A subsidiary of Greenwood Village-based First Data Corp. has been ordered to pay $16 million to a Los Angeles company in a breach-of-contract case.
A jury awarded the money Thursday to Financial Consulting and Trading International Inc., which maintains and services automatic teller machines. FCTI entered a contract in 2005 with Concord Computing Corp., which is owned by First Data, to manage 700 Concord ATMs across the country.
Concord rescinded the contract two months later and sued FCTI. The jury concluded that Concord was not entitled to rescind the agreement, and that FCTI had sustained a loss of $16 million.
Additional business news briefs:
NEW YORK
Braves sale may get baseball’s OK today
The proposed sale of the Atlanta Braves from Time Warner Inc. to Douglas County-based Liberty Media Corp. is likely to be approved today by baseball owners.
Baseball officials said Tuesday they anticipated a vote on the first of two days of owners’ meetings. Officials from the companies hope to close the sale today for tax purposes.
The sale was agreed to by the corporations in February, and baseball officials have said the transaction values the team at $461 million.
VIENNA, Va.
Chorus grows against Level 3 vote mandate
Proxy Governance, an independent advisory firm, on Tuesday joined the California Public Employees’ Retirement System in recommending the elimination of Level 3 Communications’ so-called “supermajority vote” that requires 67 percent of the outstanding shares to amend the company’s bylaws.
CalPERS’ stance was disclosed last week. Proxy also wants shareholders of the Broomfield-based company to approve a reverse stock split, indicating that a boost in the share price may attract broader institutional investment and thus may benefit all shareholders with higher long-term returns and a more stable stock price.
DENVER
ProLogis CEO lands title of chairman too
ProLogis, the world’s largest owner and builder of distribution facilities, said chief executive Jeffrey H. Schwartz was given the additional title of chairman, succeeding K. Dane Brooksher in the role.
Brooksher, who has served as ProLogis’s chairman since March 1999 and was chief executive from 1999 to 2004, will remain on the board as lead trustee, the Denver-based company said Tuesday in a statement.
LOS ANGELES
Frontier grateful for judge’s ruling on LAX
Frontier Airlines and six other carriers that filed a joint complaint in February about new terminal charges at Los Angeles International Airport said they were gratified by an administrative law judge’s ruling Tuesday in their favor.
The airlines have said the new terminal charges drastically increased their costs. The secretary of transportation will issue a final decision June 15.
JAKARTA, Indonesia
Newmont unit chief sues New York Times
The president of Newmont Mining Corp.’s Indonesian unit filed a lawsuit Tuesday against the New York Times and reporter Jane Perlez over pollution accusations made in the paper, according to a Reuters story. The suit seeks $65 million in compensation, a lawyer said.
Last month, an Indonesian court cleared the Denver-based Newmont unit, PT Newmont Minahasa Raya, and its president, Richard Ness, of charges related to dumping toxic waste into Buyat Bay from a now-defunct Newmont gold mine in North Sulawesi province.
WASHINGTON
United bucks trend, loses airline workers
United Airlines had about 51,900 full-time equivalent employees in March, down from 53,400 a year ago, according to the Bureau of Transportation Statistics.
Frontier Airlines’ count was about 4,700, up from 4,300 a year ago. The U.S. airline industry on the whole had 0.6 percent more workers in March than the year-ago month.
NEW YORK
Motorola pins success on cellphone upgrade
Seeking to reverse a financial tailspin, Motorola Inc. is revamping the Razr cellphone that has defined the company’s rise and fall of the past few years.
The Razr 2 was unveiled Tuesday with a number of upgrades to other top-line handsets. Executives stressed that the best path to success was to add features and improve performance with more software and hardware.
CUPERTINO, Calif.
McCartney’s music to join iTunes lineup
Apple Inc. will offer Paul McCartney’s solo music catalog through its iTunes store this month, the first time the ex-Beatle has made digital versions of his songs available online and a sign the Fab Four’s music may follow suit.
The agreement includes “Memory Almost Full,” McCartney’s new album due June 5, Cupertino, Calif.-based Apple said Tuesday.
CONCORD, N.H.
Tyco to pay $3 billion to settle fraud claims
Tyco International Ltd. has agreed to pay about $3 billion to settle shareholder claims from one of the largest corporate fraud cases ever, ending uncertainty over the outcome of the legal battle as it prepares to split into three companies.
