Business

Banks pay $324M to settle rate-rigging claims

May 5, 2016

(The Charlotte Observer)

Bank of America is among seven banks that agreed to pay $324 million to settle a case claiming they conspired to rig the ISDAfix benchmark, used in the sale of interest-rate derivatives. Investors who lost money contended that the banks used electronic chat rooms and other private communication to set the ISDAfix.

GSK selling RTP real-estate holdings

May 5, 2016

(The News & Observer, Raleigh)

GlaxoSmithKline plans to sell 1.8 million square feet of space the company owns in Research Triangle Park and lease back the three buildings it currently uses. The pharmaceutical giant employs about 2,600 in the Triangle, down from 5,000 a few years ago, and only occupies about 600,000 square feet. The company said the move doesn't mean it has plans to leave North Carolina.

Marcus Smith: We'd buy the Panthers

May 5, 2016

(The Charlotte Observer)

Echoing what his father, Bruton Smith, told Motorsport.com last month, Marcus Smith, CEO of Speedway Motorsports, said the family would be interested in buying the Carolina Panthers, which Forbes values at more than $1.5 billion. The NFL team isn't for sale, but owner Jerry Richardson, 79, has said the team is to be sold less than two years after he dies.

Fresh Market shutters 13 stores; NC locations spared

May 5, 2016

(Supermarket News)

Just weeks after Apollo Global Management closed on its $1.4 billion purchase of The Fresh Market, the Greensboro-based grocery chain said it will close 13 stores across the U.S. The closings include eight stores in Texas, two each in Iowa and Kansas, and one in Missouri.

Investors in Pittenger land firm agree to new management

May 4, 2016

(The Charlotte Observer)

Investors in U.S. Rep. Robert Pittenger's former real-estate company have agreed to forgo legal claims against the firm if it turns over control to Charlotte-based South Street Partners. The FBI and the IRS are examining whether the Charlotte Republican improperly transferred campaign money from Pittenger Land Investments in 2012; Pittenger has denied any wrongdoing.

Wake Forest Baptist completes Cornerstone acquisition

May 4, 2016

(Winston-Salem Journal)

Wake Forest Baptist Medical Center has completed its purchase of Cornerstone Health Care, the state's largest doctor-owned medical group. Terms of the deal were not disclosed. High Point-based Cornerstone, with more than 80 offices and 300 physicians in central N.C., will operate as a separate business unit.

Ackman tells Herbalife employees, 'Go find another job'

May 4, 2016

(Winston-Salem Journal)

Hedge-fund manager Bill Ackman continued his assault on Herbalife on CNBC Monday, advising employees to leave the company and find another job. The nutritional-products manufacturer employs more than 400 people at its Winston-Salem plant. Ackman has accused the company of operating as a pyramid scheme; despite his attacks, Herbalife's stock has risen more than 40% in the last year.

Entegra Financial hires former CertusBank exec

May 4, 2016

(American Banker)

The holding company for Franklin-based Entegra Bank named Lola Hart its chief accounting officer. Hart oversaw the liquidation of Greenville, S.C.-based CertusBank, which struggled financially after three executives were fired amid reports of excessive spending. Tim Strom, previously with Greer State Bank in South Carolina, was named director of mortgage lending.

Charlotte's Passport raises $8M in new funding

May 4, 2016

(Charlotte Agenda)

Passport, a Charlotte-based startup that develops software that allow people to pay for parking spaces with a mobile app, raised $8 million in a financing led by MK Capital and also included existing investors Grotech Ventures and Relevance Capital. The company has raised a total of $17 million. Now in 250 markets, Passport plans to use the money to expand into new markets in the U.S. and internationally.

Lincoln Harris completes purchase of Charlotte Observer site

May 4, 2016

(The Charlotte Observer)

Charlotte developer Lincoln Harris paid $23.1 million for the second half of the former Charlotte Observer site, according to someone with knowledge of the deal. The company closed on the first portion of the downtown site last month for $11 million. Records show the developer is planning a mixed-use development, though the company declined to comment on plans for the site.