Missouri Minute: Stifel acquires Piermont; UMKC unveils new research plans

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As we reach the middle of the week, we have a full serving of hefty news, including election results, allegations of illegal activity by the Parson administration and a big unveiling by the University of Missouri-Kansas City.


Stay alert

Ballot Briefing: KC mayoral race down to 2; Treece re-elected in Columbia
Two mayoral candidates emerged from a crowded primary field in Kansas City, and Columbia’s mayor won a second term as voters across Missouri cast ballots Tuesday in municipal elections. (MBA)

Missouri auditor: Parson illegally adjusted tax withholding tables
Auditor Nicole Galloway said Gov. Mike Parson’s administration broke state law; the Department of Revenue adjusted tax withholding tables in January in a quiet attempt to correct projections that Missouri wouldn’t meet financial targets. (KCUR)

Stifel Financial acquires Piermont Capital Management
Terms of the deal between the St. Louis-based firms weren’t disclosed, but Piermont’s portfolio was valued at around $252 million as of Feb. 28. (St. Louis Business Journal)

UMKC unveils wealth of new research plans, continuing education program
Chancellor Mauli Agrawal announced two new research institutes and three other projects to propel the university toward its goal of increasing enrollment by 50 percent in the coming decade. (Kansas City Business Journal)

Almost $63 million more could be withheld from Missourians this year
Missouri Auditor Nicole Galloway said an audit showed $63 million more could be withheld from paychecks this year than last. (Columbia Daily Tribune)

Cultivation Capital leads financing for Michigan-based medical device startup
The St. Louis venture capital firm co-led an $11.5 million Series A funding round for Fifth Eye, which plans to use the money to accelerate regulatory testing and approval for its clinical early warning systems for hospitals. (St. Louis Business Journal)

St. Louis stocks rise 8.5 percent in first quarter
The city’s publicly held companies still underperformed the broader market, though. (St. Louis Business Journal)

Cardinals want drones banned from flying near stadiums
The baseball team’s general counsel testified before a State Senate panel to ask lawmakers to include a ban on drones near open-air stadiums, including the homes of the Cardinals, Chiefs, Royals and the University of Missouri’s Faurot Field. (Columbia Missourian)

Tony’s owner Vince Bommarito Sr. dies at 88
Many St. Louis restaurateurs, including the late Kim Tucci, owner of the Pasta House, have credited Bommarito for their start in the industry. (St. Louis Business Journal)


Say that again

“We noticed that VR appeared to be affecting their physiology. They would take deep breaths, their body would soften. And it appeared to us as if it was having a therapeutic impact.”
After 20 years as a television journalist, Sarah Hill was inspired by her own “compassion fatigue” to found StoryUP, a virtual reality startup based in Columbia. The company has developed Healium, a brain-sensing VR headset that enables users to “heal” using the power of their body’s electricity, Hill told Startland News.


Go figure

168,000 acres
That is how much land has been flooded in Holt and Atchison counties after levees broke along the Missouri River in March, the Associated Press reports.


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Republican U.S. Sen. Josh Hawley of Missouri co-sponsored a bill on Tuesday to lower prescription drug prices. The pharmaceutical industry, Hawley said, “has got a sweetheart deal for years and years now” and charged U.S. consumers more than those in other countries.


Hello, my name is

Jerry Schlichter
Over the last 13 years, Schlichter has become a fixture in headlines about big settlements in 401(k) litigation. Last week, the senior partner at St. Louis law firm Schlichter Bogard & Denton wrapped up one of the cases that started it all, securing a $55 million settlement and reforms to company retirement plans in a case filed in 2006 against industrial giant ABB. All told, he has secured $446 million in settlements for clients in 16 retirement plan litigations, the St. Louis Post Dispatch reports.

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