NEW YORK (AP) – U.S. Bankruptcy Judge Sean H. Lane is throwing out the union contract of American Airlines' pilots as part of the company's restructuring.
A key part of the bankruptcy proceedings, the ruling clears the way for the Fort Worth, Texas-based airline to dramatically cut costs and quicken its emergence from Chapter 11 bankruptcy protection.
The airline has successfully renegotiated contracts with all its other labor unions.
Best Buy Co. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.
Home Depot Inc.'s first-quarter net income rose 18 percent, thanks to the ongoing housing recovery, despite a chilly and wet spring.
Treasury Secretary Jacob Lew says the Internal Revenue Service's targeting of conservative political groups was "unacceptable and inexcusable" and he has directed the agency's acting director to hold people accountable.
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