Market Basket employees told to return by Monday
The chief executives of the Market Basket supermarkets say employees who have stayed off the job to demand the return of fired CEO Arthur T. Demoulas must return to work by Monday.
The statement Wednesday said the workers can return without penalty. It also says the company will begin seeking replacements for those who don’t.
Managers and assistant managers of 68 of the 71 New England stores signed petitions saying they would resign if Demoulas isn’t restored “with full authority.”
The Market Basket board, controlled by his cousin Arthur S. Demoulas, fired Demoulas in June. Workers loyal to Arthur T. have held protests and refused to make warehouse deliveries to stores.
Unum Group reports robust quarterly income
Unum Group attributes its strong second quarter to the performance of its core businesses – Unum US, Unum UK and Colonial Life – which produced higher year-over-year operating earnings and encouraging sales trends.
According to a release from the Tennessee-based company, Unum Group reported net income of $242.5 million for the second quarter of 2014, compared to net income of $218.6 million over the same quarter in 2013.
The company employs about 3,000 in Portland.
Bank of America fined over Countrywide loans
A federal judge imposed a $1.3 billion civil penalty against Bank of America on Wednesday for its role in selling risky mortgages to Fannie Mae and Freddie Mac that were advertised as safe investments.
The fine was against Countrywide, which Bank of America purchased in 2008 as the financial crisis was unfolding.
A jury found in October 2013 that BofA was liable for Countrywide’s role in selling risky loans to the government housing agencies through a program nicknamed the “Hustle” from August 2007 to May 2008. The jury found that executives deliberately misrepresented the quality of mortgages being sold.
– From staff and news services