 | Thu. Dec. 01, 2011 Bingham opens Beijing office
Bingham McCutchen LLP, a law firm headquartered in Boston, announced the opening of an office in Beijing. Bingham McCutchen added that international attorney Xiaowei Ye is joining the Beijing office as a partner in the firm. Brian Beglin, a partner in the firm’s Tokyo office, is transferring to the Beijing office. Both are also principals in Bingham Consulting LLC, the firm’s affiliated consulting business. Coakley sues major US banks over foreclosures
Massachusetts Attorney General Martha Coakley said today that she has filed suit against five major US banks for allegations related to mortgage fraud and unlawful property seizures. Coakley said she will hold a press conference at 1 p.m. today to detail the suit against Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co, Citi, and Ally Financial. The lawsuit seeks accountability for the banks’ alleged unlawful and deceptive conduct in the foreclosure process. H3 Biomedicine marks the opening of its Kendall Square office
H3 Biomedicine Inc., a start-up focused on cancer treatments based on genetics, is officially unveiling its new 24,000-square-foot office in Cambridge today, another sign of growth at Kendall Square. H3 Biomedicine currently employs 30 staffers and it looks to add another 40 over the next 12 months. The company’s scientific founders include Stuart L. Schreiber and Todd R. Golub, both of the Broad Institute of Harvard and MIT. H3 Biomedicne has up to $200 million in research funding from Eisai Inc., a Japanese pharmaceutical company. TJX same-store sales rose 4% in Nov.
TJX Cos., the Framingham company that operates such retail chains as T.J. Maxx, Marshalls, and HomeGoods, said today that November same-store sales rose 4 percent from sales in the same month a year ago. Much of what TJX stores sell is apparel, whose sales can be affected by the weather. Despite “unseasonably warm weather in November” that hampered demand for cold-weather apparel in the second half of the month, TJX said it is off to “a very good start for the holidays.” Covidien medical device gets FDA clearance
Covidien PLC, the medical supplies giant that is incorporated in Ireland but has its corporate headquarters in Mansfield, said that its SpiderFX device has received clearance from the Food and Drug Administration. The SpiderFX is an embolic protection device that is used to treat severely calcified lesions in conjunction with plaque excision in arteries, the company said in a press release. Embolic protection devices are used to capture and remove debris that becomes dislodged during an interventional procedure. American Airlines launches fare sale as it filed for Chapter 11 bankruptcy
As its parent company filed for bankruptcy reorganization yesterday, American Airlines launched an extensive fare sale on more than 3,400 routes, good through midnight tomorrow. American says the sale is a standard practice -- one that allows them to keep up with deals offered by Southwest Airlines and other competitors -- but analysts say that it’s more than likely in response to the Chapter 11 filing of AMR Corp. New England economy growing, but hiring lags
New England business revenues are on the upswing, but an uncertain economic and political outlook has stopped many employers from hiring, according to a survey released by the Federal Reserve. “With the exception of software and [Information Technology] services, contacts say their firms are doing mostly replacement hiring,” the survey found. Known as the Beige Book, the survey is published eight times a year in advance of the Fed’s interest rate setting meetings. Fed policy makers meet Dec. 13. General Catalyst seeks to raise $650m for technology fund
General Catalyst Partners, the venture-capital firm co-founded by Joel Cutler, is seeking to raise $650 million for a new fund that will invest in technology companies. The firm, based in Cambridge, is targeting about $450 million for its General Catalyst Group VI LP fund, which will focus on consumer Internet, social media, and technology businesses. General Catalyst is trying to raise money following the slowest quarter for venture-capital fundraising in eight years. ChoiceStream raises $8.7m
ChoiceStream Inc., a Cambridge firm that helps consumer brands to target their online advertising, said it has secured $8.7 million in funding. The round is planned to top out at $10.7 million; investors include Sage Hill Partners, Sutter Hill, and AT&T. ChoiceStream customers include brands such as Zappos, Ticketmaster, and MTV. Columbus Center developer fined $1.6m
The developer of the failed Columbus Center project in Boston was sentenced to pay a $1.6 million fine today for illegally giving campaign contributions to politicians in order to get government support for the project. Judge Joseph L. Tauro imposed the sentence on Winn Columbus Center Partnership, an affiliate of affordable housing developer WinnCompanies, during a brief hearing in US District Court in Boston. Fidelity: 401(k) balances drop 12% in 3Q
Workers continued to stash more money in their 401(k) plans in the third quarter, but the stock market’s sharp decline only left them farther behind in reaching their savings goals. The average balance in Fidelity Investments’ plans dropped nearly 12 percent, falling to $64,300 by the end of September from $72,700 three months earlier, the company said today. That setback snapped four consecutive quarters of increases, and even put investors behind where they stood a year ago. |
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