Overall auto sales rose 3.4 percent from March of last year.
Apple, Google and five other companies won a court order to block potentially thousands of employees, from engineers to sous-chefs, from proceeding in a group lawsuit that contends that their incomes were held down by the companies’ agreements not to recruit one another’s workers.
Ron Johnson, chief of struggling J.C. Penney, had his total compensation cut to $1.89 million last year. The former Apple retail chief was awarded $53.3 million in salary, bonus, stock awards and other compensation in 2011, when he became the retailer’s head.
Facebook has made its most significant foray into smartphones, with Home, a suite of applications that put a user’s Facebook page on the home screen of Android smartphones. Consumers would be able to instantly see updates from their Facebook friends and quickly reply to network messages.
Samsung Electronics, stepping up a battle with Apple, will staff mini-stores at Best Buy’s U.S. locations to showcase how its tablets, smartphones and televisions work together.
Wells Fargo’s bid to have an investor lawsuit against it dismissed was rejected by a federal judge. The suit alleges that the bank failed in its role as trustee for debt issued by Capital Holdings, a financing company that collapsed in 2009 in an estimated billion-dollar fraud.
Bank of America will pay $165 million to settle a dispute over mortgage-backed securities it sold to credit unions that later collapsed, according to the National Credit Union Administration, the agency that regulates credit unions.
Genworth Mortgage Insurance, United Guaranty, Mortgage Guaranty Insurance and Radian Guaranty were fined a total of $15.4 million by the Consumer Financial Protection Bureau for paying millions of dollars in kickbacks to home lenders in exchange for business, raising insurance prices for consumers.
Cameron International was dismissed from all claims arising from BP’s 2010 Gulf of Mexico oil spill after a judge said there was no evidence showing that the company was at fault for the disaster. Cameron made the blowout preventer that was designed to stop explosions in BP’s oil well. Witnesses testifying at a New Orleans trial over fault for the disaster have said the blowout preventer wasn’t properly maintained by the Transocean crew manning the drill rig.
A former Goldman Sachs trader, Matthew Marshall Taylor, pleaded guilty to wire fraud, admitting that he caused his company to lose $118 million in 2007 when he put $8 billion at risk. According to court papers, Taylor entered fictitious information in trading account records and lied to company representatives to cover up the fact that he had put 10 times more money at risk in the trade than he was allowed. He said the $8 billion at risk was only $65 million.