Business Briefs

Business

McDonald’s agrees to $26M settlement

McDonald’s has agreed to a $26 million settlement of a long-running class-action lawsuit over wages and work conditions at corporate-run locations in California, the parties said Monday.

The agreement, which estimates the settlement covers about 38,000 individuals, requires the approval of a Los Angeles County Superior Court judge.

The lawsuit filed nearly seven years ago against McDonald’s Restaurants of California Inc. made an array of claims including failure to pay minimum and overtime wages and to provide required meal and rest breaks.

One aspect involved overnight shifts that began on one day and ended the next day but had all hours attributed to the day the shift started, avoiding overtime payments.

Initially there was one plaintiff and eventually three others joined to represent the class of cooks and cashiers.

McDonald’s Corp. said in a statement that it takes its responsibility as an employer seriously and is committed to fair treatment of all employees.

Schwab scoops up rival for $26B

Charles Schwab is buying rival TD Ameritrade in a $26 billion stock swap, a blockbuster agreement brought about by massive disruption in the online brokerage industry.

Bowing to competitive pressure, brokerages have made it free for customers to trade U.S. stocks online. A combination of two of the biggest players in the industry would allow Schwab to save billions of dollars and make up for revenue lost from no longer charging investors such commissions.

The tie-up creates a company so big, however, that it may draw scrutiny from antitrust regulators. The combined company would have more than $5 trillion in client assets under management.

The transaction would give Schwab an additional 12 million client accounts, $1.3 trillion in client assets and approximately $5 billion in annual revenue. The combined company is expected to control 24 million client accounts.

Uber loses license in London

London’s transit authority on Monday refused to renew Uber’s operating license over concerns about impostor drivers, with the ride-hailing company vowing to appeal the decision as it struggles to secure its future in the British capital.

It’s the latest chapter in Uber’s rocky history with London transport officials, who have subjected the San Francisco-based tech company to ever tighter scrutiny over concerns about passenger safety and security.

Uber called the decision “extraordinary and wrong,” and has 21 days to file an appeal, which it said it would do. It can continue operating during the appeals process.

Transport for London cited “several breaches that placed passengers and their safety at risk” in its decision not to extend Uber’s license, which expires at midnight Monday.

— Bulletin wire reports

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