Morning Minutes: July 11

Donald Hall Jr. and the Hall family are represented on the Forbes list of America's wealthiest families. | Courtesy of Creative Commons
Donald Hall Jr. and the Hall family are represented on the Forbes list of America’s wealthiest families. | Courtesy of Creative Commons

Forbes Lists Missouri’s Richest Families, Leaves Out Top Entrepreneurs

Wal-Mart’s Walton family, with members in Columbia, topped the Forbes list of America’s wealthiest families, with a net worth of $152 billion. The Busch and Pulitzer families in St. Louis and the Hall and Ward families in Kansas City also rank among the wealthiest, according to a Forbes magazine survey. The list only included large family businesses.

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Nixon Vetoes Payday Lending Legislation

Gov. Jay Nixon vetoed legislation aimed at restricting payday loans, saying it “fails to protect consumers and fails to prevent the cycle of debt that payday lending perpetuates.” Instead, he says the bill, “appears to be part of a coordinated effort by the payday loan industry to avoid more meaningful reform.”

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New Missouri Law Targets Patent Trolls

Legislation signed by Gov. Jay Nixon aims to repel patent trolls, who buy the rights to old patents, look for companies producing similar products and sue them for patent infringement. The new law creates a seven-factor test for courts to use when deciding whether the claim is a bad faith assertion of patent infringement.

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Missouri Casino Company Reportedly Looking For Buyer

Stock in Isle of Capri shot up this month as gaming industry analysts speculated the Creve Coeur-based casino company is trying to sell itself. The surge continued after Reuters, citing anonymous sources, reported that Isle was in talks to sell out to Gaming and Leisure Properties Inc., an owner of casino real estate properties.

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Schnucks Reaches $2.1 Million Settlement Over Credit Card Breach

A $2.1 million settlement agreement has been filed in St. Louis Circuit Court on behalf of Schnuck Markets customers who were impacted by a data breach, which involved an estimated 2.4 million credit and debit cards.

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