Midwest Veterinary Supply Inc. is investing $2.7 million in a new warehouse operation at 6251 Innovation Blvd. Construction began this month and is expected to be completed in the summer.
The Minnesota-based company will then close its location at 4149 N. Clinton St. and move about 60 employees into the new building, branch manager Kayleen Greener said. The company hasn’t determined whether additional workers will be needed, she said.
The wholesale company sells pet medications, shampoos and other items directly to licensed vets. Fort Wayne-based Michael Kinder & Sons Inc. is the designer-builder for the 50,000-square-foot project.
Countrywide faces suit over toxic investments
Allstate Corp. has filed a federal lawsuit against Countrywide Financial Corp. over $700 million in toxic mortgage-backed securities the insurer bought beginning in 2005, only to see their value decline rapidly.
The suit, filed Monday in Manhattan federal court, targets Countrywide, its co-founder and longtime CEO, Angelo Mozilo, and other executives, as well as Bank of America Corp., which bought the mortgage giant in 2008.
Allstate claims that beginning in 2003, Countrywide abandoned its underwriting standards and misrepresented crucial information about the underlying mortgage loans that made up the securities it sold.
Charlotte, N.C.-based Bank of America said it is still reviewing the complaint, “but this unfortunately appears to be a situation where a sophisticated investor is looking for someone to blame for a downturn in the economy and losses on an investment it made.”
Mozilo’s attorney did not immediately respond to a request for comment.
Alcatel to settle bribery charges
Alcatel-Lucent SA has agreed to pay more than $137 million to settle charges brought against it by the federal government.
The Securities and Exchange Commission accused the Paris-based maker of telecommunications gear of paying bribes to foreign government officials to illegally win business in Latin America and Asia.
Alcatel, a top supplier to U.S. and European phone companies, agreed to pay more than $45 million to settle the SEC’s charges. It will pay an additional $92 million to settle separate criminal charges announced by the Justice Department.
The SEC’s complaint said Alcatel’s bribes went to government officials in Costa Rica, Honduras, Malaysia and Taiwan between December 2001 and June 2006. Alcatel bought U.S.-based Lucent Technologies at the end of 2006.
Icahn’s Dynegy bid wins antitrust consent
New York billionaire Carl C. Icahn’s $665 million bid for Dynegy Inc., the nation’s third-largest independent power producer, received U.S. antitrust approval, the Federal Trade Commission said Tuesday.
Icahn’s offer Dec. 15 of $5.50 a share still faces hurdles, including the scrutiny of the Federal Energy Regulatory Commission, which must approve the deal, and the opposition of Dynegy’s second-largest shareholder, Seneca Capital, which wants more money.
Icahn’s offer expires Jan. 25 but may be extended, according to a Dec. 23 filing. Icahn is Dynegy’s largest holder with almost 15 percent of shares, according to that filing.
