Business news in brief
By The Associated Press
Hatch recalls nearly 1M power adapters sold with baby sound machines
NEW YORK | Due to a shock hazard, a California company is recalling nearly 1 million power adapters sold with sound machines marketed to help infants and young children sleep.
The plastic surrounding the AC power adapter that was supplied with some of Hatch’s Rest 1st generation sound machines can come off when removing the product from an outlet, leaving its prongs exposed, the U.S. Consumer Product Safety Commission said. That increases risks of electric shock.
There have been 19 reports of the plastic housing surrounding the adapter coming off, including two instances of consumers getting a minor electric shock, the CPSC said in its Wednesday recall notice.
The recall is specific to power adapters supplied by Jiangsu Chenyang Electron Co., Hatch said in a company announcement, adding that it is no longer sourcing from Jiangsu Chenyang for its products.
Most Johns Hopkins medical students will no longer pay tuition
Most medical students at Johns Hopkins University will no longer pay tuition thanks to a $1 billion gift from Bloomberg Philanthropies.
Starting in the fall, the gift announced Monday will cover full tuition for medical students from families earning less than $300,000. Living expenses and fees will be covered for students from families who earn up to $175,000. Bloomberg Philanthropies previously gifted $1.8 billion to Johns Hopkins in 2018 to ensure that undergraduate students are accepted regardless of their family’s income.
The former New York mayor Michael Bloomberg received a Bachelor’s degree in electrical engineering from Johns Hopkins University in 1964.
Judge who nixed Musk’s pay package hears argument
WILMINGTON, Del. | A Delaware judge heard arguments Monday over a massive and unprecedented fee request by lawyers who successfully argued that a massive and unprecedented pay package for Tesla CEO Elon Musk was illegal and should be voided.
Attorneys for a Tesla stockholder who challenged Musk’s 2018 compensation package are asking Chancellor Kathaleen St. Jude McCormick to award them legal fees in the form of stock in the electric vehicle company valued at more than $7 billion at current trading prices. The 2018 compensation package for Musk that was rescinded by the judge was potentially worth more than $55 billion.
After a full day of expert-witness testimony and arguments by attorneys, McCormick gave no indication on when she would rule on the fee request.
The fee amount sought by plaintiffs’ attorneys dwarfs the current record $688 million in legal fees awarded in 2008 in litigation stemming from the collapse of Enron.
—From AP reports
