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Business briefs


March 09. 2013 12:20AM
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Pads prepped in Grimes park


Mericle Commercial Real Estate is continuing its Ready to Go Program by developing four building pads in Grimes Industrial Park, Pittston Township.


The parcels are located along Sathers Drive and are served by rail. Construction is under wa,y and the developer expects to have the four pads substantially completed by late spring.


Mericle has designed industrial buildings ranging from 24,000 square feet to 112,800 square feet for the parcels, and the four buildings will total about 260,000 square feet. The park is home to TJX, Cascades Tissue Group, Penguin Putnam, CLC Air, Letica Corporation and FedEx Express. More than 3.4 million square feet of industrial and flex space has been constructed in the park to date.


BP’s oil spill costs rising


BP is warning investors that the price tag will be “significantly higher” than it initially estimated for its multibillion-dollar settlement with businesses and residents who claim the 2010 oil spill in the Gulf of Mexico cost them money.


The London-based oil giant estimated last year that it would spend roughly $7.8 billion to resolve tens of thousands of claims covered by the settlement agreement. But in a regulatory filing this week, BP PLC said businesses’ claims have been paid at much higher average amounts than it had anticipated.


The company also said it can’t reliably estimate how much it will pay for unresolved business claims following a ruling Tuesday by the federal judge supervising the uncapped settlement.


Consumer recoveries tallied


The Justice Department’s consumer protection initiatives have recovered more than $5.89 billion since 2009 and have led to more than 140 criminal convictions and prison sentences of more than 327 years.


The department’s civil division released the figures Friday at a meeting of more than two dozen state and federal agencies focused on combatting fraud against consumers.


The department’s Consumer Protection Branch last year recovered $1.9 billion in criminal fines and other financial penalties against companies that allegedly misbranded pharmaceuticals, sold unsafe products and resold prescription drugs that had been diverted from lawful channels.




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