Masonry Magazine October 1974 Page. 15
Washington Wire
(Continued from page 15)
BIG CONSUMER CLASS-ACTION LAWSUITS HAVE BEEN PRICED OUT of the market. The U.S. Supreme Court has imposed stiff financial burdens on any consumers who seek damages on behalf of any class of similarly situated individuals. Consumers filing these suits would have to notify all members of the class, "who can be identified with reasonable effort." Federal procedure rules, the justices said, require plaintiffs to bear full expenses of the notice.
The Court's decision is likely to discourage a lot of class-action lawsuits. The decision will change many such actions into extremely costly operations. In the actual case before the High Court, notification would have cost over $300,000.
IMPORTED PRODUCTS MUST NOW MEET SAFETY STANDARDS obtaining in the United States. American importers are responsible for seeing that criteria are met. That's a key ruling by the Consumer Product Safety Commission. The Commission won't allow dumping of noncomplying U.S. goods abroad, either.
A NEW TYPE OF LOAN IS BEING MADE by the Small Business Administration. President Ford has signed legislation providing for so-called disaster loans to smaller companies that have been hit hard by recent shortages of energy. The new law also increases SBA's flexibility in establishing interest rates, particularly on small-business loans made by banks but guaranteed by SBA.
Direct SBA loans, however, will be down-played by the new Administration in an effort to hold down Federal spending.
THE SECURITIES & EXCHANGE COMMISSION IS SCRUTINIZING takeover bids. It has launched a broad investigation into the adequacy of its regulations concerning tender offers, acquisitions and corporate-ownership disclosure. This study could lead to wide-ranging changes in corporate takeover bids. Many Congressmen have voiced deep concern about who owns U.S. corporations. Some are worried about Arab nations using oil money to buy U.S. companies. Others are very concerned about the concentration of large blocks of stock in accounts administered by bank trust departments and other institutions.
The SEC is considering forcing more disclosure by those making offers. It may ask for power to suspend offers.
THE JUSTICE DEPARTMENT IS NOW ATTACKING PRICE-FIXING at local levels. Its Antitrust Division has established a special "strike force" of attorneys. The strike force will move from city to city to investigate illegal pricing. The force will prepare the case, then let the local U.S. attorney prosecute. The strike force will act on analyses from the Division's economic staffers. It will try to see if price levels in a given area are higher than elsewhere.
A A Wire Products Company
announces with profound sorrow
the passing of its founder
and president
Mary M. Hanson
on Wednesday, August twenty-eight
nineteen-hundred and seventy four
at Sarasota, Florida
Power Tool Institute Safety Meeting
Executives of the Power Tool Institute huddle around new safety posters during the trade association's annual meeting in the Hyatt Regency O'Hare in Chicago. Member manufacturers heard status of industry programs on safety education, safety standards, and liaison with government and other trade associations on safety related issues. Pictured (from left) are: J. A. Proven, executive secretary: F. Henry Michel, Jr. of Black & Decker, safety committee chairman; John W. Morgan of McGraw-Edison, engineering committee chairman; C. Frederick Wheeler of Stanley Works, president of the institute, and Clement J. Deliso of Toolkraft, vice president.
masonry
October, 1974