Workers sue SBC over 401(k)

Article Abstract:

SBC Communications Inc (SBC) is sued by 18 current and former employees for alleged manipulation of their 401(k) retirement plan. In a lawsuit filed on Apr 18, 2000 in federal district court in Los Angeles, CA, the employees claimed that SBC in May 1998 began selling around $635 million in AirTouch stock from the 401(k) plan without their consent, costing the employees an estimated $1.15 billion in lost profits. The stock has more than doubled, from $22.28 to $50.13 per share.

Wired Telecommunications Carriers, Telephone Communications, Telephone services, AT&T Inc.

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Visa, MasterCard targets of Justice antitrust lawsuit

Article Abstract:

Visa USA and MasterCard International will be respondents to the soon-to-be filed antitrust lawsuit of the Justice Department. The agency is planning to file a lawsuit, probably this week, against the companies for their rule that bar banks that carry their credit cards from offering other rival cards. The Justice lawsuit is likely to rule whether it is anti-competitive for the same banks to have significant ownership of both Visa and MasterCard. The proposed Justice lawsuit against Visa and MasterCard is not expected to impact on consumers, but it will do help American Express in its effort to compete more in the credit market.

Comment:

Along w/ Visa USA, will be respondents to the soon-to-be filed antitrust lawsuit of Justice Department

Commercial banks, MasterCard International Inc., Visa U.S.A. Inc., Article

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First Union accused of gouging employees

Article Abstract:

First Union is facing a lawsuit filed on behalf of around 100,000 current and former employees, who complained about their 401(k) plan. The employees claim that the retirement plan charges them the full price for services, whereas typical plans accord discounts and rebates on fee. The lawsuit also alleges that bank only allows the employees to invest in its funds, instead of providing a wide range of investment options.

First Union

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