Top News & Analysis Massachusetts

  • WASHINGTON/ NEW YORK, Sept 29- U.S. lawmakers called on Thursday for Wells Fargo& Co chief John Stumpf to resign and a top House Democrat demanded the bank be broken up because it is too big to manage. Wells Fargo staff opened checking, savings and credit card accounts without customer say-so for years to satisfy managers' demand for new business, according to a $190...

  • WASHINGTON— The Education Department is pursuing debt collection— rather than debt relief— for nearly 80,000 former students of Corinthian Colleges, despite federal and state findings that the now-defunct for-profit chain defrauded students, Sen. Warren said the debt collection has resulted in "many having their credit slammed, their tax refunds seized,...

  • WASHINGTON/ NEW YORK, Sept 29- U.S. lawmakers called for Wells Fargo& Co chief John Stumpf to resign on Thursday and a top House Democrat demanded the bank be broken because it is too big to manage. Stumpf's second trip to Capitol Hill on Thursday went no better than his first as lawmakers from both parties angrily rebuked his handling of sales abuses and said the bank...

  • Wells Fargo was ordered to pay $190 million in fines and restitution this month after regulators said its high-pressure sales environment led to the opening of as many as 2 million customer accounts that customers may not have authorized. Wells Fargo spokeswoman Richele Messick declined to comment on the employees' allegations but said the bank "takes...

  • WASHINGTON/ NEW YORK, Sept 29- Wells Fargo& Co chief John Stumpf's second trip to Capitol Hill on Thursday went no better than his first as lawmakers from both parties angrily rebuked him for the handling of sales abuses and said the bank has damaged customer trust as well as the broader banking system. Representative Mick Mulvaney, a South Carolina Republican,...

  • PORTLAND, Maine— Interstate fishing regulators are working on a new plan to manage the monkfish fishery on the East Coast. The New England Fishery Management Council has initiated a plan to create new fishing specifications for the fish for the next three years. Fishermen catch monkfish from Maine to North Carolina, though most are brought ashore in...

  • WASHINGTON/ NEW YORK, Sept 29- Wells Fargo& Co Chief Executive Officer John Stumpf on Thursday offered Capitol Hill lawmakers a series of actions to fix widespread sales abuses but remained defensive on issues like consumer lawsuits, the weakness of an internal investigation and his sale of Wells Fargo shares. Jeb Hensarling, the Republican chairman of the...

  • BOSTON— ExxonMobil has polluted the Mystic River while failing to plan for the potentially severe impacts of climate change at its Boston- area fuel storage terminal, according to a lawsuit filed Thursday by an environmental advocacy group. The lawsuit filed in U.S. District Court by Conservation Law Foundation accuses ExxonMobil of discharging toxic...

  • WASHINGTON/ NEW YORK, Sept 29- Wells Fargo& Co Chief Executive Officer John Stumpf returned to Capitol Hill on Thursday offering a package of actions to fix widespread sales abuses that have exploded into a scandal in Washington and on Wall Street. Stumpf, who again faced tough questioning, told House of Representatives lawmakers that Wells Fargo will eliminate...

  • Las Vegas resident Michael Catania was surprised when he plugged his name into MissingMoney.com, a website for unclaimed-property searches, and learned that Massachusetts was holding money for him from a forgotten bank certificate of deposit. The adjunct music professor had lived in four states over the past decade, including Massachusetts, where he had...

  • WASHINGTON, Sept 29- At least five Wells Fargo employees have sued the bank or filed complaints with regulators alleging that they were fired after reporting the opening of customer accounts without their permission, according to a Reuters review of lawsuits and complaints to the U.S. Labor Department. Wells Fargo spokeswoman Richele Messick declined to...

  • Sept 29- Wells Fargo& Co Chief Executive Officer John Stumpf returns to Capitol Hill on Thursday with his job under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street. Stumpf will appear before the House Financial Services Committee, his second congressional appearance in...

  • Sept 29- Wells Fargo& Co's Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street. California, Wells Fargo's home state, suspended business relationships with the bank for a year on Wednesday...

  • BOSTON— Denmark's Crown Prince Frederik and Crown Princess Mary are kicking off a two-day trade mission to Boston. The couple is expected to attend a business dinner with Boston Mayor Marty Walsh later Thursday and be greeted by Gov. This story has been corrected to remove a reference to Boston Mayor Marty Walsh attending the Boston University event.

  • BEDFORD, Mass. _ Progress Software Corp. on Wednesday reported fiscal third-quarter net income of $7.6 million, after reporting a loss in the same period a year earlier. For the current quarter ending in November, Progress Software expects its per-share earnings to range from 55 cents to 58 cents. Progress Software expects full-year earnings in the range of...

  • The company said it had entered into a non-binding agreement with lenders AB Opportunity Fund LLC, AB Value Partners LP and affiliates of Milfam II LP under which these lenders have offered to buy Cosi's assets and serve as a "stalking horse" bidder in a sale process. The company said it had net sales of $22.3 million, with net losses of about $3.1 million and cash on...

  • In court documents, Cosi Inc. said it has between $10 million and $50 million in assets and the same amounts in debt. Last month, the company reported a second-quarter loss of $3.1 million after reporting a loss of $3.8 million in the same period a year before. Cosi said that its lenders AB Opportunity Fund, AB Value Partners and firms connected to Milfam, are...

  • Cosi

    Cosi filed for Chapter 11 bankruptcy protection Wednesday in federal court in Massachusetts. USAToday reports.

  • The Boston- based company, known for its homemade flat bread, has assets of $31.24 million and debt of about $20 million, according to a court filing. The company said it had entered into a non-binding agreement with lenders AB Opportunity Fund LLC, AB Value Partners LP and entities affiliated with Milfam II LP under which the DIP lenders offered to buy Cosi's...

  • HARTFORD, Conn.— A $220 million agreement that would keep Sikorsky Aircraft Corp. in Connecticut for at least the next 16 years to produce a new line of heavy cargo helicopters for the U.S. military easily cleared the General Assembly on Wednesday, with some lawmakers hailing the deal as a positive sign for manufacturing in the state. Dannel P. Malloy's...