Jacksonville-based Fidelity National eyes Nevada incorporation
Fidelity National Financial, a major Jacksonville-based company, is taking steps that could lead to a significant change in its corporate structure.
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Yahoo
40 minutes ago
- Yahoo
Some Zeeland neighbors want to block Mead Johnson expansion
ZEELAND, Mich. (WOOD) — While some property owners have gotten more than $1 million from Mead Johnson for land that the company needs to expand on East Main Street, Margie and Earl Klein aren't selling. Some neighbors say they hope the holdouts will help block the expansion, which they fear will destroy their neighborhood. The Kleins have lived since 1973 in their home about 150 yards west of the baby formula plant — at the heart of the company's controversial expansion plans. They raised two kids there. Her parents lived there in the 1920s. 'We still walk on the hardwood floors that my parents did,' Margie Klein said on Friday. In January, she answered a knock on her door. It was a stranger from Mead Johnson. 'He sat down on our couch and said, 'We want your property.' 'Really?' 'And all of this on both sides of you, and we want everything on Washington Avenue, also,'' she recalled. Mead Johnson, now owned by a United Kingdom-based company, says it needs to modernize. Its $836 million plan calls for an expansion that would mean leveling several homes on the north side of East Main Street, including the Kleins'. The company, which makes Enfamil, released renderings at a meeting this week. The plan requires the city to rezone some of the land from residential to industrial. A hearing is scheduled before the city's Planning Commission Thursday. The company is the third-biggest taxpayer in Zeeland and employs 500 people. 'Mead Johnson Nutrition takes pride in our deep roots in the Zeeland community where we have been producing some of the nation's most trusted baby formula products for more than 100 years,' the company said in a statement released on Friday. 'This investment in modernizing our operations in Zeeland reflects our commitment to sustained job creation and economic growth here in our local community, while also ensuring we maintain industry-leading quality standards and remain a trusted partner in pediatric nutrition.' 'Mead Johnson is important to the community, we want to keep them here,' City Manager Timothy Klunder said. 'We certainly don't want to see a desire where they would have to leave, but we also want then to do it in the right way.' Neighbors have planted signs and launched a website in opposition. Already, the company has bought out most of the Kleins' closest neighbors: One said he sold his home for $600,000 and must be out by July 31. Property records show the company paid $1.5 million for a house and barn a few doors away with an assessed value of less than $300,000. Two properties around the corner went for a combined $3.7 million — about 10 times their assessed value. The Kleins won't say exactly how much Mead Johnson has offered. It's somewhere between $500,000 and $1 million. 'We love our place, but we don't want to sell to Mead Johnson because they are pushy and demanding,' Klein said. Asked if she was holding out for more money, she responded: 'Oh heavens, no.' 'This has nothing to do with the money,' she continued. 'It's the whole principle of the thing. We have lived here for decades. We are so involved in the city of Zeeland, chamber of commerce back in the day. We love this town.' Jonathan Funckes lives on the south side of East Main Street. His home would face the expanded factory. 'I'll be looking at Industrial 2 (zoning),' he said. 'When we bought this, this was all residential.' When Funckes moved in 16 years ago, he said, the neighborhood was mostly rentals, some marred by graffiti. 'We've all in the last dozen years really improved it and brought the neighborhood up and are doing things to improve and make it look better, only to have the city just destroy our property values,' he said. Some neighbors said they fear city leaders have already decided. 'Why would you purchase these (properties) way above tax-assessed values if you didn't have some sort of promise?' Sue VandenBeldt, who lives a few doors away. 'My concern is that the city has sold our neighborhood out. I think my big concern is that we've lost trust in our officials we elected.' As for Jonathan Funckes, 'We're going to be fighting it, but at this point I'm preparing to sell, because I've had enough.' Perhaps, he said, the best hope is the Kleins not selling. 'That's the only saving grace at this point,' he said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Los Angeles Times
an hour ago
- Los Angeles Times
Netflix director Jay Hoag fails to win reelection to board
Netflix Inc. shareholders overwhelmingly rejected the reelection of venture capitalist Jay Hoag to the board of the streaming company after he was called out for failing to attend enough meetings. Hoag, a founding general partner of Menlo Park, California-based TCV, received 71.4 million votes backing his reelection and 259.9 million votes against, according to a Netflix filing Friday. The proxy adviser ISS had urged investors to reject the nomination, saying Hoag didn't attend enough board meetings last year. The board didn't disclose a reason, ISS said. Netflix said he attended two of the four meetings. Hoag served as the company's lead independent director and was chair of the board's nominating and governance committee, according to company filings. He has been a Netflix director since 1999. In accordance with Netflix policy, Hoag offered his resignation on June 5. The board plans to respond in 90 days. Netflix declined to elaborate beyond the filing. In April, the company revealed he planned to sell 127,000 shares of its stock. Shares of Netflix fell less than 1% to $1,241.48 Friday in New York. They have gained 39% this year. Golum writes for Bloomberg.
