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LEGAL
Pet Food Settlement Reached
A pet food maker whose contaminated product may have led to the deaths of thousands of dogs and cats in North America has agreed to settle lawsuits with pet owners in the United States and Canada.
Amy W. Schulman, a lawyer for Streetsville, Ontario-based Menu Foods Income Fund, said she could not disclose how much the settlements would be worth. The company expects its total costs from last year's recall to be about $53.8 million. The agreement is subject to the approval of U.S. and Canadian courts, the company said.
Menu Foods began recalling food in March 2007, after cats and dogs that ate its products died of kidney failure. The Food and Drug Administration later found melamine, a chemical used to make plastics, in samples of Menu Foods' products.
ECONOMY
Bernanke Meets With Lawmakers
Federal Reserve Chairman Ben S. Bernanke met privately with House Republicans, and participants said he steered clear of saying that the country is in a recession. House Minority Leader John A. Boehner (R-Ohio) told reporters beforehand that the meeting was called because of "great concern about where our economy is headed."
Bernanke's meeting with House Republicans comes one day before he is slated to go to Capitol Hill to give lawmakers a fresh assessment of economic conditions.
RETAIL
Wal-Mart Drops Claim
Wal-Mart Stores is dropping a controversial effort to collect more than $400,000 in health-care reimbursement from a former employee who has been in a Missouri nursing home since she suffered brain damage in a traffic accident.
The retailer said in a letter to the family of Deborah Shank it will not seek to collect money the Shanks won in a lawsuit against a trucking company for the accident. Wal-Mart has been roundly criticized for its claim.
Pat Curran, executive vice president for human resources at Wal-Mart Stores U.S., wrote that Shank's extraordinary situation had made the company reexamine its stance.
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