McKinsey & Company agreed to pay $650 million in a deferred prosecution agreement that will resolve a federal criminal probe into the company’s consulting work advising Purdue Pharma on how to increase sales of its opioid painkiller OxyContin, a court filing said Friday. A former top partner at McKinsey, Martin Elling, also agreed to plead guilty to obstruction of justice next month in the probe by the ...
The Federal Trade Commission in a new lawsuit accuses the largest U.S. distributor of wine and spirits of illegal price discrimination that gave large chains — among them Costco, Kroger and Total Wine & More — much better prices than those offered to neighborhood grocery stores, convenience shops and independent liquor stores. The distributor, Southern Glazer’s Wine and Spirits, is the tenth largest privately held company in the ...
Federal prosecutors accused top real estate agents Tal and Oren Alexander and their brother, Alon, of drugging and raping “dozens of victims” over more than a decade. The brothers were arrested in Miami Wednesday on sex trafficking charges related to the alleged assaults. They face charges of conspiracy to commit sex trafficking and sex trafficking of a victim by force, fraud, or coercion, an eight-page ...
A U.S. district judge in Oregon has blocked a $25 billion bid by supermarket giant Kroger to take over rival Albertsons, ruling that the Federal Trade Commission’s concerns about the merger’s impact on market consolidation were valid. Judge Adrienne Nelson said Tuesday afternoon that a merger between the two companies would end up harming consumers. The two companies ‘engage in substantial ...
Earlier this year, Steve Cohen laid out his principles as the owner of the New York Mets, saying it was a “philanthropic” endeavor, in an interview with CNBC’s Andrew Ross Sorkin. “I don’t care about the cost side,” Cohen said, adding: “If I can make millions of people happy, how cool is that? I actually do it as a civic ...
Albertsons on Wednesday formally terminated its proposed $25 billion merger with Kroger and filed a lawsuit against its supermarket competitor, saying Kroger violated its contract and didn’t follow through on commitments to help get the deal approved. It comes a day after a judge blocked the planned tie-up. In a news release, Albertsons said Kroger broke its merger agreement “by repeatedly refusing to divest assets ...
Salt Lake City has grown from a winter sports venue to a vibrant technology hub in just two decades, leveraging the legacy of the 2002 Winter Olympics to transform into one of America’s fastest-growing business destinations. Known as part of Utah’s “Silicon Slopes,” the city has become a magnet for entrepreneurial spirit, venture capital and a flourishing workforce. Over the ...
A rogue employee was responsible for hiding $151 million in delivery expenses over the course of nearly three years, Macy’s said Wednesday. In a statement accompanying its quarterly earnings results, the department store chain said a single employee responsible for small package delivery expense accounting had intentionally created erroneous cost entries from the fourth quarter of 2021 through the third ...
The Tokyo government plans to introduce a four-day workweek for its employees in an attempt to support young families and boost record-low fertility rates nationwide. Tokyo Governor Yuriko Koike announced that starting in April, employees of the metropolitan government will have the option to take three days off each week. “We will review work styles … with flexibility, ensuring no ...
OpenAI said Monday it’s releasing its buzzy AI video-generation tool, Sora, later in the day. The AI video-generation model works similarly to OpenAI’s image-generation AI tool, DALL-E: A user types out a desired scene, and Sora will return a high-definition video clip. Sora can also generate video clips inspired by still images and extend existing videos or fill in missing ...