Connect with us

Stock Markets

Massachusetts to pay $56 million over deadly COVID outbreak at veterans’ home

Published

on


© Reuters. FILE PHOTO: Signs of support and remembrance are seen outside the Soldiers Home, where 88 veteran residents have died during the coronavirus disease (COVID-19) outbreak in Holyoke, Massachusetts, U.S., May 13, 2020. REUTERS/Brian Snyder

By Nate Raymond

BOSTON (Reuters) – The state of Massachusetts on Thursday agreed to pay $56 million to resolve a lawsuit by families of veterans who contracted COVID-19 during an outbreak at a veterans’ care center that killed 84 people early in the pandemic.

The proposed settlement would resolve a pending federal class action lawsuit by families of veterans who died as a result of the 2020 outbreak at Holyoke Soldiers’ Home, one of the deadliest to have occurred at a U.S. nursing facility.

Massachusetts Governor Charlie Baker’s administration said that under the settlement, families of deceased veterans would receive a minimum of $400,000, while veterans who contracted COVID-19 but survived would receive at least $10,000.

“While we know nothing can bring back those who were lost, we hope that this settlement brings a sense of closure to the loved ones of the veterans,” Baker said in a statement.

The settlement requires court approval and covers more than 160 veterans who became ill or died from March 1 to June 23, 2020.

Baker, a Republican, has faced criticism over his handling of the outbreak at Holyoke Soldiers’ Home, a 247-bed, state-run facility in Holyoke that provides healthcare, nursing and other services to veterans.

The deadly outbreak resulted in the removal of Bennett Walsh, the former superintendent of the facility, and prompted a series of investigations into leadership failures and other problems at the facility.

Walsh and former Medical Director David Clinton were charged with criminal neglect in September 2020 over their handling of the outbreak, but a judge in November 2021 dismissed the charges against them. The state’s attorney general is appealing.

The settlement is comparable in size to a similar one in New Jersey, which in December agreed to pay $53 million to resolve claims by families of over 100 veterans who died from COVID-19 while at state-run facilities.

(This story corrects typo in final paragraph to say a settlement would “resolve” claims)

Stock Markets

Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

Published

on


© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher after-hours following Q2 results, with EPS of $2.50 coming in better than the consensus estimate of $2.37. Revenue was $1.28 billion, compared to the consensus estimate of $1.26 billion.

The company expects Q3 non-GAAP EPS in the range of $2.01- $2.06 and revenue in the range of $1.21 billion – 1.24 billion. This is better than the consensus of $1.61 and $1.14 billion, respectively.

For the full 2022-year, the company expects EPS in the range of $8.63 – $8.70 and revenue in the range of $5 billion – $5.05 billion. This compares favorably to the consensus of $7.90 and $4.81 billion, respectively.

Shares of Synopsys were down 26% year-to-date going into the results.

By Davit Kirakosyan

Continue Reading

Stock Markets

Under Armour CEO Frisk Steps Down After 5 Tumultuous Years

Published

on


© Reuters. Under Armour CEO Frisk Steps Down After 5 Tumultuous Years

Under Armour, Inc. (NYSE:UA), announced that Patrik Frisk will step down as President and CEO and as a member of the board of the company, effective June 1, 2022.

Colin Browne, the company’s COO, was appointed as interim President and CEO until a successor is named. Frisk, who joined the company in 2017, will remain as an advisor through September 1, 2022.

Under Armour Founder and Chairman, Kevin Plank, thanked Frisk for his service and said the company is “committed to identifying additional opportunities to drive improved returns for our shareholders and deliver for athletes, partners, and teammates.”

Shares of Under Armour were down 50% year-to-date into the CEO announcement and down about the same amount since Frisk’s took over as CEO.

