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Two former Wells Fargo & Co employees have filed a class action in California seeking $2.6 billion or more for workers who tried to meet aggressive sales quotas without engaging in fraud and were later demoted, forced to resign or fired. The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts," the lawsuit filed on Thursday in California Superior Court in Los Angeles County said.
NEW YORK (Reuters) - Snap Inc, the newly renamed parent company of messaging app Snapchat, plans to start selling camera-equipped sunglasses starting this fall, Chief Executive Evan Spiegel told the Wall Street Journal in an interview. The sunglasses, dubbed Spectacles, will be sold via limited distribution for about $130, said Spiegel, who described the device as a toy. The first hardware to be sold by Snap, the sunglasses will record video from the user's perspective in 10-second increments that can be synched with his or her smart-phone. ...
By David Shepardson and Paul Lienert WASHINGTON/TOKYO (Reuters) - Japanese air bag supplier Takata Corp said it failed to inform the U.S. auto safety agency of a 2003 rupture of one of its air bag inflators in Switzerland, according to an internal Takata report released by U.S. regulators on Friday. Takata also said in the report that its U.S. arm, not the parent company, was largely responsible for designing, testing and producing tens of millions of defective air bag inflators. The National Highway Traffic Safety Administration (NHTSA) released a series of reports into Takata's defective air bag inflators, which have been linked to at least 14 deaths and more than 100 injuries and sparked the largest-ever auto recall.
By Sijia Jiang HONG KONG (Reuters) - Chinese billionaire Pony Ma Huateng, the founder of internet group Tencent, on Friday said his company would donate 2 percent of its annual profit to charity and flagged growth in the use of mobile internet in China's philanthropy sector. Ma's pledge follows China's introduction of new laws earlier this month that provided a legal framework for approved internet companies to raise and manage funds for charity. It also comes days after Facebook founder Mark Zuckerberg and his wife Priscilla Chan said they would donate more than $3 billion toward a plan to "cure, prevent or manage" all disease.
More than 20 European business associations and companies interviewed by Reuters say they back their governments' position that Britain's banking sector can only enjoy EU market access post-Brexit if the country still follows the bloc's rules. Britain wants a trade deal that gives London's financial district, known as the City, access to EU clients while allowing the government to restrict migration from the bloc - something at odds with the basic rules of the European Union. Senior lawmakers in the British government have said they expect European business groups to support their position because they need access to the financial services the City provides.
Who becomes the next U.S. president will be a primary focus for Wall Street next week and beyond, starting on Monday with the first debate between candidates Hillary Clinton and Donald Trump. While the White House race has so far had little discernible effect on the market, that may soon change as polls show a tightening race. Clinton's once-comfortable lead in opinion polls has evaporated, and with just over six weeks until Election Day, some investors see a toss-up contest creating volatility in certain sectors, including health insurers, drugmakers and industrials.
The split at the Federal Reserve over when to next raise interest rates appears to hinge largely on disagreements over the labor market outlook, comments from policymakers on Friday suggest. When the Fed earlier this week decided to stand pat on rates, Fed Chair Janet Yellen said she felt the labor market had more room to run before it could overheat. On Friday one of the dissenters, Boston Fed chief Eric Rosengren, explained that his vote turned on his view that sharply falling unemployment could create a spike in inflation and actually trigger a recession.
By Alexandra Harney SHANGHAI (Reuters) - Dalian Wanda Group, the Chinese entertainment giant owned by the country's richest man, opened the first phase of a sprawling 34 billion yuan ($5.1 billion) tourism park in the eastern city of Hefei on Saturday. Wanda is building similar projects around the country, betting that China's rising incomes will drive more domestic tourism. In an interview with Reuters last month, chairman Wang Jianlin said that Wanda would look to build at least 20 such complexes in China.
By Ethan Lou TORONTO (Reuters) - Canada's Unifor union has set a tentative strike deadline of midnight Oct. 10 for talks with Fiat Chrysler Automobiles NV , the labor group said on Saturday as it prepares to vote on a related deal with General Motors Co . Unifor, which represents close to 10,000 Fiat Chrysler workers in Canada, said in a statement the strike deadline of 11:59 p.m. will stand if talks with Fiat Chrysler begin "immediately" after the union ratifies its contract with General Motors Co on Sunday.
By Nandita Bose CHICAGO (Reuters) - Target Corp said on Friday its chief digital officer has left the company amid a company overhaul of its e-commerce operations to boost online sales and better compete with larger rivals such as Amazon.com Inc . Target said Jason Goldberger, who had been with the company for four years, will leave immediately.