Local Legislators Fight 310 Area Code Overlay Again
South Bay legislators announced Monday they are banding together once again to fight the latest proposal by telecommunication companies to create more telephone numbers in the 310 area code, the Daily Breeze reported. Repeatedly stymied in their efforts to split the area code in the past seven years, telecommunication companies are trying an old tactic with a new twist: a 424 area code overlay for new telephone numbers. Legislators want public hearings to be held locally before the overlay request is granted by the state Public Utilities Commission.
Disney Wins Some Pooh Legal Costs
A Los Angeles County judge Monday scaled back a request by Walt Disney Co. to force its adversaries in the long-running Winnie the Pooh royalties case to pay the Burbank entertainment giant more than $1 million in court-related costs, the Los Angeles Times reported. In a tentative ruling, Superior Court Judge Carolyn B. Kuhl declined to grant the entire amount , $1,083,057 , that Disney was seeking from the heirs of Stephen Slesinger, who acquired the lucrative Pooh merchandising rights from author A.A. Milne in 1930. Disney, however, did not walk away from the hearing empty-handed. The Slesinger heirs will have to pay Disney at least $250,000.
CalPERS Will Take New Tack on Monitoring Corporations
Stung by criticism last year, the California Public Employees’ Retirement System will tone down its aggressive corporate governance crusade for auditor independence, the Daily News of Los Angeles reported. Trustees approved on Monday a new strategy this spring that targets a small fraction of the public companies in its $182.9 billion investment portfolio. The move officially abandons last year’s sweeping protest against outside auditing firms that do consulting work for their corporate clients.
States Follow Long Trail of Complaints Against Lender
Ameriquest Mortgage Co. said Monday that authorities in 25 states had raised questions about its lending practices, including the accuracy of its appraisals and how loan terms are described in spoken statements to borrowers, the Los Angeles Times reported. The Orange County-based company also said it had agreed to pay up to $50 million to settle a class-action lawsuit that alleges it defrauded thousands of borrowers in four states, including California. Ameriquest, the nation’s largest mortgage lender to people with credit problems or modest incomes, said it had “valid responses” to the concerns raised by attorneys general and other regulators in the 25 states.
Schwab Accuses Rival of False Ads
Discount brokerage pioneer Charles Schwab Corp. sued the TD Waterhouse Group Inc. on Monday, alleging that its rival’s advertisements falsely labeled Schwab as a high-priced firm with inferior service, the Associated Press reported. The trade libel complaint filed in state court underscores Schwab’s determination to reclaim its reputation as a bargain brokerage. Waterhouse’s aggressive ads, which first appeared in late 2003, rankled Schwab’s founder and chief executive even before the company’s recent price cuts. TD Waterhouse said it stood by its ads.
Treasury Bill Rates Rise to Highest in 3 1/2 Years
The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 2.735 percent, up from 2.71 percent last week, the Associated Press reported. An additional $18 billion in six-month bills was auctioned at a discount rate of 3 percent, up from 2.935 percent last week. The three-month rate was the highest since three-month bills averaged 3.18 percent on Sept. 10, 2001. The six-month rate was the highest since 3.12 percent on Sept. 10, 2001.
Sunset Strip’s Rainbow to Open in Vegas
Veteran music executives Jerry and Bob Greenberg have cut a licensing agreement with Mario Maglieri, owner of the Whisky a GoGo and the Rainbow Bar & Grill in West Hollywood, to open a Las Vegas version of the Rainbow, the Sunset Strip’s legendary rock ‘n’ roll bar, The Hollywood Reporter said. The Vegas location will open its doors over Memorial Day weekend.
