Unum to repurchase more outstanding stock
Unum Group’s board of directors has authorized the repurchase of up to $750 million of the company’s outstanding common stock through Nov. 25, 2018, the company announced today.
This new authorization by the Chattanooga-based insurer replaces a previous one of $750 million that was scheduled to expire on Nov. 26, 2017.
“This action reflects the board’s confidence in the consistent execution of our strategy, as well as in our ability to generate capital,” said Richard P. McKenney, president and chief executive officer, in a statement Thursday. “With our strong capital position, we can continue to invest in our businesses while also deploying capital to further bolster shareholder value.”
GM denies cheating on diesel emissions
General Motors on Thursday denied allegations made in a lawsuit that the company’s full-size diesel pickup trucks cheat on emissions tests.
The lawsuit filed by lawyers for two truck owners in U.S. District Court in Detroit alleges that trucks with Duramax diesel engines have three devices on them that are rigged to allow more pollution on the road than during treadmill tests in the Environmental Protection Agency laboratory.
But GM called the allegations “baseless” and said in a statement it would vigorously defend itself.
“The Duramax Diesel Chevrolet Silverado and GMC Sierra comply with all U.S. EPA and CARB (California Air Resources Board) emissions regulations,” the company said in a statement.
The lawsuit apparently affected GM’s stock price. Shares in the company fell almost 2 percent Thursday.
Italian court OKs Volkswagen lawsuit
An Italian court has opened the way for a class action lawsuit against automaker Volkswagen over its emissions scandal.
Altroconsumo, a consumer rights organization, said a tribunal in Venice gave it the go-ahead Thursday to file the lawsuit.
Altroconsumo said the lawsuit would include all affected cars from the Volks- wagen group, including Audi, Skoda and Seat brands.
In 2015, it was discovered that some Volkswagen diesel cars had software that allowed them to cheat on U.S. emissions tests. The German company says about 11 million cars worldwide are fitted with the software. Altroconsumo said 650,000 of them are in Italy and that 30,000 people are interested in taking part in the lawsuit.
It hasn’t been proven that Volkswagen cheated in European tests, which are less stringent and being revised.