Bank gets 5 stars

Bank gets 5 stars

MINERVA

Consumers National Bank announced last week that it has received a five-star rating from BauerFinancial Inc., the best rating given by the independent rating company.

“Achieving a five-star rating from BauerFinancial provides independent confirmation of Consumers National Bank’s safety and soundness,” said Ralph J. Lober II, the bank’s president and CEO. “We are pleased to be included on the list of the nation’s most-highly rated financial institutions.”

Target: DOJ probing security breach

NEW YORK

Target Corp. said the Department of Justice is investigating the credit- and debit-card security breach at the retailer that’s being called the second-largest such incident in U.S. history.

The DOJ declined to comment on whether it’s investigating the breach at Target, the nation’s second-largest discounter.

Target also said that it’s teaming up with the U.S. Secret Service in its own investigation. Target said the Secret Service has asked the company not to share many of the details of the probe.

Additionally, Target said that it had a conference call with the state attorneys general Monday.

The investigations and the call come after Target said last week that data connected to about 40 million credit- and debit-card accounts was stolen starting over the Thanksgiving weekend.

Deal would create victims’ fund

BOSTON

Attorneys for creditors of a pharmacy linked to a nationwide meningitis outbreak said Monday they have reached a preliminary settlement that would set up a victim-compensation fund worth more than $100 million.

Atty. William Baldiga said the agreement was reached among creditors, bankruptcy trustee Paul D. Moore and the owners and insurers of the New England Compounding Center. The deal needs approval from a bankruptcy judge and likely will be filed in the next few weeks.

The company, based in Framingham, just west of Boston, gave up its license and filed for bankruptcy protection after it was flooded with hundreds of lawsuits from people who received tainted steroid injections.

Baldiga represents the creditors’ committee set up by the bankruptcy court. Most of the creditors are victims who have filed lawsuits.

About 750 people in 20 states have developed fungal meningitis, an inflammation of the lining of the brain and spinal cord, or other infections; 64 have died. Michigan, Tennessee and Indiana were hit the hardest.

Hyundai, Kia to pay millions in settlement

Hyundai and its sister company Kia said Monday that they will pay up to $395 million to consumers as part of a proposed settlement over overstated gas mileage.

The Environmental Protection Agency found inflated numbers on 13 Hyundai and Kia vehicles in November of 2012.

Hyundai and Kia acknowledged the problem, changed the fuel economy numbers and blamed a procedural error.

Vindicator staff/wire reports