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☆ Former Twitter execs sue Musk and X for more than $128 million in severance
▼ + stars: | 2024-03-04 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +2 min

Former Twitter executives including CEO Parag Agrawal, Chief Financial Officer Ned Segal, head of legal Vijaya Gadde and General Counsel Sean Edgett filed a new lawsuit against Elon Musk and X Corp. in federal court arguing that they are owed $128 million in unpaid severance. The ex-Twitter executives' lawyers argue, "These statements were not the mere rantings of a self-centered billionaire surrounded by enablers unwilling to confront him with the legal consequences of his own choices. Musk bragged to Isaacson specifically how he planned to cheat Twitter's executives out of their severance benefits in order to save himself $200 million." The suit, Agrawal et al v. Musk et al, was filed in California's Northern District and follows news that settlement talks between X Corp. and ex-Twitter managers broke down in a related case in Delaware, Woodfield v. Twitter Inc., where $500 million in unpaid severance to former Twitter managers and engineers is in dispute. Representatives for X Corp. and Elon Musk did not immediately respond to CNBC's request for comment.

Persons: Parag Agrawal, Ned Segal, Vijaya Gadde, Sean Edgett, Elon Musk, Musk, Walter Isaacson, Isaacson, Agrawal Organizations: Twitter, Elon, X Corp, Twitter Inc Locations: Delaware

☆ How America’s once great department stores became a dying breed
▼ + stars: | 2024-02-27 | by ( Chris Isidore | ) edition.cnn.com time to read: +12 min

But department stores, focused on America’s middle class, are fading. The victims of shifting consumer tastes were not the department stores that anchored the local mall, it was the small, locally owned stores along downtown shopping districts that were closing their doors. And possibly even more than the big box competitors, department stores have suffered from consumers shifting to buying items online rather than in person. The steady closing of the department stores that once served as “anchors” of malls across suburban America has been another nail in the coffin of many malls, hurting the department stores that remained in hollowed-out malls with a fraction of their earlier traffic. Saunders said one of the primary problem for Macy’s is that its holding company, formerly known as Federated Department Stores, spent much of its resources on buying other department store brands, such May’s Department Stores, and Filene’s, rather than investing in the stores its held.

Persons: New York CNN —, Neil Sauders, ”, JC Penney, It’s, “, Neil Saunders, Shannon Stapleton, Saunders, ” Saunders, Al Bello, Sunny Zheng, Macy’s, Tony Spring, Taylor, Brian Snyder, Eddie Lambert, Michael Brown, Kearney, ” Brown, Mike Segar, Richard W, Sears, Alvah Roebuck, Sears Roebuck, Bettmann, PhotoQuest, Jack Manning, Frank Scherschel, Owen, Lucille Jagusch, Arlene Hardt, Martin Luther King Jr, Michael Ochs, Ron Frehm, Ralf, Finn Hestoft, Mark Peterson, Seth Meyers, Hugh Jackman, NBCUniversal, Kaylin Wilson, Jim Cole, Rene Johnston, Maria Alejandra Cardona, Scott Olson, Cesar Villasenor, Mel Melcon, Sarah Blesener, Paul Hennessy, Patti Naleck, Naleck, Stacey Wescott, Brown Organizations: New, New York CNN, American, Walmart, Company, Department, Sears, Target, GlobalData, JCPenney, Research, RadioShack, Reuters Sears, Federated Department Stores, May’s, Reuters, Chicago History, Sears Roebuck, Roebuck, Hulton, AP, AP Soldiers, Michael Ochs Archives, Getty, Bettmann, Kmart, Bloomberg, Toronto Star, Reuters Residents, Los Angeles Times, New York Times, Chicago Tribune, Tribune, Service Locations: New York, GlobalData, America, Nanuet , New York, North Redwood , Minnesota, Chicago, El Paso , Texas, Jackson , Mississippi, Tucson , Arizona, Caracas, Venezuela, Niles , Illinois, Morton Grove , Illinois, Baltimore, White Plains , New York, Woodfield , Illinois, Hicksville , New York, Nashua , New Hampshire, Mentor , Ohio, Mississauga , Ontario, Hialeah , Florida, Janesville , Wisconsin, Santa Monica , California, Rockaway , New Jersey, Leesburg , Florida, Schaumburg , Illinois

☆ Elon Musk's X is hit with 2,200 arbitration claims from former Twitter employees
▼ + stars: | 2023-08-29 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

X is facing more than 2,200 arbitration cases involving ex-employees, a new court filing said. Since Elon Musk's Twitter takeover, the company also has been hit with lawsuits from former staff. X could be on the hook for at least $3.5 million in fees for the arbitration cases, CNBC reported. AdvertisementAdvertisementElon Musk's social media company formerly known as Twitter has been hit with more than 2,200 arbitration cases from former employees, according to a recent court filing. X, formerly known as Twitter, was hit with lawsuits from former employees after Musk cut the company's workforce in half.

Persons: Elon, It's, Elon Musk, Twitter, Shannon Liss, Riordan, Chris Woodfield, X, Tesla Organizations: Twitter, CNBC, Morning, X Locations: —, Delaware

☆ X, formerly Twitter, faces 2,200 arbitration cases and filing fees over $3 million
▼ + stars: | 2023-08-28 | by ( Lora Kolodny | ) www.cnbc.com time to read: +3 min

In this photo illustration, the new Twitter logo rebranded as X (X Corp.) is seen on a smartphone and Elon Musk Twitter account with the new X logo on a pc screen. X, the social network formerly known as Twitter, is facing 2,200 arbitration cases that ex-employees filed after Elon Musk took over the company, slashed headcount, and made other sweeping changes there. The filing fees alone for that volume of cases could amount to $3.5 million. The case is Chris Woodfield v. Twitter, X Corp. and Elon Musk (No. Since JAMS decided that this basic fee applies across the board to X's 2,200 arbitration cases, that would amount to around $3.5 million, with other fees possibly to follow.

Persons: Elon Musk, Chris Woodfield, Woodfield Organizations: X Corp, Elon, Twitter, CNBC, Musk's X Corp, Northern District of Locations: Delaware, Seattle, San Francisco federal, Northern District, Northern District of California

Twitter laid off more than half of its workforce as a cost-cutting measure after Musk acquired the company last October. A similar lawsuit was filed last week in California federal court claiming Twitter owes ex-employees more than $500 million in severance. Woodfield also claims that Twitter targeted him to be laid off because he is an "older worker," though the complaint does not state his age. According to the lawsuit, Woodfield signed an agreement to arbitrate work-related legal disputes that requires Twitter to pay the initial fees to allow individual cases to proceed. But Woodfield claims Twitter has refused to pay the fee in his case, blocking it from going forward.

Persons: Chris Woodfield, Musk, Twitter, Woodfield, Daniel Wiessner, Alexia Garamfalvi, Deepa Babington Organizations: Twitter, Elon, Thomson Locations: Delaware, Seattle, California, Albany , New York

☆ Is this the last Christmas for Sears?
▼ + stars: | 2022-11-29 | by ( Chris Isidore | ) edition.cnn.com time to read: +13 min

Easterling was at the Sears in her hometown of Jersey City, New Jersey, one of only 15 full-line Sears stores still open. The two started a catalog business selling watches and jewelry in 1888, incorporating under the Sears Roebuck name in 1893. The Sears catalog was the way many Americans first started to buy mass-produced goods. File photo/AP People shop inside a Sears store in Morton Grove, Illinois, in 1961. AP Soldiers guard a Sears store in Baltimore after riots broke out following the assassination of Martin Luther King Jr. in 1968.

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