crashes rose to 97 last week, the fund handling compensation of victims reported Monday.

That's an increase of seven from the week before.

The GM Ignition Compensation Fund, led by Ken Feinberg, has 669 applications to review out of the 4,342 that were submitted between ...Read more

Factory growth rebounds as new orders rise for first time since July

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WASHINGTON -- Factories heated up in March as new orders rose for the first time since July in a sign economic growth should improve after a weak winter.

New orders for manufactured goods rose 2.1 percent in March, the Commerce Department said Monday.

The increase, which was in line with economist forecasts, came after a downwardly revised 0.1...Read more

Cisco names Chuck Robbins to succeed John Chambers as CEO

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John Chambers, a legendary figure in Silicon Valley's enormous growth, will step down as chief executive of Cisco Systems Inc. this summer and be replaced by longtime Cisco executive Chuck Robbins, the company said Monday.

Cisco, based in San Jose, Calif., builds the routing and switching gear that has powered the growth of the Internet and ...Read more

Comcast now has more Internet customers than cable TV subscribers

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Comcast Corp. again demonstrated that the future is indeed the Internet.

Comcast beat Wall Street estimates on Monday with first quarter profit up 10 percent compared with the year-ago period with strong gains in its Internet service business. The positive earnings came less than two weeks after the company's planned $45 billion takeover of ...Read more

McDonald's turnaround plan 'more of just catching up'

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CHICAGO -- McDonald's is reorganizing its business into four segments and selling more restaurants to franchisees as newly installed CEO Steve Easterbrook aims to show that the company can rebound from a prolonged slump.

But some company observers said they were hoping to see more risk-taking from the struggling burger giant.

"Everything that ...Read more

Getting Started: WalletHub quiz puts your money know-how to the test

Business / Business News /

How would you rank your knowledge of personal finance? That is the first question of a new financial literacy quiz put together by WalletHub, an online resource for personal finance.

The quiz, called WalletLiteracy, tests your knowledge of topics ranging from car insurance to investing. So far, few people have walked away with a perfect score, ...Read more