Tesla's production floor is a "hotbed for racist behavior," more than 100 African American employees claimed in a lawsuit in which they said that black workers at the electric carmaker suffer severe and pervasive harassment.
The employees are asking permission from a judge to sue as a group and are seeking unspecified general and punitive monetary damages, as well as an order for Tesla to implement policies to prevent and correct harassment.
"Although Tesla stands out as a groundbreaking company at the forefront of the electric car revolution, its standard operating procedure at the Tesla factory is pre-Civil Rights era race discrimination," the employees said in the complaint filed Monday in California's Alameda County Superior Court.
Tesla has about 33,000 employees globally. More than 10,000 employees work at its sole auto assembly plant in Fremont, Calif., where the United Auto Workers launched a campaign to convince workers to join the union.
The lawsuit was filed on behalf of Marcus Vaughn, who worked in the Fremont factory from April 23 to Oct. 31. Vaughn alleged that employees and supervisors regularly used the "N word" around him and other black colleagues. Vaughn said he complained in writing to human resources and Musk but that he was fired last month for "not having a positive attitude."
Tesla didn't immediately respond to a request for comment.
— Bloomberg News
Qualcomm rejected Broadcom's $105 billion acquisition offer, kicking off what would be the largest technology takeover battle in history.
The wireless-chip maker recommended that shareholders spurn the deal, saying it's an opportunistic move by Broadcom to buy the company on the cheap. Qualcomm also said the transaction may face regulatory scrutiny that would cast doubt on its completion.
The rebuff ratchets up pressure on Broadcom to sweeten its offer or embark on a proxy battle, which carries its own risk of rejection by shareholders. For now, Broadcom said it remains " fully committed" to going ahead with the purchase.
"It is the Board's unanimous belief that Broadcom's proposal significantly undervalues Qualcomm relative to the company's leadership position in mobile technology and our future growth prospects," Paul Jacobs, executive chairman and chairman of the board of Qualcomm, said in a statement.
Broadcom chief executive Hock Tan on Nov. 6 offered $70 a share in cash and stock for Qualcomm, seeking to build a powerhouse that leads the market for wireless chips in devices such as iPhones.
Tan said he's pleased with the reaction he has received from Qualcomm shareholders and customers regarding his proposal and would prefer to keep the negotiations friendly.
— Bloomberg News
The federal government began its new budget year with an October deficit of $63.2 billion, up sharply from a year ago.
The Treasury Department said Monday that the October deficit was 37.9 percent higher than the $45.8 billion deficit recorded in October 2016.
Both government receipts and spending were up for the month, with receipts climbing 14.3 percent to $235.3 billion, a record for the month of October. The larger spending figure was up 11.6 percent to $298.6 billion.
The deficit for the 2017 budget year, which ended Sept. 30, totaled $666 billion, up 13.7 percent from a 2016 deficit of $586 billion.
— Associated Press
Lyft is expanding its ride-hailing services north of the border to Toronto, its first market outside the United States. The Uber rival plans to launch in Canada's largest city "before you know it," the start-up said in a blog post Monday. The Toronto Star said Lyft will begin services in the greater Toronto area and Hamilton, Ontario, next month to cash in on the holiday demand. According to the Toronto Star, about 50,000 people in Toronto have downloaded the Lyft app this year, even with no service yet available.
The U.S. Commerce Department said Monday that it had made final determinations that hardwood plywood from China was being subsidized and dumped in U.S. markets, and it set an anti-dumping duty of 183.6 percent and anti-subsidy duties ranging up to 194.9 percent. The United States imported an estimated $1.12 billion of the products from China in 2016.
Credit Suisse Group has agreed to pay $135 million to settle allegations that its foreign exchange traders deceived customers, improperly shared their information and tried to manipulate currency prices, the New York State Department of Financial Services (DFS) said Monday. The settlement stems from a DFS probe that found "unlawful, unsafe and unsound conduct" in the Swiss bank's Forex business from at least 2008 to 2015, the regulator said. The traders used chat rooms to share confidential customer information, coordinate trades and try to manipulate currencies or bench mark rates, DFS said.
— From news reports
8:30 a.m.: Labor Department releases the Producer Price Index for October.