JBusiness in brief: Judge voids rule on health premiums
A state judge in Spokane has ruled in favor of business associations that sued Insurance Commissioner Mike Kreidler over a rule he issued that would have changed how health plan premiums offered to small businesses are set.
Kreidler had issued what’s called a Technical Assistance Advisory last December, essentially telling the associations they were in violation of a 1995 law regarding the way premiums for small business health insurance plans are set.
The Association of Washington Business, along with Associated Industries, disagreed. When the sides couldn’t resolve the matter, they turned to the courts.
On Monday, Spokane County Superior Court Judge Kathleen O’Connor granted summary judgment to the business groups, declaring Kreidler’s technical advisory invalid.
The business groups said in a news release that O’Connor’s decision will save money and access to health insurance for as may as 500,000 workers and their families.
New York
Dow Jones deal gets FTC OK
Dow Jones & Co. and News Corp. said Tuesday that the Federal Trade Commission has given antitrust clearance for News Corp.’s $5 billion acquisition of the Wall Street Journal’s publisher.
The companies said the FTC granted early termination of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act that gives regulators time to assess the transaction.
When the companies announced Aug. 1 that they had signed a definitive agreement, antitrust experts predicted the deal would glide through regulatory reviews because Rupert Murdoch’s News Corp. avoids the concentration in a particular industry or region that usually trigger antitrust scrutiny.
MOUNTAIN VIEW, Calif.
Google’s CFO stepping down
Google Inc. said Tuesday that its chief financial officer will retire by the end of the year, creating the highest-ranking job opening at the Internet search leader since it went public three years ago.
George Reyes, Google’s CFO since 2002, will stay on the job while he helps the Mountain View-based company find his successor. The transition is expected to be completed before January.
Reyes, 53, didn’t say why he decided to retire.
As the executive in charge of Google’s books, Reyes played an instrumental role in steering the company through its much-ballyhooed initial public offering in August 2004.
Google’s stock price has soared by nearly six-fold since then, creating more than $130 billion in shareholder wealth. Google shares fell $6.86 Tuesday to $506.40.
Watering cans with lead paint recalled
Recalls have been issued on about 6,000 Robbie Ducky Kids Watering Cans, imported by Jo-Ann Stores Inc. and made in China, because the beak of the watering can contains lead in the paint, which is toxic if ingested by children and can cause adverse health effects. No injuries have been reported.
Jo-Ann Fabric and Craft Stores nationwide sold the product. Consumers should return it to any Jo-Ann Fabric and Craft Store for a full refund. Consumers with more questions can call (888) 739-4120, ext. 7; or find more information online at www.joann.com or www.cpsc.gov.