Stock exchange bars ex-trader
Joseph Jett, a former Kidder, Peabody & Co. trader accused of creating $350 million in phony profits, was barred yesterday by the New York Stock Exchange from trading securities or working for an NYSE-affiliated employer.
The Big Board said it censured Mr. Jett for refusing to testify before a panel investigating his trading.
Mr. Jett has said he is innocent of the charges.
GM Delaware plant to stay open
General Motors Corp. plans to keep open its Wilmington, Del., car assembly plant until at least mid-1998, two years beyond its scheduled closing, the plant's 3,800 employees were told yesterday.
The plant, which now makes Chevrolet Corsica and Beretta cars, had been slated to close in mid-1996 as part of GM's huge plant-closing program, announced in late 1992.
Fox network to fight challenge
News Corp.'s Fox television network promised yesterday to fight what it called an "improper" regulatory challenge of its ownership structure by General Electric Co.'s NBC television unit.
Fox's vow came after NBC asked the Federal Communications Commission yesterday to declare the Fox TV network foreign-owned and in violation of federal rules.
NBC complained that while K. Rupert Murdoch -- now a U.S. citizen -- has the majority of voting shares of Fox, his Australian-based media company, News Corp. Ltd. controls the network.
Times Mirror settlement OK'd
A Delaware judge yesterday approved Times Mirror Co.'s settlement of shareholder lawsuits that sought to block the sale of its cable TV operation.
The settlement, which offers shareholders an opportunity for higher dividends for three years, must still be approved by a California state judge at a hearing tomorrow. That approval would end all litigation related to Times Mirror's proposed sale of its cable business to Cox Enterprises Inc. for $2.3 billion, announced in June.
The settlement stems from a rash of suits filed by shareholders that alleged the cable sale shortchanged them by favoring Times Mirror's controlling shareholders, members of the Chandler family of Los Angeles.
Symtron Systems secures deal
Symtron Systems Inc. has received a $2 million contract from the Port Authority of New York and New Jersey to install an aircraft firefighter training simulator at John F. Kennedy International Airport. Symtron is a subsidiary of United Industrial Corp., the parent of AAI Corp. in Cockeysville.