News In Brief

Blockbuster, the nation's No. 1 video retailer, said it will issue $460 million worth of coupons for free rentals to settle class-action lawsuits. Almost two dozen suits accuse the Dallas-based company of charging overpriced late fees and profiting unfairly as a result. Late-fee payers from Jan. 1, 1992 to April 1 this year are eligible for discounts of up to $18 for rentals or purchases at the chain's 7,700 stores. Blockbuster has earned about 19 percent of its $4.2 billion rental income from the fees. In the settlement, Blockbuster did not admit wrongdoing or agree to change its practices.

Bristol-Myers Squibb was poised to win the auction for DuPont's pharmaceuticals business, the Financial Times reported. If the pharmaceuticals giant wins in the hotly contested sale, it will pay $7.5 billion to $8 billion, sources told the Times.

In a new round of corporate layoffs:

* Lucent Technologies was finalizing plans to cut another 5,000 jobs after merger negotiations with French telecommunications giant Alcatel failed last week, the Financial Times reported. Lucent announced earlier that it would lay off 10,000 workers.

* Raytheon Aircraft said it will cut 470 jobs from its Wichita, Kan., assembly plant, which produces twin-engine planes for private business use. It is a division of defense contractor Raytheon Co., which announced separately in April it would cut about 450 salaried jobs.

(c) Copyright 2001. The Christian Science Monitor

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK