Google (GOOG) and Viacom (VIA) settled a landmark lawsuit over Viacom videos posted on Google's YouTube. Viacom originally filed the lawsuit in 2007 and asked for $1 billion in damages, claiming its programs were posted without permission. The suit had been thrown out of court twice, first in 2010 and again last year. Viacom was appealing the second decision and oral arguments were scheduled for March 24. The terms of the deal between the two companies weren't disclosed.
Video game retailer Gamestop (GME) closed down after Walmart (WMT) announced it will expand its used video game trade-in program on March 26. The expanded program will allow customers to trade in video games in exchange for a Walmart gift card. The change could challenge GameStop's dominance in $2 billion used video game market. Walmart ended the day little changed.
In the wake of several recent recalls, General Motors (GM) named a vehicle safety chief today. GM named forty-year GM veteran Jeff Boyer the vice president of global vehicle safety. The company said Boyer will quickly identify and resolve product safety issues, handle recalls, and update GM’s CEO Mary Barra and senior management on safety issues. GM issued three recalls Monday for faulty airbag wiring, overheating brakes and instrument panel issues affecting 1.5 million vehicles across several GM models. Last month, GM recalled 1.6 million vehicles over a faulty ignition switch. GM knew about the ignition switch issue - which has been linked to 12 deaths - more than a decade before issuing recalls on the affected vehicles.
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