USA Harvest founder competent to stand trial PDF  | Print |  E-mail
Written by BRETT BARROUQUERE, Associated Press   
Wednesday, 18 December 2013 14:49

LOUISVILLE, Ky. (AP) — A federal judge ruled Wednesday that the founder of USA Harvest is competent to stand trial on charges of tax evasion mail fraud and money laundering, accused of using funds from the volunteer organization for personal expenses.

U.S. District Judge Joseph McKinley concluded that the case prosecutors are bringing against 63-year-old Hugh "Stan" Curtis is primarily based on documents such as tax returns and other recorded evidence and can easily be reconstructed without relying on Curtis' memory or assistance. McKinley also noted that "all indications are that government's case is strong."

"Even complete amnesia is not a bar to prosecution if the defendant is otherwise competent," McKinley wrote in a two-page ruling.

USA Harvest uses volunteers to pick up surplus food from restaurants, hotels, hospitals and various other food suppliers. The food is delivered to missions, soup kitchens, shelters and people in need.

Curtis is charged with taking $183,354 from the charity and charging another $370,000 in personal travel expenses. He has been in poor health since being charged in September 2012.

Ford shares drop 7 percent on profit outlook PDF  | Print |  E-mail
Written by TOM KRISHER, AP Auto Writer   
Wednesday, 18 December 2013 13:57

DETROIT (AP) — Shares of Ford Motor Co. fell more than 7 percent Wednesday after the company warned that profits next year would soften from near-record levels in 2013, and its targets for profit margins in the middle of the decade could be at risk.

Ford said Wednesday that pretax profit for this year should total about $8.5 billion, which could be the best in a decade and among the strongest in company history. But the company warned profits could fall by as much as $1.5 billion next year, in a range of $7 billion to $8 billion, as price increases slow in North America and global costs rise, in part because of an ambitious launch of almost two dozen vehicles.

At a conference with analysts, Chief Financial Officer Bob Shanks touted this year's strong global growth and big gains in North America, but the company's outlook overshadowed the 2013 numbers and pulled down the share price.

Shares of Ford fell 7.3 percent, or $1.21, to $15.49 in late-morning trading.

Last Updated on Wednesday, 18 December 2013 13:58
Whole Foods will no longer sell Chobani PDF  | Print |  E-mail
Written by The Associated Press   
Wednesday, 18 December 2013 14:47

Whole Foods has lost its taste for Chobani.

The natural and organic grocery chain said Wednesday that it will be phasing Chobani Greek Yogurt out of its stores in early 2014 to make room for other products.

Part of the decision might be fueled by Whole Foods' push to phase out foods that use genetically modified ingredients. But it's also about offering more exclusive and organic products. Chobani is now available in most supermarkets.

Whole Foods Market Inc. said Wednesday in a statement that it is committed to offering shoppers the widest variety of high-quality products possible, including items shoppers can't find anywhere else. And as the national demand for Greek yogurt has grown, the company says the number of conventional Greek yogurt options has multiplied.

JPMorgan Chase sues FDIC for more than $1 billion PDF  | Print |  E-mail
Written by The Associated Press   
Wednesday, 18 December 2013 09:22

JPMorgan is suing the Federal Deposit Insurance Corp. to recover more than $1 billion. It says the FDIC failed to make good on the promises it made to induce the bank to buy Washington Mutual when it failed in 2008.

The New York bank says in a federal lawsuit that the FDIC's failure to honor obligations under the Washington Mutual agreement has subjected JP Morgan to massive liability.

The FDIC became the receiver for Washington Mutual, during the largest bank failure in U.S. history. JP Morgan Chase & Co. says the FDIC then declined to acknowledge that claims against JP Morgan for Washington Mutual's conduct should have been claims against the receivership.

The FDIC did not immediately return a call seeking comment from The Associated Press early Wednesday.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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