United Airlines pilots have agreed to a new joint union contract, bringing the airline closer to finalizing its merger with Continental.
The new four-year contract, which includes raises averaging 43 percent and bigger retirement contributions, covers those who came from United as well as pilots who flew for Continental before the carriers merged in 2010 into United Continental Holdings Inc. Pilots now only fly under the United name.
As part of the deal, the airline’s roughly 10,000 pilots also will divide a $400 million lump sum. In exchange, the contract gives United Continental the ability to launch a major expansion of the use of larger regional jets with 70 or more seats. Those jets, most ranging in size from 50 to 76 seats, are operated by regional airlines.
Hasbro to offer unisex Easy-Bake
Hasbro says it will soon reveal a gender-neutral Easy-Bake Oven after meeting with a New Jersey girl who started a campaign calling on the toymaker to make one that appeals to all kids.
McKenna Pope, 13, of Garfield, N.J., got more than 40,000 signatures on her online petition at Change.org and the support of celebrity chefs including Bobby Flay, who backed her call for Hasbro to make a gender-neutral oven and to include boys in the ads.
She was prompted to start the petition after shopping for an Easy-Bake as a Christmas present for her 4-year-old brother, Gavyn Boscio, and finding them only in purple and pink.
Hasbro invited McKenna and her family to its Pawtucket, R.I., headquarters to meet with its Easy-Bake team, and on Monday, they drove to Rhode Island from New Jersey. During the meeting, Hasbro executives showed off a prototype of their newest Easy-Bake: one that’s black, silver and blue.
Hasbro has been working on the new color scheme and design for about 18 months, said John Frascotti, Hasbro’s chief marketing officer.
JPMorgan sued over Bear Stearns’ bonds
The government agency overseeing credit unions is suing J.P. Morgan Securities, the investment arm of JPMorgan Chase, over the sale of $3.6 billion in mortgage bonds that collapsed in value after the 2008 financial crisis. It’s the National Credit Union Association’s largest lawsuit yet.
The credit union association’s lawsuit stems from actions by Bear Stearns, the failed bank bought by JPMorgan in early 2008. The association alleges that Bear Stearns misrepresented or hid information about mortgage-backed bonds sold to four corporate credit unions, breaking federal and state securities laws.
The complaint says that many of the mortgages backing the bonds were bound to fail because underwriting standards were abandoned. Elizabeth Seymour, a representative for New York-based JPMorgan Chase & Co., declined to comment.
Management firm may buy Compuware
Compuware shares jumped 17 percent Monday after one of its largest shareholders offered to buy the software development company for about $2.35 billion in a bid to turn it around.
New York-based investment firm Elliott Management, which holds an 8 percent stake in Compuware Corp., wants to acquire it for $11 a share. The offer represents a 15 percent premium over its Friday closing stock price.