BP must face shareholder suit over 2006 Alaska oil spill
The New York Times: A U.S. appeals court on Thursday revived a shareholder lawsuit against BP PLC over statements the company made in the wake of a 2006 oil spill in Alaska. The ruling from the 9th U.S. Circuit Court of Appeals in San Francisco allows shareholders to proceed with some securities fraud claims against BP after a lower-court judge had dismissed them. Representatives for BP and the plaintiffs could not immediately be reached for comment. In March 2006, about 200,000 gallons of oil spilled from a BP pipeline onto the Alaskan tundra at Prudhoe Bay, according to the opinion.
Airlines try rebound from storm-related cancellations
Bloomberg: Airlines are working to rebuild normal U.S. schedules today after a snowstorm battered the East Coast and triggered the most flight cancellations since 2012's Hurricane Sandy. More than 7,100 U.S. flights were scrubbed yesterday, almost matching the 7,400 that were eliminated because of Sandy on Oct. 29, 2012, according to Bethesda, Md.-based MasFlight. The 4,100 cancellations on Feb. 12 were the fourth-highest tally this winter, MasFlight said.
Jos. A. Bank agrees to buy Eddie Bauer
CNNMoney: Jos. A. Bank, the men's clothing retailer that has been fighting off a hostile takeover attempt from larger rival Men's Wearhouse, announced Friday it has reached a deal to buy the Eddie Bauer clothing brand for $825 million. The deal will include $564 million in cash and approximately 4.7 million new shares of common stock of Jos. A. Bank. To deal with the dilution of shares of existing shareholders, the company said it will repurchase the same number of its own shares for $65 a share, well above current trading prices.