Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Tue, Jul 7 1992 Date: Tue, 7 Jul 92 05:13:30 EDT Message-ID: 07-07 0000 DECISIONLINE: Business Law USA TODAY Update July 7, 1992 Source: USA TODAY:Gannett National Information Network EPA SETS PENALTY AT $256,000: The Environmental Protection Agency Monday proposed a $256,000 penalty against Union Carbide Chemical and Plastics Co. for making two chemicals that weren't listed at the time of their manufacture on the agency's toxic-chemical inventory. The EPA cut its original penalty of $512,000 in half, because the company, a unit of Union Carbide Corp., disclosed the violations in a timely manner. IBM SETTLES RACE-BIAS SUIT: A former IBM executive who says he was denied a promotion because he is black reached a settlement with the computer giant Monday. Bernard Duse Jr., 51, whose 1984 lawsuit sought unspecified damages, says both sides are barred from revealing terms of the settlement. IBM says the company settled the suit amicably without admitting any liability. PAN AM DELIBERATIONS TO BEGIN: A New York jury this week will begin deliberating whether Pan Am was negligent in the 1988 terrorist bombing of Flight 103 over Lockerbie, Scotland. Lawyers for relatives of 212 of the victims blamed lax airline security for allowing a bomb-laden suitcase on the Boeing 747. Pan Am, which went bankrupt, has said all proper precautions were taken. Tuesday: Final arguments. GITANO BORROWS $440 MILLION: Gitano Group reached a tentative agreement with its banks Monday to borrow $440 million, which will allow it to continue its restructuring. Gitano, a clothing maker, has closed five retail stores since 1989 and plans to slash outlet stores from 88 to 35 this year to focus on manufacturing. BRANIFF EXPLORES REFUND OFFERS: Braniff Airlines shut down last week, but the company said Monday it was exploring the possibility of offering refunds purchased by cash or check. No other details were offered. The airline, which discontinued service for the third time in 10 years last week, encourages passengers who bought tickets by credit card to contact their card company for refunds. LIST TARGETS YUGOSLAV FIRMS: The U.S. Treasury Department Monday released a list of 284 Yugoslav firms whose assets were frozen as part of the international sanctions against that country. U.S. citizens and firms are prohibited from doing business with the firms on the list without Treasury's permission. The firms on the list were deemed to be controlled by the Federal Republic or Yugoslavia. L.A. TRANSIT RECEIVES FUNDS: The Los Angeles County Transportation Department released nearly $75 million in Proposition C local return monies Monday to cities throughout Los Angeles County. The money returned to different areas is determined on a per capita basis to be used for public transit, para-transit and related services. The largest recipient is the city of Los Angeles, receiving $30.15 million. APPLETREE UNIONS MAKE PLANS: Union leaders Monday began planning a series of meetings this week to discuss a strike or other responses to AppleTree Markets' cancellation of its collective bargaining agreement. AppleTree, operating under Chapter 11 bankruptcy, won court approval Friday to throw out the contract. The company said it will implement pay cuts and other work rule changes July 12, said Bloomberg Business News. RTC TO SELL $1M CERTIFICATES: The Resolution Trust Corporation, the agency in charge of the savings and loan bailout, filed with the Securities and Exchange Commission Monday to sell $1 million of mortgage pass-through certificates. The certificates to be offered will represent an ownership interest in a trust fund consisting primarily of a mortgage pool, made up of loans on commercial real estate. NIKE DRAWS BAN IN SPAIN: Nike, which has paid millions of dollars to put its name on the U.S. track and field team's uniforms at the summer Olympics in Barcelona, said Monday it is appealing a Spanish court ruling that bars the advertising or sale of Nike apparel. Spain's Constitutional Court upheld a lower court order barring Nike's name because a Spanish firm registered the trademark first in 1932. FED REDUCES ST. LOUIS RATES: The Federal Reserve Board Monday approved a decision by the board of the Federal Reserve Bank of St. Louis reducing the discount rate at that bank to 3% from 3.5%, effective Tuesday, reports Bloomberg Business News. Last Thursday, the Fed cut the discount rate, the rate it charges on overnight loans to member banks, to 3% from 3.5%. CASCADE STORES UP FOR SALE: Federal bankruptcy judge Robert A. Mark approved a sales plan submitted Monday that will put Cascade International Inc.'s 29 stores up for sale, Bloomberg Business News reported. The failed women's apparel retailer, under Chapter 11 bankruptcy protection, will have its stores auctioned off in San Francisco and south Florida between July 16 and July 23. SOURCEMATE SIGNS U.K. DEAL: SourceMate Information Systems Inc. signed an agreement with SourceLine Information Systems Ltd., of the United Kingdom, Monday to develop and distribute versions of the company's automated accounting programs in the international market. SourceLine's appointment as a distributor is a first for SourceMate in the U.K. Business Law Editor: Kate Coughlin. (919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM