Category: BUSINESS

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Comcast fails to get hidden fee class-action suit thrown out of court

A class-action complaint against Comcast can move forward after a federal judge rejected a Comcast motion to dismiss it.

The lawsuit, filed in October 2016 in US District Court in Northern California, accuses Comcast of falsely advertising low prices and then using poorly disclosed fees to increase the amount paid by cable TV customers. Those fees are the “Broadcast TV Fee,” which had increased from $1.50 a month to $6.50 since 2014, and the “Regional Sports Fee” that rose from $1 to $4.50 since 2015.

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Wells Fargo Cuts 70 Senior Managers Amid Scandal

Wells Fargo & Co., the lender struggling to overcome a fake-accounts scandal in its community bank, said the division’s new leader is cutting about 70 senior executive jobs.

The lender will reduce the number of regional and area presidents to 91, Mary Mack, head of the retail bank, said Friday in a memo to staff, a copy of which was obtained by Bloomberg. Bank spokeswoman Bridget Braxton confirmed the contents of the memo and said employees whose positions are eliminated will remain staff members for 60 days until further steps are decided.

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P&G Reveals FACEBOOK advertising is a FRAUD

Procter & Gamble, one of the largest and most sophisticated advertisers in the world, reported on Thursday that sales were slightly down in the fourth quarter and for the fiscal year, despite consumer price inflation. It’s the epitome of corporate revenue stagnation: only price increases keep revenues from declining. An activist investor – formerly called “corporate raider” – is breathing down its neck. So cost cutting to raise profits is the trick.

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