Miami Herald
an hour ago
- Miami Herald
Los Angeles County fire victims sue AAA and USAA, alleging insurance fraud
Los Angeles County fire victims have filed lawsuits against three large home insurers alleging they were systematically underinsured, leaving them without enough money to replace or rebuild their homes after the Jan. 7 blazes. The twin lawsuits, filed Wednesday in Los Angeles County Superior Court, allege that USAA, a Texas-based insurer that serves the military community, and two insurers affiliated with AAA for years underestimated the replacement cost of the homes, lulling the policyholders into buying inadequate coverage. "These families paid their premiums, trusted their insurers, and did everything right," attorney Gregory L. Bentley said in a statement. "But when disaster struck, they learned their coverage was little more than an illusion. These companies promised peace of mind, but instead left their members stranded, homeless, and hopeless." The lawsuits allege fraud, negligence, breach of contract and other causes of action, and seek damages and reform of the insurers' practices. Bekah Nelson, lead communications director for USAA, said that the company was reviewing the lawsuit and could not comment on specifics, but said "USAA's dedication to outstanding member service is widely recognized." "When wildfires struck Southern California, our teams were on the ground within days, working to support our members in their time of need. To date, we have paid nearly $1.4 billion to help members recover from their losses," she said, adding the company has made payments on more than 90% of homeowner claims. A spokesperson for CSAA Insurance Exchange, which primarily serves AAA members in Northern California, said it does not comment on pending litigation. A spokesperson for the Interinsurance Exchange of the Automobile Club, which serves AAA members in Southern California, also declined comment. The lawsuits open a new front in the litigation that has been spawned by the catastrophic fires, which caused at least 29 deaths and damaged or destroyed more than 16,000 homes and businesses in Altadena, Pacific Palisades and other communities. Several lawsuits have been filed against the California Fair Plan Assn., the state's insurer of last resort, alleging that it is not adequately handling smoke-damage claims arising out of the fires. More than 100 of the state's licensed home insurers, including the CSAA, USAA and the Interinsurance Exchange, are defendants in an April lawsuit accusing the companies of colluding to drop policyholders and force them onto the FAIR Plan in order to reduce their claims exposure. The plan's policies typically cost more and offer less coverage than traditional commercial insurance. The lawsuits filed Wednesday, which are virtually identical except for details pertaining to the different defendants, allege that the problem of underinsurance is "pervasive" and stems from "cost estimator software many insurers use to recommend coverage limits to insureds," as well as "poor design choices, perverse profit and commission incentives, volume business, and other shortcomings." The lead plaintiffs in the lawsuit filed against the two AAA insurers, James and Lisa Fulker, bought a three-bedroom, two-bathroom, 1,872-square-foot home on Kingsport Drive in Malibu in 2020, according to the lawsuit. The newly renovated home - which featured a kitchen with a center island, quartz countertops, high ceilings, a fireplace, an entertainment patio and a master suite with a walk-in closet and spa-like bath - had $713,000 in primary dwelling coverage and 125% extended replacement cost coverage, the lawsuit states. After the fires, however, the couple found their coverage was inadequate as they received estimates of at least $800 per square foot or more to rebuild, far exceeding the $380-per-square-foot calculations of their insurer, the lawsuit states. The lead plaintiffs in the USAA lawsuit, Ethan and Marijana Alexander, had a 2,135-square-foot, four-bedroom, three-bathroom, near-custom home on Bienveneda Avenue in Pacific Palisades that they bought in 2018, according to the lawsuit. The home had $584,000 in dwelling coverage and a 25% home protection endorsement of $146,000, the lawsuit states. Even with the additional coverage, the complaint alleges the couple don't have adequate insurance to rebuild, with USAA calculating the cost at $342 per square foot and the couple receiving estimates at more than $850 to $1,000 per square foot, the lawsuit states. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
