Starbucks won't cut worker benefits ahead of Obamacare
Reuters reports that Starbucks Corp. CEO Howard Schultz said his company will not follow the lead of other companies that are cutting health insurance benefits or reducing hours for employees in anticipation of the Patient Protection and Affordable Care Act.

U.S. judge tosses BofA suit vs FDIC over $1.7 billion investor losses

Reuters reports that a federal judge threw out Bank of America Corp.'s lawsuit against the Federal Deposit Insurance Corp. (FDIC) over $1.7 billion of investor losses stemming from the collapses in 2009 of a large regional bank and a large mortgage lender. The lawsuit concerned the FDIC's role as receiver for a banking unit of Alabama's Colonial BancGroup Inc. and the implosion of Taylor, Bean & Whitaker Mortgage Corp., home to what federal prosecutors called a $2.9 billion mortgage fraud.

 

Not cool, bro: Billabong brand declared worthless

CNNMoney reports that shares of Australian surfwear maker Billabong plunged in Sydney trading after the company posted an annual loss of more than triple its market value. Shares fell as much as 15 percent before a late afternoon recovery. The Gold Coast-based company also wrote down to zero the value of its Billabong and Element brands, deeming them essentially worthless. Sales plummeted 13.5 percent compared with last year.