Monsanto pays $80M to settle charges
Monsanto will pay an $80 million penalty and several executives will pay smaller amounts to settle federal allegations that the agribusiness giant misstated its earnings by not properly disclosing the costs of a rebate program for its Roundup weedkiller. The Securities and Exchange Commission says Monsanto didn't properly account for millions of dollars paid to distributors as rebates, which had the effect of distorting the company's earnings reports for 2009, 2010 and 2011. Monsanto Co., based in St. Louis, agreed to the penalty without admitting wrongdoing. In addition, the SEC said Tuesday that three of Monsanto's accounting and sales executives will pay individual penalties ranging from $30,000 to $55,000. CEO Hugh Grant also paid back $3,165,852 in bonuses tied to the company's financial performance, while former Chief Financial Officer Carl Casale repaid $728,843 in bonuses.
NFL Rams owner buys huge Texas ranch
A billionaire NFL owner has purchased a Texas mega-ranch that has been operated by one family for nearly a century. The heirs of cattle baron W.T. Waggoner said Tuesday that a judge permitted the sale to Los Angeles Rams owner Stan Kroenke for an undisclosed sum. The ranch had been listed for $725 million when it hit the market in August 2014. The Waggoner Ranch is the largest behind one fence in the United States. Kroenke said in a statement that he would "protect and preserve" what broker Bernie Uechtritz called the "Statue of Liberty" of cowboy culture.
Kozlowski will lead ex-prisoners nonprofit
A former business titan convicted in a notorious corporate fraud case is now board chairman of a nonprofit that helps ex-prisoners. The Fortune Society announced Tuesday that ex-Tyco International CEO L. Dennis Kozlowski was elected to the post. The group helps about 4,500 ex-prisoners re-enter society every year. Kozlowski and another Tyco executive were convicted in 2005 of looting the security systems company of $600 million. The trial featured headline-grabbing tales of lavish spending, including a $6,000 shower curtain. Prosecutors also detailed a $2 million toga party he threw on the Italian island of Sardinia in 2001. Kozlowski served 6½ years behind bars.
GM recalling 473,000 trucks, SUVs
General Motors is recalling more than 473,000 trucks and SUVs in the U.S. and Canada because the brake pedals can come loose and fail to work properly. The recall covers certain 2015 and 2016 Chevrolet Silverado HD, GMC Sierra HD and Chevrolet Tahoe police vehicles. GM said a nut on the brake pedal pivot mechanism can come loose, causing the pedal to loosen and possibly become inoperative. The company said it has no reports of crashes or injuries due to the problem.
Ikea recalls two types of ceiling lamps
Swedish furniture retailer Ikea is recalling two types of ceiling lamps because of a risk that the glass shades might fall and injure people. The company said that after receiving complaints from customers that the shades of some "Lock" and "Hyby" lamps had fallen and caused injuries, it's urging all buyers of the two ceiling lamps to immediately return them to an Ikea store for a full refund. Ikea on Tuesday apologized for the inconvenience and said customers don't need to produce a receipt to prove purchase of the items for a refund. Ikea has been selling "Lock" lamps in all its markets since 2002 and the "Hyby" models since 2012.