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BUSINESS A25
Monday 14 September 2015
Quiznos ads have Burning Man officials fired up
RENO, Nev. (AP) — Burning The Denver-based Quiz- Representatives from Quiz- panies’ attempts to market Burning Man’s most recog-
Man is considering legal nos never reached out to nos were not immediately products by pairing them nizable words, symbols and
action against sandwich them before putting out available for comment Sat- with festival content. designs.”
chain Quiznos over a video the advertisement, Gra- urday. Graham said Burn- “We get a quite a number The San Francisco-based
ad that pokes fun at the ham added. The YouTube ing Man hasn’t yet con- of requests each year from Burning Man has taken out-
festival, an event organizer video parodies the upcom- tacted the toasted sand- companies wanting to gift side entities to task before
said. Spokesman Jim Gra- ing movie, “Maze Runner: wich company. participants with their prod- over intellectual property
ham said Friday that festi- The Scorch Trials,” and por- The weeklong countercul- uct or to capture imagery rights, the Reno Gazette-
val officials see the video trays the characters frolick- ture festival, which attracts or video of their products Journal reported (http://
as theft of Burning Man’s ing and eating Quiznos at more than 70,000 people at the event, and we turn on.rgj.com/1NvW7xe ). Ac-
intellectual property. Burning Man in the northern to the Black Rock Desert, them all down,” Graham cording to Graham, Burning
“We’ll be coordinating with Nevada desert. The video ended Monday. Accord- said. The event website Man won a lawsuit against
our legal team to see what was posted Tuesday and ing to Graham, after the states that attendees are Girls Gone Wild, which films
action we can take,” Gra- has been viewed more Burn is when operators limited by the use of pho- and markets video of top-
ham said. than 760,000 times. get busy deflecting com- tos and videos, “along with less women.q
Big banks close to $1.9B settlement in price-fixing case
BERNARD CONDON People walk past a branch of Chase Bank in New York. Twelve major banks, JPMorgan Chase to further developing CDS
AP Business Writer included, have tentatively agreed to pay $1.87 billion to settle allegations that they colluded to market structure to ensure
NEW YORK (AP) — Twelve fix prices and lock out competitors in the market for insurance-like products widely traded before the market functions safely
major banks have tenta- the financial crisis, according to a lawyer for investors. and efficiently.”
tively agreed to pay $1.87 CDS stands for credit-
billion to settle allegations (AP Photo/Mark Lennihan) default swap, a product
that they colluded to fix bought by investors to pro-
prices and lock out com- complaint filed in U.S Dis- they charged high prices,” eral of the banks were tect themselves in case
petitors in the market for trict Court in New York. In said Brockett, a partner at not immediately returned. governments or companies
insurance-like products keeping trading private Quinn Emanuel Urquhart & Spokespeople for Bank of default on their debts.
widely traded before the fi- in a “rigged” market, the Sullivan. An investor “basi- America and Citigroup de- The settlement was first
nancial crisis, according to banks cheated investors cally had to pay what they clined to comment. reported by Bloomberg
a lawyer for investors. out of billions of dollars, the wanted.” Another defendant in the News.
The deal, if finalized, would complaint alleges. The banks have denied al- suit, the International Swaps Credit default swaps fig-
be one of the largest U.S. “There was no central legations of wrongdoing. and Derivatives Associa- ured prominently in the fi-
anti-trust settlements, said place to go for a stream They do not face criminal tion, said in a statement nancial crisis, notably in the
Daniel Brockett, a lawyer of prices. You had to go to charges. that it is “pleased” that the near-collapse of American
representing a Los Ange- the banks and they con- Emails and phone calls to case is close to resolution International Group, a gi-
les pension fund among trolled thebusiness and lawyers representing sev- and that it is “committed ant insurer that sold protec-
other plaintiffs. He said the tion to investors in home
final terms need to be ham- mortgages but couldn’t
mered out, and a judge pay out on the policies
would still need to approve when the housing market
the deal. crashed. AIG eventually re-
Bank of America, JPMor- ceived $182 billion in a gov-
gan Chase, Citigroup and ernment bailout.
other banks met secretly to The case against the banks
kill proposals that would put involves swaps they han-
the trading of these insur- dled starting in the fall of
ance-like products onto an 2008, at the start of the fi-
exchange through which nancial crisis when Lehman
they could be bought and Brothers collapsed, trigger-
sold like stocks and their ing the biggest global eco-
prices made more trans- nomic downturn since the
parent, according to a 1930s.q
CVS: photo site user info possibly stolen in July hacking
BREE FOWLER shut down since July after ers were being notified, or Mart Canada sites also re- to capture user information
Associated Press the breach was detected. comment beyond the note mained down Friday after- on the company’s servers.
NEW YORK (AP) — CVS said The photo sites of Rite Aid, to consumers posted on noon, while the Costco site But it says that there’s no
this weekend investigators Costco and Wal-Mart Can- CVS’ photo website. has restarted limited opera- sign that hackers accessed
have confirmed that the ada also were affected in The company’s main CVS. tions. user photos or pin numbers.
company that manages the breach. com website, the comput- Staples Inc., the parent “The company is working
their photo website was CVS Health Corp. said it er system used by its phar- company of Canada- with outside security ex-
indeed hacked this sum- started contacting poten- macies, its optical website based PNI Digital Media, perts to determine the na-
mer, possibly resulting in the tially-affected customers and its MinuteClinic online which manages all of the ture and scope of the inci-
theft of some CVS custom- on Friday. bill pay site, all were not sites, says that based on dent, including what user
er information. affected by the breach. its investigation so far, it data was impacted and
The photo website of the A spokesman for the Sales made in CVS stores appears that the hackers the time period involved,”
nation’s second-largest Woonsocket, Rhode Island- also were not affected. breached PNI’s computer Staples’ statement read.q
drugstore chain has been based company wouldn’t The Rite Aid and Wal- systems and used malware
say how many custom-
