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Missouri Minute: Missouri AG sues NorthSide Regeneration over tax credits; H&R Block stock tumbles



Here are today’s top business headlines from across Missouri:

Missouri AG sues Paul McKee’s NorthSide Regeneration over tax credits

The state of Missouri is suing St. Louis developer Paul McKee’s NorthSide Regeneration LLC over tax credits for the company’s 1,500-acre redevelopment project in north St. Louis. Attorney General Josh Hawley filed a lawsuit Wednesday alleging that McKee’s company kept $4.5 million of state tax credits despite failing to complete the purchase of properties tied to those credits. Read more

H&R Block stock tumbles after CEO shares plan for long-term growth

Shares of H&R Block closed down almost 18 percent on Wednesday as markets reacted to CEO Jeff Jones’ new plan to fuel long-term growth. Jones laid out the plans Tuesday after the Kansas City-based tax services company announced that it had seen a 50 percent increase in quarterly profits, but that it plans to close 400 low-performing tax offices. Read more

Parson, MU leaders discuss workforce, future of education during ‘listening tour’ stop

By Annika Merrilees

Less than two weeks into his term, Gov. Mike Parson met with community and university leaders at the University of Missouri on Wednesday to discuss the future of higher education, economic development and technology. His stop at MU kicked off the second day of a two-day “statewide listening tour,” for which he was scheduled to hold meetings in nine cities around Missouri. Read more


St. Louis officials OK hiring consultant to explore privatizing airport

Top St. Louis officials on Wednesday approved hiring outside consultants to look into privatizing St. Louis Lambert International Airport. The vote marks a big early step in what has already been a polarizing process for St. Louis. Backers of the move say it can help St. Louis make money and be innovative. Opponents say privatization presents transparency concerns and isn’t necessary given the airport’s recent growth. Read more


 

St. Louis firm reaches $17 million settlement in Philips 401(k) suit

A federal judge has granted preliminary approval to the $17 million settlement of a lawsuit that alleged excessive fees in the 401(k) plan Philips North America offered to employees. In the lawsuit, filed in May by St. Louis law firm Schlichter Bogard & Denton, Philips workers and retirees said the company used high-cost retail mutual funds when it could have qualified for cheaper institutional funds. The suit also alleged the plan collected excessive administration fees. Read more

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