Money Minute: Penney Dealt Blow in Legal Battle With Macy's

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Struggling retailer J.C. Penney gets hit with another blow, this time for its relationship with Martha Stewart.

In an ongoing legal battle between three retail giants the New York Supreme Court has ruled that J.C. Penney (JCP) "interfered" with a contract struck between Macy's (M) and Martha Stewart Living Omnimedia (MSO) in 2006.

Macy's claims it had signed an exclusive deal then to carry Stewart's branded products but in 2011 Stewart struck a deal with Penney. Macy's sued both parties and settled with Stewart but not Penney. Monetary penalties will be decided later on and Penney is considering appealing. The wardrobe drama continues.

If you've ever thought of speaking out about malfeasance at your firm but were afraid of being demoted here's a bit of encouragement. The Securities and Exchange Commission has just fined hedge fund Paradigm Capital Management $2.2 million for punishing a whistle-blower who filed a complain with the SEC. It's the first time an investment firm has been punished by the SEC for punishing those with the guts to speak up.

From a PR perspective BP (BP) may be on the path to recovery. The energy giant has just been awarded its first Pentagon contract since it was barred from doing business with the U.S. government following the Deepwater Horizon oil spill in 2010. The $43 million natural gas deal comes after BP agreed to improve its safety record, operations, corporate governance and ethics.

Here on Wall Street on Monday, the Dow Jones industrial average (^DJI) rose 5 points, while the Nasdaq composite (^IXIC) gained 10 and the Standard & Poor's 500 index (^GPSC) rose 1 point.

Finally, if the Ford Escape is your favorite vehicle you have something in common with car thieves. According to a new study by the National Insurance Crime Bureau it is the most favored SUV among auto thieves. From 2010 through 2013, 1,421 Ford Escapes were stolen. The other top favorites are also Ford (F) models: the Edge and the Explorer. The states most vulnerable to SUV thefts are California, followed by Florida, Michigan, Texas and New York.

-Produced by Karina Huber.


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Roger

I have empathy for the "short person" on August 18th with JCP earnings.....the above article has been around the block, several times....wake-up!

July 30 2014 at 12:33 PM Report abuse rate up rate down Reply
rssmray

Martha does the double wheel and deal. She should go back to prison. Neither JCP or Macy can afford a legal battle. Unless they are after free advertising.

BP is cozy to the idea they will get to build the pipeline? NONE of the oil companies pay Taxes. You might think they would do something for Free?? Anytime oil is mentioned Politicians get huge campaign donations...same goes with Health Insurance... BP will disobey the rules, pay another large fine, the Government gobbles-up the money, spends it on themselves, and the Taxpayer sees more wasted Political time in Office, doing nothing but Gab, finger point, the Merry-Go-Round never quits.

June 17 2014 at 2:24 PM Report abuse -1 rate up rate down Reply
Iselin007

The experimenting with eliminating manufacturing has destroyed this countries economy. All the high technology is leaving the majority of the labor force in poverty and joblessness.

June 17 2014 at 1:57 PM Report abuse +2 rate up rate down Reply
Iselin007

They are fighting over goods produced in another country because it say's Martha on it?

June 17 2014 at 1:35 PM Report abuse +1 rate up rate down Reply
jim.lapt

My hubby puts BP gas in our new A6, he special ordered it. We are so happy that our wonderful president Obama approves of gay marriage, isn't he just wonderful ? We bought a nice new double-wide and we are the envy of our manufactured home community. We have the nice big corner lot, and I know everyone is jealous.

June 17 2014 at 1:18 PM Report abuse +1 rate up rate down Reply
teaparty2implode

America Is Globally Shamed For Its Pathetic Minimum Wage

America is treating its low-wage workers so badly that it's starting to get shamed by the rest of the world.

The International Monetary Fund on Monday cut its forecast for U.S. economic growth this year, warned of sluggish growth for years to come, and made a bunch of suggestions for getting America's economic house in order -- including raising the abysmally low federal minimum wage of $7.25 an hour.

"[G]iven its current low level (compared both to U.S. history and international standards), the minimum wage should be increased," the global financial-stability group wrote in its annual assessment of state of the U.S. economy. "This would help raise incomes for millions of working poor and (help) ensure a meaningful increase in after-tax earnings for the nation’s poorest households."

The IMF didn't say how much it thought the minimum wage should be, exactly. President Barack Obama has proposed an increase to $10.10 an hour. If the minimum wage had been adjusted for inflation regularly, it would be at least $10.68, according to the National Employment Law Project. Many fast-food workers would prefer $15 an hour. If wage floors had been raised to keep up with productivity, then they would be closer to $22 an hour.

However you figure it, the wage is too low, and one of the lowest among the world's developed economies.

The point is moot at the moment, because Republicans in Congress want nothing to do with a higher minimum wage. States and cities are starting to take matters into their own hands, led by Seattle, which recently raised its minimum wage to a highest-in-the-nation $15.

In fact, Republicans in Congress oppose many of the suggestions the IMF made for getting U.S. economic growth moving again, including infrastructure investment and immigration reform. Without such things, the IMF said, it expects U.S. gross domestic product growth to average 2 percent a year for "the next several years," below its historic average of more than 3 percent. The IMF also cut its forecast for growth this year to 2 percent from an earlier estimate of 2.8 percent.

What more evidence do you need to show how the TPGOP is sabotaging our economy. I hope the Lord sees what these evil scum bags are doing and how it's hurting the middle class and the poor. We know that the rest of the world sees it.

June 17 2014 at 11:53 AM Report abuse -2 rate up rate down Reply
2 replies to teaparty2implode's comment
teaparty2implode

The TPGOP claims they are for the middle class, yeah right.

June 17 2014 at 12:33 PM Report abuse rate up rate down Reply
progressivehoax

Not the IMF copy and paste again.

June 17 2014 at 1:42 PM Report abuse -2 rate up rate down Reply
Brian & Tara

toosmart4u,

Please provide some evidence that ONLY Republicans and the companies with ties to Republicans are a big money machine. I hope for your sake you won't be so foolish to make the mistake that Democrats are not greedy at all.

June 17 2014 at 11:05 AM Report abuse +4 rate up rate down Reply
toosmart4u

More complaints from the republicans who cannot think for themselves, just waiting for the big money machine of the republicans on what to say and do.

June 17 2014 at 10:39 AM Report abuse +1 rate up rate down Reply
Tom Harrell

BP gets a Pentagon Contract (or is that a CON tract) ? ?
Why don't we turn the ARMY over to Haliburton ? ? ?
Profit Vs Protection ? ?------------Protection Sucks WIND when it is Opposed by the "PROFIT MARGIN". !

June 17 2014 at 8:44 AM Report abuse +1 rate up rate down Reply
hidinginoz

Isnt it a shame that BP gets a contract with the Pentagon after killing 11 men and causing damage to millions of people and businesses, let alone the permanent damage to the Gulf of Mexico, without having to pay anything back.? They have clogged up the juditial system Louisianna for 4 years and have yet to pay restitution to most of the people they should have had to pay damages to. I wonder who"s pockets got lined in the White House for this contract? I guess we can kiss our country and its resources goodbye now.

June 17 2014 at 8:34 AM Report abuse +2 rate up rate down Reply