Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
The stream is slated to start at 2:30 pm ETThe Fedread more
This is a comparison of Wednesday's FOMC statement with the one issued on May 1 after the Fed's previous policy-making meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
Federal Reserve Chairman Jerome Powell said the case for a rate cut at central bank's Wednesday meeting is not strong enough.The Fedread more
If you're concerned about what Wednesday's Fed decision means for your bank account, mortgage loan or credit card — as well as student debt, home equity loan and car payment —...Personal Financeread more
The Federal Open Market Committee's quarterly economic forecast includes the so-called dot plot of where members see interest rates heading.The Fedread more
Employees spoke out on issues such as forced arbitration, workplace equity and Project Dragonfly at Alphabet's annual shareholder meeting.Technologyread more
The Federal Reserve lowered its inflation forecast for 2019 while keeping the growth expectations unchanged.The Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Barnes & Noble on Tuesday filed a countersuit seeking damages from the former chief executive officer it fired in part because of claims he sexually harassed a female employee.
The largest U.S. bookstore chain said Demos Parneros breached his duties of loyalty and good faith by sexually harassing the female employee, bullying subordinates, and attempting to "sabotage" a potential sale of the New York-based company.
In a statement, Parneros rejected Barnes & Noble's accusations. He said he never bullied anyone, called the sexual harassment claim "completely false," and said he was "fully supportive of the sales process from the start".
Parneros had accused Barnes & Noble of breach of contract and defamation in his Aug. 28 lawsuit, saying the company and Leonard Riggio, its founder and largest shareholder, made up reasons to fire him in July after just 14 months.
He sought more than $4 million of severance plus other damages.
In its countersuit, Barnes & Noble said Parneros' lawsuit "downplays what occurred," and that the company should recoup his salary, bonus and other benefits during the period of his "disloyal conduct" and cancel his outstanding equity awards.
Barnes & Noble said the female employee reported two incidents in which Parneros allegedly subjected her to unwanted touching or comments of a sexual nature.
It said that in the second incident, Parneros allegedly pulled the employee toward him so their faces touched, and as she tried to pull away he said she seemed like someone who "would put out" if he "wined and dined" her.
Barnes & Noble also said Parneros derailed a takeover that would have cost him the CEO role, after portraying the company as an "ugly mess" that had "no realistic prospects for success" in a June meeting with executives of the potential acquirer.
According to the countersuit, Barnes & Noble has received "additional complaints about Parneros' inappropriate behavior toward women" at the company since his termination. Barnes & Noble declined to elaborate.
The company is now considering its options, which could include a sale, and in July appointed a three-person leadership group to share the CEO duties until a replacement for Parneros could be found. Riggio remained executive chairman.
Barnes & Noble's share price has fallen by nearly two-thirds since July 2015. It has struggled with falling sales and foot traffic amid competition from rivals such as Amazon.com.
The case is Parneros v Barnes & Noble Inc, U.S. District Court, Southern District of New York, No. 18-07834.