Pennsylvania will receive $6.3 million as its share of the multistate settlement with Deutsche Bank. Government agencies like school districts, municipalities, and nonprofits with Libor-related investments will be notified if they are eligible to receive a distribution from a nationwide settlement fund.
The contribution for those who put money into 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan has increased to $18,500, from $18,000. But the limit on annual contributions to an IRA remains unchanged at $5,500.
French children's-clothing retailer Orchestra-Prémaman - which made an offer to acquire Destination Maternity in October 2015, then entered into a later-terminated merger agreement in December 2016 - had sought the board's resignation. Orchestra owns 1,921,820 shares, or 13.8 percent, of Destination's stock.
Investor activist Tim Stabosz holds 3 percent of Destination Maternity. "I'm a material shareholder, so I'm glad to see the company is exploring other options" including a sale of the company, he said. "I'd like to see Destination Maternity sold at a price of at least $3.00 a share or higher," said Stabosz. A private equity fund or another retailer might buy Destination Maternity, he said, saying the company was a bargain at its current $33 million market cap, or about $2.30 a share.
"There's still more than $2 trillion in cash not invested - and that's just in money market funds," Leo Grohowski said. The BNY Mellon CIO noted a lot of investors sitting on the sidelines. "Each time there's a correction of even a few percent, more of that money comes rushing back into stocks."
For the clothing retailer, a proxy fight is just the latest battle it is waging. Industry challenges include the public's switch to online shopping and the closing of mall stores like Macy's and Kohl's that house Destination Maternity departments.
The lawsuit, filed in U.S. District Court for the Middle District of Pennsylvania, may affect hundreds of thousands of Pennsylvanians, including anyone who received private student loans from Sallie Mae or who had federal or private student loans serviced by Navient.
Erin Arvedlund writes a weekly column for the Inquirer on investing and personal finance. Her first book was Too Good to Be True: The Rise and Fall of Bernie Madoff (Penguin).