The fallout from the U.S. crackdown on Huawei intensified this week, as trade negotiations between Washington and Beijing reportedly hit a roadblock.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
See which stocks are posting big moves after the bell on Monday, May 20.Market Insiderread more
Binny Bansal, co-founder of Indian e-commerce giant Flipkart, says there are three traits that led to the business landing a record-breaking sale to retail giant Walmart.Entrepreneursread more
Silicon Valley argues that Wall Street focuses too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
U.S. President Donald Trump told his supporters in Pennsylvania that his high-stakes trade war with China had strengthened the state's steel industry and jobs.Politicsread more
Iran has quadrupled its output of nuclear material amid rising tension with the U.S. and dangerous escalations in the Middle East.Energyread more
recall@ (Adds Starbucks statement, details about recall)
NEW YORK, May 10 (Reuters) - Bodum Holding AG sued Starbucks Corp on Friday for alleged product disparagement in connection with the coffee company's recent U.S. and Canadian recall of 263,200 co-branded French presses made from recycled materials.
In a complaint filed in federal court in Manhattan, Bodum said Starbucks had no basis to "unilaterally" conduct the May 1 recall because the Bodum + Starbucks presses were not defective and met required specifications.
Bodum also accused Seattle-based Starbucks of creating the impression that Bodum French presses in general are defective, causing a media backlash and "significant brand damage" to the Lucerne, Switzerland-based company.
The lawsuit seeks to force Starbucks to pay all costs for the recall and pay damages to Bodum for hurting its reputation.
Starbucks believes Bodum's claims are without merit. In a statement, it said it recalled the French presses because of customer complaints, and stood by the decision because it took employee and customer safety "very seriously."
Bodum is among the best-known makers of French presses, and has sold them at Starbucks under a 2002 purchasing agreement.
People use the presses by adding ground beans and hot water to a pot and, after steeping, pushing down on a plunger to make coffee.
Starbucks said it recalled presses sold from November 2016 to January 2019 for about $20 each after receiving nine reports of broken plunger knobs, resulting in lacerations or punctures.
According to the complaint, Starbucks recalled the presses even though laboratory tests found no evidence of product or design defects, because it had become "particularly sensitive to recall issues" after paying large fines in an earlier recall.
Bodum also said Starbucks plans to expand the recall to Latin America, Europe, the Middle East and the Asia-Pacific region, an "unwarranted" action that is causing "unacceptable damage to the Bodum brand worldwide."
The case is Bodum Holding AG et al v Starbucks Corp, U.S. District Court, Southern District of New York, No. 19-04280. (Reporting by Jonathan Stempel in New York; Additional Reporting by Rishika Chatterjee; editing by Jonathan Oatis and Diane Craft)