Tue. Dec. 06, 2011 Attorney General Martha Coakley urges Congress to investigate Ally Financial’s GMAC over foreclosure practices
Massachusetts Attorney General Martha Coakley today urged US lawmakers to investigate Ally Financial Inc. and its subsidiary, GMAC Mortgage, for allegedly carrying out illegal foreclosures and submitting false documents related to property seizures. GlassHouse Technologies decides to postpone its IPO
GlassHouse Technologies, a Framingham company that helps corporate customers to evaluate and manage their data storage needs, said it has chosen not to proceed with its planned initial public offering at this time because of volatile economic conditions. According to a Globe story in mid 2010, the company was hoping to raise $75 million in an initial public offering of its stock, or an IPO. Mass. business confidence rises in November, AIM says
A statewide business confidence index added 3.7 points in November to post a reading of 50.1 on the indexes 100-point scale. The index is maintained by the Associated Industries of Massachusetts, or AIM, an association of Bay State employers. A reading above 50 indicates that local employers are optimistic about economic conditions. A reading of 50 is neutral. According to AIM, this month’s reading means that Bay State employers are of the opinion that, “The slow, halting recovery continues to stumble along.” State pension fund hires Russell Implementation Services
The Massachusetts state pension fund board has hired a new firm to handle some of its foreign-exchange trades, Russell Implementation Services, to cut costs on small currency trades related to overseas stock investments. Fund managers made the decision in the wake of allegations that the plan’s custodian bank, Bank of New York Mellon Corp., had overcharged the state more than $29 million for foreign exchange services over a decade. The bank has denied any wrongdoing. Tommy Bahama turns to PTC
Lifestyle brand Tommy Bahama will use product lifecycle management software from Parametric Technology Corp., or PTC. Lifestyle brands need to be nimble, and the hope is that PTC’s software will help the designers at Tommy Bahama crank out new apparel fashions as fast as trends develop and get them into stores and catalogs at top speed. Samsung and Biogen Idec announce plans for a joint venture for biosimilars
Samsung and Weston-based biotechnology company Biogen Idec Inc. have agreed to establish a $300 million joint venture to develop, manufacture, and market biosimilars. Simplistically stated, biosimilars are generic versions of biotech drugs whose patents have expired. Samsung plans to have an 85 percent stake in the joint venture, which will be based in its home country of South Korea. The joint venture does not intend to pursue biosimilars of Biogen Idec’s proprietary biotechnology drugs. Wegmans plans a supermarket for Newton
Wegmans Food Markets Inc., a New York chain that attempts to transform the humble grocery store into a chow-hound’s pleasure dome, said it plans to open a supermarket in Newton directly across from the Mall at Chestnut Hill. Design plans for the new concept store are not yet finalized, and so an opening date has yet to be been determined, Wegmans said. Wegmans recently opened a giant store in Nortborough. NY hedge fund founder Raj Rajaratnam reports to prison in Devens
The hedge fund founder handed the longest prison term ever given for insider trading has reported to a federal facility in Massachusetts to begin serving his 11-year sentence. US Bureau of Prisons spokeswoman Traci Billingsley says Raj Rajaratnam reported to the Federal Medical Center in Devens today. The one-time billionaire lost his last-minute effort last week to get a federal appeals court to let him remain free pending appeal. He was convicted this year of trading on inside information from 2003 through 2009. Former Pfizer lawyer joins Nutter McClennen & Fish
Konstantin Linnik, who was previously the lead patent counsel for Pfizer Inc. research units in the US, Canada, and Germany, has joined Nutter McClennen & Fish LLP as a partner in its intellectual property group, the Boston law firm said. Besides his legal training, Linnik has a Ph.D. in cell biology from Boston University School of Medicine. Adding Linnik to the firm “expands the biotech and pharma depth of our intellectual property team,” Nutter co-managing partner William C. Geary III said in a statement. Actifio raises $33.5m in round led by Andreessen Horowitz
Actifio, a Waltham company with high hopes for its data management platform, said it has raised $33.5 million in a Series C financing round. Andreessen Horowitz led the round and joined existing investors North Bridge Venture Partners, Greylock Partners, and Advanced Technology Ventures. Mass. gas prices drop 3 cents a gallon in latest AAA Southern New England weekly survey
The average price for gas in Massachusetts is $3.289 a gallon in the latest weekly AAA survey, down 3 cents from the previous week’s average, AAA Southern New England said this morning. The current national average is $3.27 a gallon; a year ago at this time, the Massachusetts average price was $2.97 a gallon, AAA Southern New England said. AAA surveys focus on the price of self-serve, regular unleaded gas. | 
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