GM settles hundreds of ignition switch lawsuits
NEW YORK General Motors Co has agreed to settle federal lawsuits by as many as 203 plaintiffs over defective ignition switches in its vehicles, a Friday court filing shows.
PHILADELPHIA The Federal Reserve could well consider cutting its bond-buying by more than a $10 billion monthly increment in the future, Philadelphia Fed President Charles Plosser said on Saturday, floating $25 billion as a hypothetical amount.
The U.S. central bank trimmed its quantitative easing program to $75 billion per month, from $85 billion, at a much anticipated policy meeting last month, reducing its extraordinary support for the U.S. economy.
"It's good that we did it," Plosser, a hawkish Fed official, told reporters on the sidelines of a conference. But "if the economy continues to grow and strengthen I think that there's no reason why we shouldn't want to consider speeding the process up if we can," he said.
"I have no problem with gradually unwinding it, but my preference would be to move a little quicker and end it sooner rather than later," Plosser added.
(Reporting by Jonathan Spicer; Editing by Dan Grebler)
Debt-laden U.S. outerwear and outdoor gear retailer Eddie Bauer LLC has hired investment banks to explore strategic alternatives, including a potential sale of the company, people familiar with the matter said on Friday.