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(Reuters) - Supermarket chain Morrisons is facing equal pay claims worth over 1 billion pounds ($1.30 billion), law firm Leigh Day said on Tuesday, seeking compensation for women who believe they were paid less than men in distribution centers. Leigh Day said in a statement here that Morrisons has around 80,000 store staff eligible to claim, which could result in a bill for back pay of over 1 billion pounds if the retailer's action are found unlawful. The law firm, which is already working on claims on behalf of 30,000 workers in Asda, Sainsbury’s and Tesco Plc said in February that Tesco was facing a potential bill of up to 4 billion pounds in an equal pay claim involving women workers at its British stores.
“We believe that Morrisons, as with the other major supermarkets, has underpaid those working in its stores for a number of years,” Emma Satyamurti, a partner in Leigh Day, said in the statement, “The big four supermarkets in the UK make vast amounts each year in profits – it is time that they faced up to gold barber dime cufflinks their legal obligations under Equal Pay legislation.”, Morrisons was asked by the law firm if it carried out an equal pay audit, Leigh Day said, A spokesperson for Morrisons said: “We are not aware of any court proceedings issued by a third party, We have received a letter asking us a number of questions about our pay policies, Our aim is to pay our colleagues fairly and equally for the job that they do, irrespective of their gender.”..
NEW YORK (Reuters) - U.S. stocks rose on Tuesday as Apple led a jump in technology shares and a gain of more than 2 percent in oil prices drove up energy shares. Apple rose 2.5 percent, boosting the three major indexes, a day ahead of its expected unveiling of new iPhone models. The S&P technology sector gained 0.8 percent, its biggest percentage jump in two weeks, also boosted by Microsoft, up 1.7 percent, and Facebook, up 1.1 percent. “That’s been the main fuel for the market,” said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio. “Maybe tech has taken the punch and is recovering, and investors are getting more confident that the leader is back.”.
The technology sector is up close to 18 percent for the year so far, leading sector gains in the S&P 500 along with consumer discretionary, also up roughly 18 percent since gold barber dime cufflinks Dec, 31, The energy index, up 1 percent, helped to lift the S&P 500, with shares of Exxon Mobil up 1.4 percent and Chevron up 0.5 percent, Oil prices rose after U.S, sanctions squeezed Iranian crude exports and tightened global supply, The Dow Jones Industrial Average rose 113.99 points, or 0.44 percent, to 25,971.06, the S&P 500 gained 10.76 points, or 0.37 percent, to 2,887.89 and the Nasdaq Composite added 48.31 points, or 0.61 percent, to 7,972.47..
Also gaining were shares of companies that could see a boost in sales in the aftermath of Hurricane Florence, which was upgraded to Category 4 and was expected to make landfall in the Carolinas later this week. Home improvement retailer Home Depot was up 1.5 percent and Lowe’s Companies was up 1.6 percent, while shares of construction material companies also rose. The gains came despite lingering trade tensions. China told the World Trade Organization it wanted to impose sanctions on the United States for its non-compliance with a ruling in a dispute over U.S. dumping duties.
President Donald Trump had on Friday threatened to slap tariffs on nearly all Chinese imports, Western Digital slid 3.6 percent after RBC echoed other brokerages in warning that falling NAND chip prices would hit the company, Activision Blizzard jumped 7.1 percent and Take-Two Interactive gold barber dime cufflinks Software gained 3.7 percent after brokerage Stifel forecast a strong reception for their videogames in the holiday period, Advancing issues outnumbered declining ones on the NYSE by a 1.06-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored decliners..
NEW YORK (Reuters) - A Chicago fund manager cannot pursue a lawsuit against a Wells Fargo & Co (WFC.N) unit over claims the bank cost the fund manager millions by forcing it to sell its holdings during a February market rout, a judge ruled on Tuesday. LJM Partners Ltd, run by Anthony Caine, returned investors’ money after its complex trades failed spectacularly in the Feb. 5 reversal of fortune in U.S. stocks and related markets that some investors called “vol-mageddon.” Funds run by LJM and an affiliate saw losses of 80 percent or more.
The fund would not have suffered such extreme losses had Wells Fargo Securities LLC (WFS) not directed it to sell its holdings immediately after initial losses and at depressed prices, LJM said in response to a March lawsuit by Wells Fargo, Wells Fargo disputed that it had forced the liquidation, Wells Fargo said it had been required to cover the company’s margin and losses with the Chicago Mercantile Exchange, LJM denied those gold barber dime cufflinks claims and countersued in May, But United States District Judge Katherine Forrest in Manhattan said contracts between Wells Fargo and LJM provided “broad authority” for the bank to tell the fund to trade when the market is stressed..