Posted on Thursday, October 30th, 2014 at 6:04 pm
U.S. drug company AbbVie is aborting its plan to acquire Irish pharmaceutical company Shire for $55 billion due to the U.S. Department of Treasury’s regulatory changes aimed at limiting the amount of businesses changing locations for lower business tax rates, Reuters reported on October 20.
Abbvie dropped its multi-billion dollar bid for Shire after its board of directors decided that the transaction will no longer be beneficial for the company. AbbVie’s Chief Executive, Richard Gonzales, said the amendments made by the Treasury “created an environment of risk and uncertainty” that would make the acquisition unfavorable for stakeholders.
The Chicago-based pharmaceutical company will pay a $1.64 billion breakup fee for deciding to withdraw from the deal.
Legislative changes may directly impact business transactions you are planning to undertake. Our team of Cedar Rapids business law attorneys at Arenson & Maas, PLC, is always abreast with the current business law issues that may affect your business endeavors. Call us at (319) 363-8199 today to discuss your legal needs.
Posted on Monday, October 27th, 2014 at 5:04 pm
Auto dealers throughout Cedar Rapids have been receiving calls from owners concerned that their vehicle could be equipped with defective Takata airbags. Recently, the National Highway Traffic Safety Administration (NHTSA) expanded an existing recall of vehicles equipped with these potentially dangerous airbags, with the overall number of affected units now totaling 7.8 million. This figure is an increase from an original recall of 4.7 million vehicles. The specific danger with these airbags is that they may explode, forcibly expelling metal and plastic shards that can injure drivers and passengers.
The affected vehicles include a wide range of makes and models, spanning model years 2000-2008. However, as Dave Wright of Dave Wright Auto recently pointed out, if a person’s vehicle is listed in the recall, it doesn’t necessarily mean that it is equipped with the defective airbags. Owners are advised to call their local dealership and provide them with the VIN so they can determine whether or not it is specifically included in the recall.
Right now, companies are sending out letters to owners affected by this safety concern, and are coming up with a plan for how to best address the service needs of these vehicles. According to the NHTSA, vehicles that are in areas with high temperatures and high humidity are most at risk for the dangers posed by these airbags, and vehicle owners in such locations should take action to address the recall as soon as possible.
Posted on Monday, October 20th, 2014 at 5:37 pm
The FedEx Ground Package System Inc., which is part of Memphis, Tenn.-based FedEx Corporation, is now facing a federal lawsuit over allegations of discrimination against deaf and hard-of-hearing applicants and employees, The Wall Street Journal reported on October 10.
The Equal Employment Opportunity Commission (EEOC) accused the company of violating the Americans with Disabilities Act, which requires employers to provide reasonable accommodations for disabled job applicants and employees. The EEOC alleged that for over many years, the company failed to provide closed-captioned videos and American Sign Language interpretation during new-hire orientations, tours, staff consultations, and safety meetings.
Meanwhile, the company said it is adhering with the law and is ready to contest EEOC’s reportedly groundless accusations.
Allegations like this can tarnish the reputation of your business. When facing business accusations in Cedar Rapids, fortify your legal defenses by speaking with an attorney at Arenson & Maas, PLC. Call us at (319) 363-8199 to learn more about how we can be of help.