Bill Parry started getting calls from his clients immediately — and they were furious. At 4:00 p.m. on Dec. 1, General Electric issued a statement saying it was pulling about $5 billion in preferred stock from the market and exchanging it for shares with new terms. The securities had plummeted, erasing about $500 million in market value and enraging investors.
“The right action is, if you have a problem that happened from people that you were responsible for, you go solve it. You don’t walk away from it. You take it head-on,” he says.
In the ongoing legal battles over worker misclassification in the on-demand economy, tech companies are taking different approaches to make the lawsuits go away. They can fight, as Uber is currently doing in San Francisco’s federal court; the case is expected to go to trial this year. They can give in, as many smaller delivery companies have done, reclassifying their workers as employees …
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It’s unclear how long it will take to replace lead pipes in Flint and throughout the state, Snyder said. “It’s too soon to tell,” he said, “because I can’t tell you how many pipes and where they are. But as a practice now, we should be working on that, very clearly.”
Lyft will not have to reclassify its drivers as employees after reaching a settlement yesterday, in which it agreed to pay $12.25 million extra in compensation and benefits. Uber is facing a similar lawsuit from its drivers, but a quirk in the litigation could make the outcome way worse for the world’s biggest ride-hail company. In challenging their status as independent contractors, Lyft’s …
Ride-hailing service Lyft has agreed to settle a proposed class action lawsuit in California by giving drivers additional workplace protections but without classifying them as employees, removing a major threat to its business model. The settlement agreement, filed late on Tuesday in San Francisco federal court, provides for Lyft to pay $12.25 million, as well as give drivers notice if they are …
The Supreme Court on Wednesday handed a defeat to businesses, ruling that they cannot stop a class-action lawsuit by offering to pay the full amount sought by the original plaintiff. In a 6-3 decision, the Supreme Court sided against advertising firm Campbell Ewald that was trying to avoid a class-action lawsuit. ADVERTISEMENT “An unaccepted settlement offer or offer of judgment does not moot a …
The effects of Flint’s lead poisoning disaster 04:59
“Most reasoned people can see the hypocrisy of that,” he said. Other critics have wondered aloud if letting Schuette investigate Flint’s water dilemma presents a fox-watching-the-henhouse scenario. Attorneys general represent the state and governor in lawsuits, of which there are at least four concerning Flint’s water.
Rick Snyder Donor Picked To Lead Investigation Of Flint Water Crisis by Josh Israel Jan 25, 2016 2:19 pm CREDIT: AP Photo/Paul Sancya Michigan Attorney General Bill Schuette (R) celebrating his 2014 re-election Weeks after refusing to even look into allegations of wrongdoing in the Flint water crisis, Michigan Attorney General Bill Schuette (R) announced on Monday that he is appointing a …