Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 for the first time in more than two years. GM shares reached $33.The Indiana Attorney General’s Office on Thursday filed an administrative complaint against Dr. Robert Bates, president of Allcare Dental & Dentures, for multiple licensing violations.
The national chain of dental offices closed abruptly in January 2011. Locations included Fort Wayne, Indianapolis, Muncie and Mishawaka. State officials contend that Allcare failed to issue refunds to patients who had paid in advance and neglected to transfer patient records to other dentists.
The complaint was filed with the Indiana State Board of Dentistry, which will determine whether a violation occurred and disciplinary action is warranted. A hearing is tentatively scheduled for Oct. 5.
Indiana law doesn’t permit the Dentistry Board to reimburse customers. Attorney General Greg Zoeller’s office is seeking restitution separately through bankruptcy proceedings, officials said in a news release.
Bates faces similar complaints in Ohio, Massachusetts, West Virginia, North Dakota and New Hampshire.
VW to pay billions for rest of Porsche
Volkswagen agreed to buy the 50.1 percent stake in Porsche’s automotive business that it doesn’t already own for $5.6 billion, ending a seven-year takeover saga that divided two of the most powerful families in Germany.
VW was able to proceed with the transaction two years earlier than planned after reaching an agreement with German tax authorities, it said late Wednesday.
The cash deal is based on an equity value of $4.82 billion and also includes what the Porsche holding company would have received in dividend payments and half of the forecast synergies from the combination.
U.S. accuses China over export duties
The United States launched a trade complaint Thursday against China at the World Trade Organization, accusing Beijing of unfairly imposing duties on more than $3 billion in exports of American-produced automobiles.
The announcement came as President Obama hit the campaign trail in the battleground state of Ohio, where automakers have been affected by the tariffs imposed in December.
It underscored how America’s trade relations with rising economic power China could color the political debate ahead of the November presidential election.
Study: Countrywide misused discounts
The former Countrywide Financial Corp., whose subprime loans helped start the nation’s foreclosure crisis, made hundreds of discount loans to buy influence with members of Congress, congressional staff, top government officials and executives of troubled mortgage giant Fannie Mae, according to a House report.
The report, obtained by The Associated Press, said that the discounts – from January 1996 to June 2008 – were not only aimed at gaining influence for the company but to help mortgage giant Fannie Mae. Countrywide’s business depended largely on Fannie.
