Business

Morgan Stanley faces $1.5 billion lawsuit for mismanagement of employee retirement funds

Morgan Stanley faces $1.5 billion lawsuit for mismanagement of employee retirement funds

Morgan Stanley’s 401 (k) plan participants have filed a lawsuit claiming that the financial services major mismanaged the funds. The lawsuit claims that nearly 60,000 participants in Morgan Stanley’s fund faced significant financial loss as the fund underperformed compared to other funds in the similar segment.

Morgan Stanley accused of mismanagement of employee retirement funds

Morgan Stanley accused of mismanagement of employee retirement funds

Financial services powerhouse Morgan Stanley has been accused of mismanagement of employee retirement funds in a new lawsuit filed in Manhattan federal court. The lawsuit alleges that Morgan Stanley used the funds to maximize its profits. The suit added that Morgan Stanley pushed nearly 60,000 employees to funds which reported poor performance and were associated with excessive fee for fund management.

Harley-Davidson agrees to $12 million fine over Motorcycle Emissions

Harley-Davidson agrees to $12 million fine over Motorcycle Emissions

Harley-Davidson has agreed to resolve motorcycle emissions issue by agreeing to pay a civil fine of $12 million. The company has also agreed to stop sales of after-market devices that lead to high pollution than the norms. The issue was mainly caused by ‘super tuners’ sold by Harley-Davidson since 2008.

Cisco announces to axe 5,500 Jobs

Cisco announces to axe 5,500 Jobs

After a drop of 2% in revenue, Cisco Systems announced Wednesday (17 August) to cut about 5,500 jobs, about 7% of the company’s global workforce. These workers will not be a part of the company beginning this summer.

The San Jose-based company’s new decision is a result of its movement from hardware tosoftware-centric business. According toCisco, the job cuts are because big business are shifting to online cloud computing and there’s a steep drop in hardware sector.

Chipotle: Net income in second quarter recorded at 87 cents a share

Chipotle: Net income in second quarter recorded at 87 cents a share

Chipotle Mexican Grill Inc.’s second-quarter profit and sales have missed the estimations of analysts, an indication that the burrito chain is even today reeling from a food-safety crisis that snatched away its customers and badly affected its reputation.

GM cannot use bankruptcy to evade lawsuits over faulty ignition switches: Court

GM cannot use bankruptcy to evade lawsuits over faulty ignition switches: Court

A big problem has arisen for General Motors. The Second US Circuit Court of Appeals in Manhattan on Wednesday has announced that the company cannot use its 2009 bankruptcy to avoid lawsuits related to faulty ignition switches. The judgment will result the automaker to face billion in liabilities.

Pages