Business roundup: Ryco will pay $429K to end suit over steel; Justice investigating Target breach; more
By Staff and Wires
Published: Tuesday, Dec. 24, 2013, 12:01 a.m.
Ryco to pay $429K to end lawsuit over steel
A McKeesport plumbing and fire-protection services firm will pay $429,000 to settle a lawsuit alleging the company illegally used foreign steel in public works projects. Attorney General Kathleen Kane announced the deal with Ryco Inc. and its owners, Robert Bosco and Thomas Sherry Jr. Kane sued the company in 2012, alleging it and its owners violated the Steel Products Procurement Act, the Unfair Trade Practices and Consumer Protection Law and the Pennsylvania Corrupt Organizations Act by installing foreign-made steel in projects at Indiana University of Pennsylvania, and the Blairsville-Saltsburg and Norwin school districts. Kane claimed the company falsely certified that it was in compliance with the Steel Products Procurement Act., which mandates the use of steel forged in the United States.
Justice probing Target breach
Target Corp. said the Department of Justice is investigating the security breach at the retailer that has been called the second largest such incident in the nation's history. The DOJ declined to comment on whether it is investigating Target, the nation's second largest discounter. Target said that it's teaming up with the Secret Service in its own investigation. The Secret Service has details of the probe that have not been shared, the retailer said. Target said earlier this week that data connected to about 40 million credit and debit card accounts was stolen during a period that started with the Thanksgiving weekend.
Hyundai, Kia to pay millionsin gas mileage settlement
Hyundai and its sister company Kia said on Monday that they will pay as much as $395 million to consumers as part of a proposed settlement over overstated gas mileage. The Environmental Protection Agency found inflated numbers on 13 Hyundai and Kia vehicles in November 2012. The automakers acknowledged the problem, changed the fuel economy numbers and blamed a procedural error. Since then, Hyundai and Kia have been compensating owners with payments of about $88 annually, which is based on the amount the mileage was overstated and the average price of gasoline. Hyundai Motor Co. and Kia Motors are also offering an option of a lump-sum payment.
Other business news
• ExOne Co., a North Huntingdon-based maker of 3-D printing machines, has promoted Rainer Hoechsmann to the newly established position of chief development officer, the company said. Hoechsmann, who invented a range of technology used in 3-D printing, will continue as general manager of ExOne's European business.
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