America Online, a Dulles-based Internet services
provider, announced plans to retire its name and be
known henceforth as AOL. The company cited changes
in its mission and nature since the early days of online
service and the fact that most consumers today know
the company better by its initials. AOL has also changed
its legal structure, from a corporation to a limited
liability company. (Business Wire)
Freddie Mac, a McLean mortgage financier, settled
outstanding shareholder lawsuits for $410 million,
stemming from accounting errors that forced a restatement
of earnings by $5 billion from 2000 to 2002. Though
the suits are settled, Freddie Mac remains under scrutiny
by the Securities and Exchange Commission. The company
also paid a $3.8 million fine to the Federal Election
Commission to settle civil charges over use of company
resources for political fundraisers. (The Washington
Post)
The Kroger Co. of Cincinnati, and United
Food & Commercial Workers Local 400 in Landover,
Md., reached agreement on a four-year labor contract
covering 2,000 supermarket employees in the Richmond
and Hampton Roads regions. A union concession to
drop an HMO health plan in favor of other options
was key to the pact. (The Virginian-Pilot)
