Business in brief: Suits filed over price-fixing
New York’s attorney general sued leading makers of memory chips Thursday, claiming they made secret price-fixing arrangements that inflated the cost of personal computers and other electronic devices.
More than 30 other states were expected to file a separate lawsuit today in San Francisco federal court.
The lawsuits follow a long-running U.S. Justice Department investigation that has resulted in more than $730 million in fines and guilty pleas from four companies – Samsung Electronics Co., Elpida Memory Inc., Infineon Technologies AG and Hynix Semiconductor Inc.
Boise-based Micron was granted immunity from criminal charges in the federal case in exchange for its cooperation.
“I have never seen a price-fixing case where there is so widespread, so continuous an exchange of confidential price information among competitors or over so long a time period,” said Assistant New York Attorney General Richard Schwartz.
Clayton, Mo.
Coca-Cola Co. faces lawsuit
A St. Louis weight-loss instructor is suing The Coca-Cola Co. over its product loyalty campaign, claiming the program might encourage kids to drink so much of the sugary soft drink that they could die.
The campaign, called “My Coke Rewards” gives customers points for buying Coca-Cola products. Customers trade in points for prizes that range from baseball gloves to free vacations.
Julia Havey says it’s no sweet deal. The program expires in January, and to accumulate enough points by that time for high-end prizes, customers would need to drink hundreds of Cokes a day, she said.
Coca-Cola spokesman Scott Williamson said Havey is “horribly misinformed” about the rewards program, and the lawsuit is simply an attempt to drum up attention for the weight-loss books she writes.
Williamson said Coke doesn’t require customers to drink all the products they buy to amass points.Coeur d’Alene
Bankcda reports assets increase
Bankcda has reported earnings of nearly $254,000 through the first six months of the year, compared with earnings of $88,500 for the first half of 2005.
The bank’s total assets grew 24 percent to $67.5 million during the past 12 months, according to Max Faller, bankcda’s president and chief executive officer. Bankcda is a state-chartered commercial bank headquartered in Coeur d’Alene.
Osburn, Idaho
Mining Co. to drill near Big Timber
Atlas Mining Co. was awarded a contract to provide underground drilling at the East Boulder Mine near Big Timber, Mont.
According to company officials, contract will begin Aug. 1, and generate about $200,000 per month in revenue for six months.
In other mining news, Timberline Resources Corp. of Coeur d’Alene has begun trading on the OTC Bulletin Board. The firm trades under the symbol TBLC.