'64 order against Giant voided
The Federal Trade Commission yesterday set aside a 1964 order against Giant Food Inc. that prohibited the grocery chain from influencing its suppliers. The order stemmed from a 1955 FTC complaint against the company that was upheld by the D.C. Circuit Court of Appeals in 1962. The complaint charged the Landover-based grocery chain with inducing its suppliers to offer, or receiving from its suppliers, compensation for promotional services that Giant knew were not equal to terms those suppliers offered other retailers.
The FTC last year announced a "sunsetting" policy setting aside complaints older than 20 years after a public review period.
Giant submitted a petition in June to set aside the order. The request was granted when no comments were received.
Judge disallows protection for Dow
U.S. District Judge Denise Page Hood in Detroit refused yesterday to allow Dow Corning Corp.'s bankruptcy case to shield its parent companies from thousands of breast-implant lawsuits nationwide. She ruled that the cases against Dow Chemical Co. and Corning Corp. -- co-owners of Dow Corning -- can proceed despite Dow Corning's Chapter 11 bankruptcy filing.
An attorney for about 300 Michigan women suing the companies over leaky breast implants called the ruling "a stunning defeat" for what he said was a Dow Chemical strategy to hide behind Dow Corning's bankruptcy. "This is the best news for the breast implant women in months," J. Douglas Peters said. "The delaying game is up."
Dow Chemical spokesman John Musser said that the company would appeal.
Ryder sues Teamsters union
Ryder Automotive Carrier Group Inc. yesterday filed a multimillion-dollar federal lawsuit in Alexandria, Va., against the Teamsters union.
The suit is an effort to end a week-old, 5,000-member strike against the company, which transports new cars and trucks from factories, ports and distribution centers for all the major automakers. It contends the strike is illegal and seeks damages of $1 million a day for lost revenue.
Nasdaq review promises change
A top-to-bottom review of the Nasdaq stock market will propose "dramatic" changes in how the market is governed, a source told the Associated Press yesterday.
Former Sen. Warren B. Rudman of New Hampshire and six prominent Wall Street officials have been studying the Nasdaq and its parent, the National Association of Securities Dealers Inc., since November. The panel's report is scheduled to be given to the NASD Board of Governors this weekend and released publicly Tuesday.
The Rudman report, in part, will focus on how the nation's second-largest stock market is governed and will support greater public participation in the NASD, said the source, who is familiar with the report's contents but spoke on condition of anonymity.