Wells Fargo ordered to pay $30.1 million to four nonprofits
A jury said Wells Fargo & Co. must pay $30.1 million to four Minnesota nonprofits that claimed the bank marketed a risky securities-lending program as safe and barred them from getting out of the investments, Bloomberg reported June 3 (see Wells Fargo story).
New York’s mayor uses small nonprofit to help offset budget cuts
In his eight years in office, New York City Mayor Michael Bloomberg has used a little-known nonprofit, the Mayor’s Fund, to raise over $150 million — much of it from people who do business with the city — to help stem deep budget cuts in city agencies, and to advance causes like planting trees, reducing domestic violence and increasing economic literacy, The New York Observer reported June 2 (see Bloomberg charity story).
Jackson Family Foundation plans big complex in Gary, Ind.
The city of Gary, Ind., has signed 300 acres along the Calumet River to the Jackson Family Foundation, headed by the late Michael Jackson’s father, to develop at $300 million project the mayor of the Rust Belt city says will draw 500,000 to 750,000 visitors a year and pump $100 million to $150 million into the Gary’s economy, The Wall Street Journal reported June 3 (see Jackson Family Foundation story).