Wells Fargo reaches $110M settlement over fake accounts

Wells Fargo & Co. has reached a $110 million settlement with customers nationwide over claims its employees set up fraudulent deposit and credit-card accounts to meet high-pressure sales targets. The deal, which covers dozens of lawsuits filed across the country, still must be approved by a judge. Separately, the Office of the Comptroller of the Currency has downgraded Wells’ rating on its compliance with community banking laws to “needs to improve.”

Berger, Moore say they have HB2 agreement, but Gov. Cooper denies deal

N.C. House and Senate leaders say that Republicans are willing to agree “in principle” to House Bill 2 changes they say were proposed last week by Gov. Roy Cooper – but the Democratic governor says there are “still issues to be worked out.” The announcement late Tuesday came the same day that a leading Raleigh sports event recruiter said that the legislature had less than 48 hours to address NCAA concerns about the so-called “bathroom bill” or lose the ability to host championships through 2022.

InterContinental Hotel to rise atop Carolina Theatre

Charlotte is getting a major new luxury hotel as part of the long-planned restoration of the historic Carolina Theatre in uptown. Foundation for the Carolinas, which owns the theater, says developers will construct a 250-room, 20-story InterContinental-brand hotel on top of the building. Renovations of the theater are slated to begin in May.

Red Hat shares rise on strong revenue growth

Red Hat shares rose more than 5% Tuesday after the business software company reported a better-than-expected 16% jump in quarterly revenue. Adjusted net income totaled $110 million, or 61 cents per share, up from $97 million, or 52 cents per share, a year ago. The Raleigh-based company, which has 10,500 employees, expects to add 1,000 new hires company-wide this year.

Shareholders approve $1.5B acquisition of FairPoint

Shareholders have approved Illinois-based Consolidated Communications Holdings’ purchase of FairPoint Communications of Charlotte. The deal is valued at $1.5 billion, with Consolidated assuming FairPoint’s debt and offering dividends to stockholders. The lion’s share of FairPoint’s phone and communications business is in Maine, New Hampshire and Vermont.

NTE Energy to launch construction on second N.C. power plant

NTE Energy will start construction late this year on its second natural gas merchant plant in North Carolina, the 500-megawatt Reidsville Energy Center. The Florida-based company is in negotiations with local cooperatives and municipal utilities for long-term power purchase agreements. NTE’s 475-megawatt Kings Mountain plant is slated to open in late 2018.

CEO at SPX gets $4.1M in compensation

Charlotte-based SPX Corp. awarded CEO Eugene Lowe $4.1 million in total compensation for 2016, about 6% less than he got in 2015 following the spin-off of SPX Flow. Lowe and other executives earned more in total compensation in 2015 because they received a large option award following the successful separation from SPX Flow. Lowe became CEO of the power company after the two companies split in September 2015.

Sealed Air to sell Diversey unit for $3.2B

Charlotte-based Sealed Air Corp. is selling over a third of the company to Bain Capital Private Equity of Boston for $3.2 billion. Sealed Air – known for making Bubble Wrap – says the deal does not affect its 2014 pledge to relocate more than 1,200 jobs to Charlotte. The sale of Sealed Air’s Diversey Care cleaning products business, as well as the food hygiene and cleaning business within its food-care division, is slated to close in the second half of this year.

Panthers counter report that team will be sold

The rapid-fire relocation of three football franchises to Los Angeles and Las Vegas over the last 15 months raises questions about which team might be the next to move – or more specifically, would the Carolina Panthers ever bolt Charlotte? The short answer is not in owner Jerry Richardson’s lifetime, despite a CBS Sports.com report that speculated about the long-term future of the team that was quickly shot down by the Panthers, and probably not under a new owner, either.

Contact Us

Questions or feedback? Drop us a message!

Start typing and press Enter to search