Sharper Image OKs deal in 'Breeze' suit
SAN FRANCISCO — Sharper Image Corp. has agreed to discount its high-tech gadgets by more than $60 million and make several other concessions to settle a class-action lawsuit alleging the specialty retailer misled customers about the effectiveness of its air purifiers.
Under the proposed settlement disclosed Friday in a regulatory filing, Sharper Image will offer $19 merchandise credits to each of about 3.2 million consumers who have bought one of its "Ionic Breeze" purifiers since May 6, 1999.
The credits can be applied toward the purchase of other Sharper Image-brand products for up to a year. Sharper Image maintained that the air purifiers work but said settling the case was in the best interest of Sharper Image and its shareholders and customers, according to court papers.
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'06 U.S. oil demand was less than in '04
WASHINGTON — While oil companies reaped gargantuan profits in 2006 amid high prices, U.S. demand for petroleum dipped last year to below 2004 levels, a trade group said Friday.
Total U.S. petroleum deliveries, a measure of demand, fell by roughly 1 percent to 20.6 million barrels per day, according to a report by the American Petroleum Institute. That's down from 20.8 million in 2005 and below the 2004 level of 20.7 million. The group said the figures are preliminary and may be adjusted.
The analysis was released one day after the Paris-based International Energy Agency estimated that oil demand in the world's industrialized countries declined by 0.6 percent in 2006. Global demand rose in 2006 due to the strength of consumption in China and the Middle East, but the world's appetite has grown at a slower pace for two straight years.
Suit vs. XM Radio allowed to proceed
NEW YORK — A lawsuit in which record companies allege XM Satellite Radio Holdings Inc. is cheating them by letting consumers store songs can proceed toward trial, a judge ruled Friday after finding merit to the companies' claims.
U.S. District Judge Deborah A. Batts made the finding in a case brought by Atlantic Recording Corp., BMG Music, Capitol Records Inc. and other music-distribution companies against the licensed satellite-radio broadcaster.
In a lawsuit last year, the companies said XM directly infringes on their exclusive distribution rights by letting consumers record songs onto special receivers marketed as "XM + MP3" players.
XM has argued it is protected from infringement lawsuits by the Audio Home Recording Act of 1992.
Delta management, board to discuss bid
ATLANTA — Delta Air Lines Inc. management plans to discuss with its board its evaluation of Tempe-based US Airways' recently increased takeover bid, Delta said Friday. The disclosure came as Delta filed an amended reorganization plan that details how it would satisfy claims against its subsidiary, Comair.
Beyond that statement, the nation's third-largest carrier offered no new insight into the fate of a hostile bid by US Airways Group Inc. to buy Delta in a deal valued at $10.2 billion.
Delta management has said repeatedly it opposes a merger with US Airways, but reiterated Friday it was obligated to review US Airways' increased offer, which was made Jan. 10.
Toyota recalling Tundras, Sequoias
Toyota Motor Corp., Japan's largest automaker, said it is recalling 533,000 Tundra full-size pickups and Sequoia sport-utility vehicles because a flaw may make them difficult to steer.
Toyota will replace two faulty steering joints on 2004 through 2006 model Tundras and 2004 through 2007 model Sequoias, the company said.
Owners will be notified by mail starting next month, Toyota said. Customers with questions can call 1-888-270-9371 or 1-800-331-4331.