By Davit Kirakosyan

Continue Reading

Stock Markets

U.S. lodges labor complaint against Panasonic in Mexico

Published

on


© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced Technologies) at the Makuhari Messe in Chiba, Japan, October 2, 2017. REUTERS/Toru Hanai

By Daina Beth Solomon

MEXICO CITY (Reuters) – U.S. labor officials on Wednesday asked Mexico to probe whether workers at a Panasonic (OTC:PCRFY) auto parts factory were denied labor rights, marking the third U.S. labor complaint under a new trade deal that aims to improve workplace conditions in Mexico.

The request from the U.S. Trade Representative (USTR) comes after a Mexican union last month petitioned the U.S. government to probe Panasonic’s plant in the northern border city of Reynosa, alleging violations of the 2020 United States-Mexico-Canada Agreement (USMCA).

U.S. Trade Representative Katherine Tai said in a letter to Mexico’s Economy Minister Tatiana Clouthier that the agency was concerned workers were being denied rights to free association and collective bargaining at Panasonic Automotive Systems de Mexico.

Panasonic Corp of North America said in a statement it “respects and supports the rights of freedom of association and collective bargaining for our employees” and that it did not believe it denied these rights.

The unit of the Japanese industrial conglomerate said it would “continue to comply with all legal requirements … and cooperate with authorities as requested by the Mexican Government in its review.”

Tai noted that two previous labor complaints, also filed under the USMCA’s “Rapid Response Mechanism” that aims to swiftly resolve disputes, led to benefits for workers.

“When concerns arise, we will work swiftly to stand up for workers on both sides of the border,” Tai said in a statement.

Mexico’s economy and labor ministries did not immediately respond to requests for comment. The Mexican government has 10 days to agree whether to conduct a review.

The Mexican union that requested the inquiry, SNITIS, accused Panasonic of signing a union contract behind workers’ backs and of firing several dozen employees who protested.

Continue Reading

News

Stock Markets13 mins ago

Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher...

Stock Markets14 mins ago

Under Armour CEO Frisk Steps Down After 5 Tumultuous Years

© Reuters. Under Armour CEO Frisk Steps Down After 5 Tumultuous Years Under Armour, Inc. (NYSE:UA), announced that Patrik Frisk...

Coronavirus14 mins ago

Democrats warn abortion, voting rights at stake in Pennsylvania governor’s race

© Reuters. FILE PHOTO: Pennsylvania State Senator Doug Mastriano speaks at a protest against the state’s extended stay-at-home order to...

Cryptocurrency14 mins ago

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine? The past week has not been an easy...

World14 mins ago

Massachusetts identifies first 2022 U.S. case of monkeypox infection

2/2 © Reuters. An electron microscopic (EM) image shows mature, oval-shaped monkeypox virus particles as well as crescents and spherical...

Stock Markets14 mins ago

U.S. lodges labor complaint against Panasonic in Mexico

© Reuters. FILE PHOTO: A logo of Panasonic Corp is pictured at the CEATEC JAPAN 2017 (Combined Exhibition of Advanced...

Cryptocurrency43 mins ago

Meta trademark filing hints at plans for crypto payments platform

Meta trademark filing hints at plans for crypto payments platform Social media giant Facebook (NASDAQ:FB)’s parent company, Meta, may be...

Stock Markets43 mins ago

Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook

Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook Cisco Systems (NASDAQ:CSCO) shares dropped around 17% after-hours Wednesday...

Stock Markets44 mins ago

Cisco shares plunge after China lockdowns, Ukraine crisis hits outlook

© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...

Stock Markets44 mins ago

NASA set for Boeing’s Starliner uncrewed space capsule test

© Reuters. FILE PHOTO: The Atlas V rocket carrying Boeing’s CST-100 Starliner capsule is seen after the launch to the...

Stock Markets44 mins ago

Under Armour CEO Frisk to step down

© Reuters. FILE PHOTO: Under Armour clothing is seen for sale in a store in Manhattan, New York City, U.S.,...

