Contracts

LONDON—French container shipping firm, CMA CGM Group, said it would take a stake in Air France-KLM AFLYY 3.22% as part of a deal to combine the airfreight operations of both companies amid a boom in demand for cargo since the start of the pandemic. Under a 10-year agreement, the two companies will combine and jointly market their airfreight operations including a fleet of 10 dedicated freighter aircraft as well as another 12 jets on…

International medical equipment manufacturer Stryker Corp. must pay $4.75 million to a small Colorado company after breaching its business contracts with the local medical distributor, a federal judge in Denver ruled last week. Stryker Corp., through its subsidiary Howmedica Osteonics Corporation, improperly terminated one contract with Greenwood Village’s ORP Surgical, then wrongly poached its employees after a second contract ended, Senior Judge R. Brooke Jackson found in a 30-page order issued May 10 in U.S. District…

Electric-vehicle startup Rivian Automotive Inc. is suing a key supplier of seats, warning that a pricing dispute could impact production of an electric van ordered by Amazon.com Inc., according to court records.Rivian in March sued the supplier, Ohio-based Commercial Vehicle Groupaccusing it of violating the supply contracts for seats by nearly doubling an initially agreed-upon price per unit, the court filings show. Electric-vehicle startup Rivian Automotive Inc. is suing a key supplier of seats, warning that a…

People who agreed to buy homes under construction but haven’t yet closed are facing mortgage-interest rates that could be nearly double what they anticipated when they paid their deposits.New-home buyers are confronting multiple obstacles this year, from surging mortgage rates to home construction that is taking longer than usual due to supply-chain and labor constraints. Many home buyers who signed contracts for new homes in 2021 or early this year calculated monthly payments based on near-record-low mortgage rates of…

Shell SHEL -3.28% PLC has agreed to sell its Russian retail-station and lubricants business to oil giant Lukoil LUKOY -42.00% PJSC, the latest Western company to find a local buyer for its planned Russia exit. The deal for the business, called Shell Neft LLC, includes 411 retail stations in Russia and a lubricants-blending plant near Moscow. Shell, which didn’t disclose a deal value,…

Moderna Inc. is trying to fend off rival companies’ claims that its Covid-19 vaccine infringes their patents, arguing that the companies may only pursue their claims seeking royalties from the federal government.Moderna on Friday filed a motion to dismiss some of the patent-infringement claims in the lawsuit, which was filed in February by two small biotechnology companies, Arbutus Biopharma Corp. and Genevant Sciences GmbH, in federal court in Delaware. ModernaInc. is trying to fend off rival companies’ claims that…

In its latest notice to shareholders, Thomson Reuters announced that it would align with the United Nations Guiding Principles on Business and Human Rights (UNGPs) and conduct an independent, company-wide human rights impact assessment of its products and services, including contracts with US Immigration and Customs Enforcement (ICE). The announcement comes after years of criticism over data brokerage services provided by the Canadian media conglomerate to ICE, which uses a Thomson Reuters database service known as…

French authorities on Wednesday slapped a EUR 90,000 (roughly Rs.7,476,100) per day fine on Amazon until it removes abusive clauses in its contracts with businesses using its platform to sell their goods.The anti-fraud DGCCRF service said the online sales giant's contracts with third-party sellers who use its Amazon.fr website contain "unbalanced" clauses."The company Amazon Services Europe did comply completely with an injunction it was served and it is now subject to a fine of 90,000 euros per day of delay" in applying…