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NATIONAL BRIEFING
INSURANCE
The Pentagon plans to fast-track a competition to build thousands of new mine-resistant vehicles.
(By Chris Hondros -- Getty Images)
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AIG Challenged on Retention Pay
A congressman who has been highly critical of American International Group is questioning retention payments the insurer is making to employees, saying the money looks like bonuses called by another name.
In a letter to AIG chief executive Edward Liddy, Rep. Elijah Cummings (D-Md.) questioned the payments, ranging from $92,500 to $4 million, that AIG said it is making to 168 employees, and whether the money was being paid to executives who, because of the insurer's serious financial problems, have announced they would forgo compensation.
Cummings also asked AIG for more information on how it is spending the bailout money it has received from the government. The New York-based company has received about $150 billion to prevent it from collapsing under the weight of bad credit investments.
LEGAL
Wal-Mart Settles Break-Time Suit
Wal-Mart said it will pay up to $54.25 million to settle a class-action lawsuit alleging that it cut workers' break time and didn't prevent employees from working off the clock in Minnesota.
The class includes about 100,000 current and former hourly workers who were employed at Wal-Mart and Sam's Club stores in Minnesota from Sept. 11, 1998, through Nov. 14, 2008.
Wal-Mart also agreed to maintain electronic systems, surveys and notices to stay compliant with wage and hour policies and Minnesota laws.
Justin Perl, a lead attorney for the plaintiffs, said he was "gratified that these hourly workers will now be paid after seven years of litigation."
Wal-Mart spokesman David Tovar said the company is committed to paying its workers for all time worked and to making sure they get rest and meal breaks. Managers who violate its policies are subject to punishment including firing, he said.
CONTRACTING
More Armored Vehicles Sought
The Pentagon is fast-tracking a multibillion-dollar competition to outfit ground forces in Afghanistan with new off-road terrain armored vehicles that protect against rocket-propelled grenades and explosive devices.
"This is a high priority accelerated acquisition in support of the global war on terror," according to the Pentagon request, which means manufacturers would have to set aside other projects to meet the military's demand as soon as possible. The first set of vehicles is expected to be delivered next fall.
The Defense Department said it could buy between 2,080 and 10,000 of the so-called MRAP-All Terrain Vehicles for use by the Army and Marines Corps. Among the companies likely to compete for the contract are the U.S. subsidiary of British defense conglomerate BAE Systems, Bethesda-based Lockheed Martin, Humvee maker AM General and Navistar International.
EARNINGS
Kroger said third-quarter profit fell 6 percent, to $237.7 million from $253.8 million a year earlier, largely because of a $15.9 million after-tax charge related to damage caused by Hurricane Ike. The company said sales for the quarter ended Nov. 8 rose 9 percent, to $17.58 billion. Kroger said sales were strong for its deli, bakery and other store-prepared foods as Americans cut down on restaurant meals, and that its corporate brand sales continue to rise, accounting for more than a fourth of grocery sales.
Compiled from reports by Washington Post staff writers, the Associated Press and Bloomberg News.
