Homeowners settlement rejected
A Houston judge has thrown out a $750 million class-action settlement between thousands of the nation's homeowners and three chemical companies over faulty plastic plumbing.
Hoechst Celanese Corp., Shell Oil Co. and Du Pont Co. had agreed last October to settle a lawsuit claiming chemicals used to make polybutylene pipes and fittings damaged plumbing in homes nationwide.
In a Feb. 16 ruling made public late Monday, state District Judge Katie Kennedy rejected the settlement without giving a reason.
Lockheed to cut 800 jobs
Lockheed Corp.'s space and missile subsidiary will cut 800 jobs by the end of June, mostly in the San Francisco area, and said yesterday it might have to lay off 800 more workers later in the year.
A spokesman for Sunnyvale, Calif.-based Lockheed Space & Missile Co., which employs 14,630, said the layoffs are not related to Lockheed's proposed merger with Martin Marietta Corp.
HCIA stock offering listed at $14
HCIA Inc.'s initial public offering of 1.75 million shares yesterday was priced at $14 by an underwriting group led by Alex. Brown Inc. of Baltimore.
HCIA, a Baltimore-based health care information company specializing in clinical and financial data, had expected to sell the shares at $10 to $12.
Bell Atlantic adds to board
Bell Atlantic Corp. said yesterday that Joseph Neubauer, chairman and chief executive of Aramark, has been elected to its board. Mr. Neubauer, 53, has been with Aramark, formerly ARA Services Inc., since 1979 and chairman since 1984. Since 1986, he has served on the board of Bell Atlantic's operating subsidiary in Pennsylvania.
Essex stock raises $750,000
Essex Corp., a Columbia-based company that makes computer assisted training equipment and high-tech imaging devices, has raised $750,000 of a $2.5 million stock offering it began on Dec. 1. The company, which had set a $750,000 minimum for the offering, said it will continue to try to sell the rest of the stock.
Criimi Mae income climbed
Criimi Mae Inc. yesterday reported 1994 tax basis income of $29.6 million, a nearly 29 percent increase from the year before. The Rockville-based real estate investment trust attributed the increase to higher net capital gains and mortgage investment income. In the fourth quarter ended Dec. 31, Criimi Mae generated tax basis income of $5.5 million, compared with $5.1 million in the same period in 1993.