ESG news not only helps inform analysts and investors about potential red flags before making investment decisions but also provides evidence of companies’ claimed policies and programs.
This month’s article talks about lawsuits and settlements of the three big software and tech giants, Google, Facebook and Microsoft, a quick health and safety emergency response by Jaguar, and a follow-up on Boeing.
- One person was taken to hospital and 28 others required treatment after a suspected chemical incident at the Jaguar Land Rover Automotive PLC‘s (a subsidiary of Tata Motors Ltd.) Solihull plant. West Midlands Ambulance Service’s (WMAS) hazardous area response team transported one person to the hospital and, assessed and advised 28 others on site.
- A Virgin Atlantic flight from New York to London had to make an emergency landing in Boston after a power bank phone charger caught on fire. The sole passenger who complained of smoke issues was treated while all 217 passengers were evacuated immediately upon landing.
- Boeing announced that it will provide $100 million over several years to help families and communities affected by two crashes of its 737 Max plane that killed 346 people. A Boeing spokesman said that the multiyear payout is independent of lawsuits filed by families of victims of the two crashes, which happened on October 2018 and March of this year. He also said the company will match any employee donations through December.
- Google (a subsidiary of Alphabet Inc.) settled a multi-million dollar class-action lawsuit accusing the company of age discrimination against potential applicants. According to a Bloomberg report, the $11-million settlement will be divided up amongst more than 200 job seekers who applied to join Google when they were over 40 years old. As a part of the settlement, Google will need to train employees and managers about age bias and establish a committee to focus on age-diversity in its recruiting practices.
- Microsoft Inc. agreed to pay about $25.3 million, including a criminal fine, to settle U.S. charges it made improper payments that were used to bribe government officials in Hungary and other countries.
- Facebook Inc. was fined USD 5 billion by the Federal Trade Commission (FTC) as a result of its investigation into the Cambridge Analytica scandal. Surprisingly, following the news of the landmark fine, the value of it’s CEO Mark Zuckerberg’s shares increased by over $1 billion in just 30 minutes.
- The latest discovery that is made in the Boeing 737 Max fault that alarmed test pilots is rooted in software. The plane’s flight computer tried to push the aircraft’s nose down repeatedly during a simulator run, prompted by a stream of erroneous flight data. This is the same situated that resulted in the crashes that took place within a span of six months.
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