Target says it ignored early signs of data breach
NEW YORK (AP) — Target Corp. said in its annual report that a massive security breach has hurt its image and business, while spawning dozens of legal actions, and it noted that it can't estimate how big the financial tab will end up being.
The disclosure Friday with the Securities and Exchange Commission came as the nation's second-largest discounter said separately that security software picked up on suspicious activity after a cyberattack was launched, but it decided not to take immediate action
The company continues to grapple with the fallout of its massive breach since it revealed in mid-December that hackers stole credit card numbers and personal data of millions of its customers.
AP Exclusive: FBI balks at pot background checks
SEATTLE (AP) — The FBI is refusing to run nationwide background checks on people applying to run legal marijuana businesses in Washington state, even though it has conducted similar checks in Colorado.
It's a discrepancy that illustrates the quandary the Justice Department faces as it allows the states to experiment with regulating a drug that's long been illegal under federal law.
Washington state has been asking for nearly a year if the FBI would conduct background checks on its applicants, to no avail. The bureau's refusal raises the possibility that people with troublesome criminal histories could wind up with pot licenses in the state — undermining the department's own priorities in ensuring that states keep a tight rein on the nascent industry.
Liberty Media drops bid to buy rest of Sirius
ENGLEWOOD, Colo. (AP) — Liberty Media is dropping its bid to buy the rest of the satellite radio provider Sirius.
The move disclosed late Thursday comes as Liberty Media Corp. takes steps to create two new tracking stock groups for its business. One will be called Liberty Media Group and the other will be Liberty Broadband Group.
Liberty Media said that because of the tracking stock distribution, it is withdrawing its offer for the rest of New York-based Sirius XM Holdings Inc. Liberty Media owns 53 percent of Sirius stock.
Quiznos files for Chapter 11 bankruptcy protection
DENVER (AP) — Quiznos has filed for Chapter 11 bankruptcy protection to reduce its debt by more than $400 million after the chain lost ground to competitors.
The toasted sandwich company, based in Denver, said Friday that it voluntarily filed to reorganize to implement a pre-packaged restructuring plan.
Quiznos says the move won't affect its customers. The company only owns and operates seven of the nearly 2,100 Quiznos restaurants. The rest are owned and operated by franchisees and aren't part of the bankruptcy proceedings.
The company says the restructuring plan has been approved by its creditors so it expects to emerge from reorganization quickly.
FDIC sues 16 big banks that set key rate
WASHINGTON (AP) — The Federal Deposit Insurance Corp. has sued 16 big banks that set a key global interest rate, accusing them of fraud and conspiring to keep the rate low to enrich themselves.
The banks, which include Bank of America, Citigroup and JPMorgan Chase in the U.S., are among the world's largest.
The FDIC alleges that the banks rigged the London interbank offered rate, or LIBOR, from August 2007 to at least mid-2011. The LIBOR affects trillions of dollars in contracts around the world, including mortgages, bonds and consumer loans.
Retailer Ann eliminating about 100 positions
NEW YORK (AP) — Ann Inc. is eliminating about 100 positions from its corporate workforce, the company announced Friday.