In this Feb. 9, 2020, file photo, Kanye West arrives at the Vanity Fair Oscar Party in Beverly Hills, Calif. Rapper and fashion mogul Ye’s high-end clothing company Yeezy has agreed to pay $950,000 to settle a lawsuit over slow shipping to customers. (Photo by Evan Agostini/Invision/AP, File)
Rapper and fashion mogul Ye's high-end clothing company Yeezy agreed Monday to pay $950,000 to settle a lawsuit brought by four California district attorneys over slow shipping to customers.
The suit brought last month by the district attorneys of Los Angeles, Sonoma, Napa and Alameda counties alleged that Yeezy had engaged in false advertising about its shipping and had violated state law by failing to send online orders within 30 days.
He designs and sells sneakers under the Yeezy brand in collaboration with Adidas. The company also makes and sells clothes. Adidas was not named as a defendant in the lawsuit.
An email sent seeking comment from Yeezy was not immediately returned.
The settlement includes $800,000 in civil penalties to the district attorneys offices, $50,000 in restitution to a state consumer protection fund, and $100,000 in investigative costs.
The Federal Reserve released its highly-anticipated research weighing the pros and cons of a digital dollar in the U.S. The report comes as economic rivals like china have already piloted their own central bank digital currencies. Edward Moya, Senior Market Analyst, The Americas, Oanda, joined Cheddar's Opening Bell to discuss.
Tax season is now underway, and it's going to be a bit different than in years past. For starters, the deadline is April 18, instead of the typical April 15th, and many Americans will need to account for advance child tax credit payments, the return of the recovery rebate credit, and a special break for charitable contributions, among other things. Brent Weiss, Co-Founder and certified financial planner at Facet Wealth, tells us what we need to know about filing our taxes this year, and when we can expect to receive our returns.
American semiconductor company, Intel officially announcing plans to build a new $20 billion chip manufacturing complex outside Columbus, Ohio. This comes as the global chip shortage continues to hamper production of everything from smart phones, to cars. Jennifer Smith - Logistics and Supply Chain Reporter, WSJ joined Cheddar's Opening Bell to discuss.
Verizon and AT&T officially launched their 5G wireless services Wednesday across the U.S. Despite pushback from U.S. airlines and the FAA over safety concerns, the telecom giants rolled out the next generation of wireless cellular technology, with speeds up to 20 times faster than 4G LTE. John Biggs, Editor, Tech Crunch joined Cheddar's Opening Bell to discuss.
Earnings season kicks into high gear this week as big players are on tap to report their Q4 numbers, including Microsoft, Apple, and Tesla. Investors will be watching for key indicators on how the companies are dealing with inflation, Omicron and interest rates. Christine Short, VP of Research, Wall Street Horizon joined Cheddar's Opening Bell to discuss.
Stan Farnsworth, chief marketing officer at PulseForge, joined Cheddar to talk about his company's debut at CES 2022 and how it plans to innovate the sustainable tech manufacturing space. PulseForge is bringing a new approach to industrial thermal processing, which contributes to 30 percent of global greenhouse gas emissions, according to Farnsworth. "By using 85 percent less energy in the processing of materials through a variety of manufacturing processes, we can make a direct impact in reducing carbon output and reducing carbon footprint associated with manufacturing," he said.
Oliver Chen, senior retail analyst at Cowen, joined Cheddar's "Opening Bell" to discuss the latest details about department store chain Kohl's after it received at least two offers from buyers to take the company private. Chen stated that Kohl's is an attractive landing spot for prospective buyers because of its premium real estate and undervalued stock prices. He also noted that despite the rise in online shopping, there is still room for brick and mortar shops to flourish. "We're very bullish on bricks meets clicks. The integration of stores and digital," Chen told Cheddar. "People love to return items in stores, people love the treasure hunt of shopping and the convenience and immediacy of stores."