Federal safety regulators are seeking up to $162.4 million in fines against American Airlines and its affiliates for alleged violations of U.S. safety standards dating back several years. The sanctions would dwarf any previous penalties against an airline.
Many of the investigations had not been disclosed until the Federal Aviation Administration filed documents describing them to the federal court handling the bankruptcy case of American and parent AMR Corp.
The court documents underscore the scope and depth of FAAs concern about the maintenance program at American, the nations third-largest airline.
American said Tuesday that it has been working with federal officials for several years to improve training and oversight in its maintenance operations.
Pfizer settles cases of alleged bribery
Pfizer, the worlds biggest drugmaker, agreed to pay $60.2 million to settle foreign bribery cases it brought to U.S. authorities involving alleged payments paid by subsidiaries.
Pfizer entered into two agreements with the Securities and Exchange Commission and reached a deferred prosecution accord with the Department of Justice, according to federal court filings.
U.S. law enforcement authorities have been investigating drugmakers – including Teva Pharmaceutical Industries, AstraZeneca, Bristol-Myers Squibb and GlaxoSmithKline – for possibly breaking an overseas anti-bribery law that bars employees or their agents from paying bribes to foreign government officials to obtain or retain business.
Tuesdays settlements stem from payments and gifts New York-based Pfizer said its foreign units made to government-employed doctors and workers in eastern Europe, China and the Middle East.
Cleaner firm targets ex-foundry for home
Conestoga LLC is investing $1.2 million in renovations at the former Fort Wayne Foundry, 3404 Conestoga Drive, in Centennial Industrial Park.
The company, affiliated with Summit Brands, will package and distribute consumer cleaning products. Conestoga officials request for a 10-year tax abatement is scheduled to be introduced to the City Council on Tuesday. The tax break would save the business $179,750.
Conestoga plans to hire two employees who will each make $26,000 annually. The company now employs 20.
The former foundry spans 105,000 square feet and is described as being in poor condition in the abatement application. Conestoga purchased the building May 10 for $700,000, according to the application.
Knight Capital gets trading job restored
Knight Capital, the trading firm that fought for its survival over the weekend, is getting back its trading responsibilities.
The New York Stock Exchange said Tuesday it will restore Knight to its job as a designated market maker next week. The NYSE had temporarily suspended Knight from that role Monday as the trading firm narrowly avoided collapse.
A market maker ensures there is orderly trading of the stocks its in charge of. That means it has to be ready to buy and sell those stocks at any time.
Knight is in charge of 524 stocks listed on the NYSE, out of about 2,300.
Knight is still recovering after a technical foul-up in its systems flooded the market with erroneous orders last Wednesday.