Lawyers for JPMorgan Chase &Co. and for Washington Mutual Inc. fund managers, directors and a former chief executive asked a federal judge Thursday to dismiss a lawsuit by WaMu employees whose retirement accounts have vaporized. Steve Berman, a lawyer for former employees of what was once the nation’s largest savings bank amount argued that his clients should have been warned to dump WaMu stock from their 401(k) plans and that the liability should pass to JP- Morgan, which bought the bank after it was closed by federal regulators. Washington Mutual Inc. has practically no assets, although it is seeking more than $4 billion worth of deposits in bankruptcy proceedings, and the actual fiduciaries, individuals who were responsible for overseeing the retirement plans, have limited resources, Berman said.
Wendy’s/Arby’s posts quarterly gain
Wendy’s/Arby’s Group Inc. made $14.9 million in the second quarter, the company said Thursday, a reversal in fortunes driven mostly by the performance of the Wendy’s hamburger chain acquired last fall. For the three months that ended June 28, the Atlanta-based company’s profit amounted to 3 cents per share, a figure that includes the impact of a 3-cents-per-share charge. Last year, Triarc Cos Inc., which owned Arby’s, lost $6.9 million, or 7 cents per share. But when comparing this quarter’s results to how a merged Wendy’s and Triarc would have performed had the two been a combined organization last year, profit climbed 3.8 percent.
Nasdaq, BATS halt flash order trades
The operators of the Nasdaq and BATS stock exchanges said Thursday they will stop a practice that gives some brokerages a split-second advantage in buying or selling stocks. Nasdaq OMX Group Inc. is voluntarily ceasing the practice, known as flash order trades, on Sept. 1. Randy Williams, a spokesman for BATS which also operates computerized stock exchanges, said his company will also quit the practice. The news follows a proposed ban by the government. Flash orders give certain businesses the ability to buy and sell order information for milliseconds before that information is made public.
Todd Shipyards earns $1.5 million
Seattle-based Todd Shipyards Corp., which is the parent company of Everett Shipyard, reported a profit of $1.5 million Wednesday during the quarter ending June 28. That amounts to 26 cents per diluted share on revenue of $34.6 million. During the comparable quarter of last year, Todd lost $1.3 million, or 23 cents per diluted share on revenue of $18.2 million. The company reported in a news release that the increase largely resulted from higher volumes of ship repairs and new construction activity for government and commercial customers. There was less Navy work, officials said.
From Herald staff and news services
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