Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.law From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: law Mon, May 4 1992 Date: Mon, 4 May 92 05:17:38 EDT Message-ID: 05-04 0000 DECISIONLINE: Business Law USA TODAY Update May 4, 1992 Source: USA TODAY:Gannett National Information Network MACY TO CLOSE STORES: Retailer R.H. Macy, which has been in Chapter 11 bankruptcy court protection since January, said Sunday it will close as many as 10 of its 120 department stores during its reorganization. Macy, which has been trying to slow losses with store closings and other measures, did not give a timetable for the closings but said it would make an announcement by the end of the month. CUMBERLAND FARMS FILES: Convenience store chain Cumberland Farms Inc. filed for bankruptcy court protection Friday after attempts to restructure its debt fell through. Efforts to work out a restructuring deal collapsed when the firm's biggest lender, Industrial Bank of Japan Trust Co., balked at the plan, Cumberland Farms said. Cumberland has 973 stores and gas stations in 12 states. BANKING GROUPS OPPOSE RULE: Two banking groups say they'll challenge an Office of Thrift Supervision regulation backed by the Bush administration to allow savings and loans to open branches nationwide. The Independent Bankers Association of America and the Conference of State Bank Supervisors plan to file a lawsuit to block the new regulation that will take effect this weekend. CONCERN EXPRESSED BY GROUPS: The Independent Bankers Association of America and the Conference of State Bank Supervisors, which say they will file suit to block a new regulation allowing some S&Ls to open branches nationwide, say big banks and thrifts will drain money from small towns and neighborhoods and hurt community lending needs. OTS Director Timothy Ryan says branching will make thrifts more stable. JURY FINDS FOR NINTENDO: A federal court jury Friday returned a verdict in favor of Nintendo in the Nintendo of America vs. Atari Corp. antitrust case. Following an 11-week trial, the nine-member jury unanimously found that Nintendo's video game licensing program had not caused Atari any damages. Atari filed suit in 1989, claiming it was injured because of Nintendo's alleged violation of the antitrust laws. NO INTENT FOUND: In deciding in favor of Nintendo of America in a suit filed by Atari, a federal court jury Friday found that Nintendo did not have any intent to monopolize the U.S. home video game market, as alleged by Atari. While the jury found Nintendo did have market power, such power is perfectly legal if Nintendo's success results from its superior products and performance. BIOPLASTY, MCGHAN SETTLE: Bioplasty, Inc. said Friday it has settled the lawsuit brought by McGhan Medical Corp. alleging Bioplasty's silicone gel-filled mammary implant shells infringed two of McGhan's U.S. patents relating to breast implants. Bioplasty has paid McGhan a $275,000 lump sum payment for all prior sales and for a non-exclusive license for future sales, if any, of the implants. JP MOTION FOR STAY DENIED: Chief Judge Sam J. Ervin III of the U.S. Court of Appeals for the Fourth Circuit in Morganton, N.C., Friday denied Jefferson-Pilot Corp.'s motion seeking a stay of a district court judge's order rescinding JP stock grants. JP had sought a stay of a decision rescinding an amendment to a JP stock option plan granting 220,000 shares to 25 JP officers and directors. PROPOSED AMENDMENT FALLS SHORT: Illinois efforts to get a proposed constitutional amendment limiting state legislators' terms failed to get the necessary 260,592 signatures of registered voters to get the measure on the November ballot. Organizers estimated they had collected 196,000 valid signatures by Sunday's deadline to file the petitions. They'll try again in 1994. HICKEL SEEKS LOST REVENUE: Alaska Gov. Walter Hickel is seeking $2.5 billion in lost revenue in his suit to overturn the federal government's oil export ban on North Slope crude. Hickel argues that the ban infringes on the state's rights. The ban allows Alaska to ship crude only to the lower 48 states. UNION APPROVES PACT: In Windsor Locks, Ct., 3,100 members of the machinists union at Hamilton Standard have approved a three-year pact that gives workers a 13.2% pay hike over the term of the contract. The company, which manufactures aerospace systems and components, employs 8,200 in Windsor Locks and in East Windsor. RALLY TO SUPPORT FAMILY ACT: A "People Conference" rally has been scheduled for Monday in Wilmington, Del., by state Sen. Bobby Marshall in an attempt to force a vote on the Family Care Act. The bill would require state employers to allow workers to take leaves of absence to care for a new child or seriously-ill relative without placing their jobs in jeopardy. Senate has OK'd the bill, but it's stalled in the House. Business Law Editor: Jason P. Smith. (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