Bloomberg (11/12/15) Michelle Jamrisko
The number of people applying for unemployment benefits held at 276,000 in the week ended Nov. 7, according to the U.S. Department of Labor. Economists polled by Bloomberg had forecast claims of 270,000. The four-week average of claims rose by 5,000 to 267,750.
Buyers of a business generally expect sellers to be responsible for certain liabilities relating to when the seller owned its business—a concept mergers and acquisitions professionals refer to as indemnification. Indemnification is one of the most heavily negotiated, and potentially most significant, provisions of a purchase agreement, and understanding the terminology common to such agreements is essential when negotiating a deal. Attorney Paul Pincus of Ortoli Rosenstadt LLP explains what sellers are liable for, how a seller’s liability may be limited, and how buyers may seek to fund potential indemnity claims.
CNNMoney (11/11/15) Cristina Alesci
A coalition of 200 companies, including Pepsi and Southwest Airlines, celebrated Veterans Day with a commitment to hire one million servicemen and women. The group, which JPMorgan helped form with 10 other major companies in 2011, originally targeted 100,000 such veterans. Now called the Veteran Jobs Mission, the program has since put approximately 300,000 vets to work.
The companies’ efforts contributed to a “sharp decline in the unemployment rate for post-9/11 veterans, from just over 12% in 2011 to 5% as of September 2015,” the Veterans Jobs Mission reported in a statement. However, joblessness for veterans age 20 to 24 remains stubbornly high at 14.9%. African-American and Hispanic vets also continue to experience higher than average jobless rates.
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