Corporate Lawsuit Dodge Imperiled After Court Rejects J&J Bankruptcy Tactic

Attorney Greg Gordon, a partner at the Jones Day law firm, offered an innovative solution to Johnson & Johnson and other major companies that faced mountains of lawsuits alleging their products sickened or killed people: They could use the bankruptcy system to force all plaintiffs into one settlement.
It required fancy legal footwork—creating a subsidiary to shoulder all the liability, then putting that new company into Chapter 11.
Plaintiffs’ lawyers attacked the gambit, known as the “Texas two-step,” charging it amounted to a bad-faith bankruptcy filing and a fraudulent ploy to shield the parent companies’ assets. Not so, Gordon told judges overseeing bankruptcies testing the novel strategy. The parent firms, he said, would give these subsidiaries plenty of money—billions of dollars—to compensate plaintiffs….

Corporate Lawsuit Dodge Imperiled After Court Rejects J&J Bankruptcy Tactic Read More

Ferrari Vows ‘Even Stronger’ 2023 With More New Models

MILAN—A procession of new models will continue to boost earnings at Ferrari, the Italian luxury sports car maker said on Thursday, as it promised “even stronger” results this year after a 16 percent jump in 2022 core earnings.
Deliveries jumped almost a fifth to 13,221 cars last year, led by the established Ferrari Portofino M and the SF90 family models, as well as the 296 GTB and 812 Competizione. China saw the strongest growth, with shipments jumping 73 percent to 1,552 cars.
Ferrari said it would launch four models this year, adding to the new 390,000 euro ($428,000) Purosangue four-seater which will start being delivered to customers in the second quarter….

Ferrari Vows ‘Even Stronger’ 2023 With More New Models Read More

Zara Starts Charging for Clothing Returns From Home in Spain

MADRID—Fashion giant Zara has started charging shoppers in Spain for returns of online purchases, the company announced on Wednesday, though store returns remain free.
Customers now have to pay 1.95 euros ($2.13) if they wish to return pieces from home, with the cost deducted from their refund, Zara said on its Spanish website.
However, items bought online can still be returned for free at physical stores, it added.
As the COVID-19 pandemic sparked a boom in online shopping, customers became used to buying items to try at home since returns were often free, which raised costs for retailers.
Inditex, which owns Zara, will also introduce return charges in Spain for its other brands such as Massimo Dutti and Pull&Bear….

Zara Starts Charging for Clothing Returns From Home in Spain Read More

Microsoft Rolls out Chatgpt-Powered Teams Premium

Microsoft Corp. on Wednesday rolled out a premium Teams messaging offering powered by ChatGPT to simplify meetings using the AI chatbot that has taken Silicon Valley by a storm.
The premium service will cost $7 per month in June before increasing to $10 in July, Microsoft said.
OpenAI-owned ChatGPT will generate automatic meeting notes, recommend tasks and help create meeting templates for Teams users.
Microsoft, which announced a multi-billion dollar investment in OpenAI earlier this month, has said it aims to add ChatGPT’s technology into all its products, setting the stage for more competition with rival Alphabet Inc.’s Google.
The chatbot, which can produce prose or poetry on command, is at the forefront of generative AI, a space where more and more big tech companies are funneling their resources in….

Microsoft Rolls out Chatgpt-Powered Teams Premium Read More

My Big Coin Cryptocurrency Firm Founder Gets 8 Years in Prison for Fraud

BOSTON—The founder of a defunct cryptocurrency business was sentenced on Tuesday to more than eight years in prison for defrauding investors and customers out of millions of dollars by marketing a virtual currency called My Big Coin with lies and half-truths.
Federal prosecutors had urged U.S. District Judge Denise Casper in Boston to impose a 13-year prison term on Randall Crater to send a message to others in the first sentencing of a cryptocurrency company founder for a marketing fraud.
While Casper concluded that that request went too far, she rejected Crater’s contention that a 30-month prison term was sufficient to punish him for his false claims, including that My Big Coin was a real cryptocurrency backed by gold….

My Big Coin Cryptocurrency Firm Founder Gets 8 Years in Prison for Fraud Read More

All Green Energy Has ‘Brown Costs’: Former NASA Engineer

While renewables are often hailed as a clean source of energy, they have bleak social and environmental costs compared to nuclear and natural gas, says a former NASA engineer.
Paul Vallejo, who worked as an aerospace engineer at NASA for eight years, said, “even wind and solar aren’t really renewable because you’re taking silica sand out of the ground” to construct solar panels and wind turbines, which is not truly replaceable.
“Recycling of solar panels is currently not really terribly practical. Both solar panels and wind turbine blades go into the dump,” he told The Epoch Times.
Vallejo also argued that the media coverage of energy tends to focus more on promoting a narrative than all the facts….

All Green Energy Has ‘Brown Costs’: Former NASA Engineer Read More