Fired Wal-mart exec questions ceo's ethics
By TIMES WIRES
Published May 26, 2007
Fired Wal-Mart marketing executive Julie Roehm claimed in a court filing that chief executive Lee Scott misused the company's ethics policy, and accepted trips and received preferential prices on yachts and jewelry from Irwin Jacobs, a vendor to the retailer. In the documents filed Thursday in the U.S. District Court in Detroit, Roehm - who is challenging Wal-Mart's charges of improprieties - also attacked other senior executives for accepting trips, concert tickets and other gifts from vendors. Roehm's suit contends that Scott and his wife used private airplanes provided by Jacobs to travel to Longboat Key and Las Vegas. Wal-Mart dismissed Roehm's claims.
Best Buy is sued over higher prices
Electronics giant Best Buy Co. is being sued by the Connecticut attorney general after consumers complained they'd been quoted higher prices in stores for merchandise advertised at lower prices online. The lawsuit alleges that since 2005, the company's stores have pledged to match any lower online price, including from its own Internet site. But customers tapping into in-store kiosks to check prices were misled by salespeople into believing they were tapping into the retailer's online Web site Bestbuy.com when they were actually connected to an internal company site, the suit contends. "We intend to vigorously defend ourselves, " Best Buy spokeswoman Susan Busch said.
Nasdaq buying Nordic exchange
Nasdaq Stock Market Inc., which lost its battle to cross the Atlantic with a failed bid for the London Stock Exchange, agreed Friday to buy Nordic stock exchange operator OMX AB for $3.67-billion. The acquisition is a breakthrough for the Nasdaq, which still owns almost 30 percent of the London exchange and could use the purchase of OMX to persuade LSE shareholders to agree to a deal creating a giant European exchange.
Pilots now backing quit-at-65 standard
U.S. airline pilots' largest union now supports lifting their retirement age to 65, ending almost three decades of opposition and boosting prospects for quicker government action to change the current quit-at-60 rule. Friday's shift by the 60, 000-member Air Line Pilots Association "absolutely" will speed passage of legislation in Congress to implement an age-65 standard, said Paul Emens, a Southwest Airlines Co. pilot seeking the age change. The biggest victors in the vote by the union's executive board are Southwest and JetBlue Airways Corp., which pushed for a higher retirement age more aggressively than rivals.
Banks to decide on ABN Amro bid
A consortium of banks led by Royal Bank of Scotland PLC will decide by Tuesday whether it will make an official bid for the Netherlands' ABN Amro, it said Friday. The banks had said they would decide by Sunday whether they would pursue a hostile bid to beat Barclays PLC's friendly all-share offer worth around 61.9-billion euros ($83.3-billion).