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 14 1992 Date: Tue, 14 Jul 92 05:08:58 EDT Message-ID: 07-14 0000 DECISIONLINE: Business Law USA TODAY Update July 14, 1992 Source: USA TODAY:Gannett National Information Network IRS WARNS OF FAKE AGENTS: The Internal Revenue Service says to beware of crooks posing as tax agents who swindle taxpayers out of thousands of dollars each year. The IRS says some crooks threaten taxpayers with arrest if they don't hand over a check or collect Social Security and credit-card numbers. The IRS suggests asking for identification, calling local IRS inspectors and not writing checks to IRS employees. EPA SETS NEW EXHAUST RULES: A third of the drivers in many regions of the country will soon find their cars failing tougher emissions tests and creating bigger repair bills, according to a plan unveiled Monday by the Environmental Protection Agency. However, better gas mileage should offset extra repair costs for the average driver and testing will only be done every two years with the new method, the EPA said. SMOG INGREDIENTS WILL DECREASE: The Environmental Protection Agency's new exhaust plan introduced Monday will cut auto emissions of certain smog ingredients 28% when it starts to take effect in 1994. Cars made after 1968 will have to be tested in 177 metro areas, compared with 122 now. Cars made after 1983 will be tested for leaks in systems to trap and burn gas tank vapors. SIX COMPANIES FOUND NEGLIGENT: A jury Monday found six companies negligent in the nation's largest consolidation of asbestos personal injury claims. The Baltimore Circuit jury deliberated for about 12 hours before finding the companies - GAF Corp., Keene Corp., Pittsburgh Corning Corp., AC&S Inc., MCIC, and Porter-Hayden Co. - negligent and liable for making or selling asbestos containing products. AT&T, UNIONS REACH AGREEMENT: American Telephone & Telegraph Co. and its unions - the Communications Workers of america and the International Brotherhood of Electrical Workers - late Sunday reached tentative agreement on a new contract following marathon weekend talks on local issues, the unions said. The unions now will submit the agreement to members for ratifications. The old contract expired May 30. DEAL TO IMPROVE BENEFITS: Sunday's deal between American Telephone & Telegraph Co. and its unions improves job transfers, provides access to a larger pool of jobs and contains provisions for temporary jobs for laid-off workers and improved changes for rehiring into new jobs, the unions said. Workers wages will also increase by 12.3% over the three-year contract and other benefits will be improved. AUTO-REPAIR ABUSES ARE RAMPANT: Auto-repair abuses are rampant across the country, and the problem threatens to get worse as the sluggish economy forces shops to make money any way they can, according to experts and veterans of the repair business. Those who know auto repair emphasize that in today's tight economy - where profits are slim and competition fierce - it pays to beware. CHRYSLER RESTRUCTURING ENDING: Chrysler Chairman Lee Iacocca Monday said the automaker expects to finish restructuring its finance unit's $6.8 billion in debt by the end of July. Iacocca saidmost of the 160 banks it is negotiating with on Chrysler Financial's revolving credit have "signed up and we're optimistic" about closing the deal. Iacocca wouldn't say how many banks were still negotiating with Chrysler. MGM DROPS EISNER FROM LAWSUIT: MGM said Monday it has dropped Walt Disney Chairman Michael Eisner as a defendant in its lawsuit against Disney over alleged violation of a licensing agreement. But MGM says it will still press the suit against Disney, now in its third week in trial in Los Angeles Superior Court. MGM says Disney violated its licensing agreement when it opened the Disney-MGM Studio Tour in May 1989. TIMES WANTS TO STOP TIMES: The Times of London wants to stop the St. Petersburg Times from calling its Hillsborough County, Fla. edition The Times. London's Times argues that it owns U.S. trademark rights to the name and that another Times would beget another and another, causing confusion among consumers. The St. Petersburg Times says The Times of London sells about 25 copies a day in the Tampa Bay area. INSURANCE AGREEMENT REACHED: Samuel Fortunato, New Jersey's insurance commissioner, said Monday he reached agreement in principle with a group of life insurers and state guarantee funds to provide guarantees for an estimated $800 million rehabilitation of Mutual Benefit Insurance Co. The plan would fully pay off policyholders, but would penalize withdrawals before the rehab ended, Bloomberg Business News said. FTC RULES ON ANTI-TRUST: The U.S. Federal Trade Commission Monday ruled that under the Hart-Scott-Rodino Act companies that plan to acquire assets of $15 million or more, or at least a 15% stake, in another company's securities must get approval from the FTC. Once the 15% threshold is met, purchasers must also obtain FTC approval to buy a 25% stake or a 50% or larger stake, Bloomberg Business News said. GSW SUING GENERAL ELECTRIC: GSW Inc. said Monday it filed a lawsuit against General Electric Co., claiming GE is disregarding appliance maker Camco Inc.'s minority shareholder, Bloomberg Business News reports. GSW has a 20% stake in Camco, while GE, through subsidiary General Electric Canada Ltd., holds a 51% interest. The remaining shares of Camco are publicly held. 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