World44 mins ago

Turkey’s Erdogan links Sweden, Finland NATO bid to return of ‘terrorists’

© Reuters. FILE PHOTO: Turkey’s President Tayyip Erdogan holds a news conference during the NATO summit at the Alliance’s headquarters...

Coronavirus44 mins ago

U.S. warns North Korea could greet Biden with nuclear, missile tests

© Reuters. FILE PHOTO: FILE PHOTO: North Korean leader Kim Jong Un walks next to what state media reports is...

Uncategorized1 hour ago

Wall Street ends sharply lower as Target and growth stocks sink

Stock Markets1 hour ago

Tesla cut from S&P 500 ESG Index, and Elon Musk tweets his fury

© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14,...

Stock Markets1 hour ago

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57%

© Reuters U.S. stocks lower at close of trade; Dow Jones Industrial Average down 3.57% Investing.com – U.S. stocks were...

Stock Markets1 hour ago

Cisco cuts results forecast on China lockdowns, Ukraine crisis; shares plunge

© Reuters. FILE PHOTO: The Cisco Systems logo is seen as part of a display at the Microsoft Ignite technology...

Economy1 hour ago

Stocks pummeled by growth worries, U.S. dollar climbs

2/2 © Reuters. A passerby wearing a protective face mask walks past an electric screen displaying a graph showing Japan’s...

Cryptocurrency1 hour ago

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB On May 17, United States Federal Reserve...

Economy1 hour ago

Fed’s Harker: soft landing possible, not forecasting recession

© Reuters. FILE PHOTO: A worker weighs meat at a butcher shop at Reading Terminal Market after the inflation rate...

Stock Markets1 hour ago

Under Armour CEO to Step Down

© Reuters. By Yasin Ebrahim Investing.com — Under Armour said Wednesday Patrik Frisk would be stepping as chief executive on June...

Cryptocurrency2 hours ago

Early polling from Terra vote indicates 91% are in favor of ‘rebirth’

Early polling from Terra vote indicates 91% are in favor of ‘rebirth’ Terraform Labs CEO Do Kwon’s plan to create...

Stock Markets2 hours ago

Stock Market Today: Dow in Biggest Slump Since 2020 on Turmoil in Target, Tech

© Reuters By Yasin Ebrahim Investing.com — The Dow slumped Wednesday, as a selloff in tech and a plunge in Target’s...

Stock Markets2 hours ago

Wall Street ends sharply lower as Target and growth stocks sink

2/2 © Reuters. FILE PHOTO: A trader works on the floor of the New York Stock Exchange (NYSE) in New...

Stock Markets2 hours ago

Cisco Earnings Beat, Revenue Misses In Q3

© Reuters. Cisco Earnings Beat, Revenue Misses In Q3 Investing.com – Cisco (NASDAQ:CSCO) reported on Wednesday third quarter earnings that...

Coronavirus2 hours ago

U.S. health secretary tests positive for COVID on trip to Berlin

© Reuters. FILE PHOTO: Secretary of Health and Human Services Xavier Becerra testifies before the Senate Health, Education, Labor, and...

Sports & General2 hours ago

Can dogs be pets, N.Y. judge asks lawyer trying to free Happy the elephant

2/2 © Reuters. An elephant named Happy is pictured in the Bronx Zoo, in New York City, New York, U.S.,...

Economy2 hours ago

Fed’s Harker sees 50 bps rate hikes in June, July, then ‘measured’ hikes

© Reuters. FILE PHOTO: Shoppers are seen wearing masks while shopping at a Walmart store, in North Brunswick, New Jersey,...

Stock Markets2 hours ago

Synopsys Earnings, Revenue Beat in Q2

© Reuters. Synopsys Earnings, Revenue Beat in Q2 Investing.com – Synopsys (NASDAQ:SNPS) reported on Wednesday second quarter earnings that beat...

Stock Markets2 hours ago

Tesla’s Musk says he ‘can no longer support’ Democrats, ‘will vote Republican’

© Reuters. FILE PHOTO: Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide,...

Trending