BRIEFCASE COUNTRYWIDE OPENS FINANCIAL CENTER.Byline: - Staff and Wire Services CALABASAS - Countrywide Bank, a division of Treasury Bank N.A., on Wednesday announced its continued expansion in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, with the opening of its sixth financial center. It's at the corner of Lake Avenue and Colorado Boulevard Colorado Boulevard (or Colorado Street) is a major east-west street in Southern California, United States. It runs from Griffith Park in Los Angeles east through Glendale, the Eagle Rock section of Los Angeles, Pasadena, and Arcadia, ending in Monrovia. in Pasadena. Countrywide Bank entered the market more than a year ago and now has assets of more than $8 billion. Pasadena has served as a principal setting in Countrywide Financial Corp.'s history. It was the home of the company's headquarters for 12 years during the 80s and 90s. Judge rejects Block settlement A federal judge in Illinois has rejected a proposed $25 million settlement of two lawsuits involving H&R Block Inc.'s tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. loans. U.S. District Judge Elaine Bucklo ruled Tuesday that the plaintiffs' lawyers were ``inadequate representatives'' and failed to show that the class-action settlement was fair. Shares of Block closed Wednesday at $37.98, down $3.64, or 8.7 percent. Nearly 4.5 million shares traded hands, more than triple the stock's average daily volume. The plaintiffs alleged that Kansas City, Mo.-based Block, the country's largest tax preparer, misled customers who used refund anticipation loans to get tax money back faster. The lawsuits accused Block and its banking partner, Household International Inc., of misleading consumers by failing to disclose that Block received fees from Household and by charging excessive interest on the loans. Sprint pays LeMay $5.7 million to leave OVERLAND PARK, Kan. - Former Sprint Corp. president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Ronald T. LeMay will receive about $5.7 million under a separation agreement with the telecommunications giant. LeMay, who left Sprint last week after the company's board questioned his use of a certain tax shelter tax shelter: see tax exemption. , will receive $190,400 per month in compensation for 18 months, according to a filing with the Securities and Exchange Commission. He will receive another $190,400 monthly for a year to serve as a consultant with the Overland Park, Kan.-based telecommunications company. Sprint also will give LeMay up to $150,000 to cover legal and professional fees related to his departure. For 18 months, during which LeMay is bound by nondisclosure and nonsolicitation agreements, he will receive outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. counseling and secretarial benefits. He also will receive $15,000 as an office allowance. Yahoo's Koogle won't seek seat SUNNYVALE - Former Yahoo Inc. chairman and chief executive Tim Koogle won't seek re-election to the company's board at the annual meeting next month, the leading Internet portal company said. Roy J. Bostock Roy J. Bostock is an American businessman who serves on the boards of directors of Morgan Stanley, Northwest Airlines and Yahoo!. From 2000 to 2001 he served as chairman of the advertising firm BCom3 Group, Inc. , chairman emeritus of advertising firm BCom3 Group Inc., is being nominated for his position. Koogle, 51, was president and chief executive of Yahoo from 1995 to 1999. He served as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and chairman from 1999 to May 2001. He will leave the board after the May 16 annual meeting ``to focus on other investment and business priorities,'' the company said. Meanwhile, the Sunnyvale-based company reported it boosted the base salary of Koogle's replacement by 77 percent and paid him a bonus of $895,500 in 2002 as recognition of the company's improved financial performance, according to a regulatory filing. SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. withdraws service application LANSING, Mich. - SBC Communications Inc. has withdrawn its application to provide long-distance service in Michigan, the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. chairman said Wednesday. The San Antonio-based telephone company said it wanted to address some of the FCC's concerns and refile its application within 30 days. ``This is a minor delay in bringing full competition to millions of Michigan business and residential customers,'' SBC senior vice president James C. Smith said in a statement. |
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