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Notable business headlines include the Justice Department suing casino magnate Steve Wynn, ex-employees suing PIMCO over 'fraternity culture', and Apple delaying its return-to-office plans as COVID-19 infections surge across the U.S.
JULIE HYMAN: The Justice Department is cashing in its chips, so to speak, on Steve Wynn. The hotel and casino magnate and former finance chair of the Republican National Committee, he's the subject of a suit filed in US District Court in Washington, DC this week. The suit argues that Wynn leveraged his relationships with former President Trump and members of his administration in 2017 to advance business interests of Beijing. The government is suing to compel Wynn to register as an agent of China. It's the first civil lawsuit under the Foreign Agents Registration Act in more than 30 years.
And speaking of lawsuits, PIMCO is being sued over a, quote, "fraternity culture" at that company. PIMCO Investment Management now has men and women suing over a company culture that allegedly favors white males. Two men, a Black ex-employee and an Asian former contractor, say that minority employees are promoted in fewer numbers, are paid less, and they're routinely denied mentorship opportunities to help them advance. PIMCO denies the claim, just as it did in 2020 and 2021 when a handful of women made similar allegations.
Meanwhile, Apple is pumping the brakes on its return to office plans, as COVID infections surge across the US. And once again, Apple's delaying its hybrid work plan, saying in a memo, quote, "We're extending the phase-in period and maintaining two days a week in the office," two days a week in the office for the time being. The memo also says the company's COVID response team is monitoring local infection rates and asks employees to wear masks and come in areas like elevators and meeting rooms, though those who are uncomfortable returning to the office can remain fully remote for the time being. Retail employees in Apple stores will be required to wear masks. Sozz.