SAIC sells oil and gas IT services business
SAIC Inc. agreed to sell its business units focused on specialized information technology services for oil and gas companies to Bangalore, India-based Wipro Ltd.’s Wipro Technologies division for $150 million in cash. The sale includes SAIC subsidiaries in Britain, France, India and the Middle East. The operations being sold have a combined workforce of 1,450.
McLean-based SAIC says it is selling the operations to concentrate its energy segment on strategic growth areas such as renewable energy and smart-grid technology.
The sale requires regulatory approval. SAIC did not say when it expected the transaction to close.
Judge dismisses suit against Freddie Mac
A nearly three-year-old class-action lawsuit accusing Freddie Mac executives of misleading shareholders about its exposure to subprime mortgage risks was dismissed this week by a federal judge who says the plaintiffs failed to prove their case.
Judge John Keenan of the U.S. District Court for the Southern District of New York granted Freddie Mac’s motion to dismiss the claims in a punitive securities fraud class-action suit, saying the suit didn’t prove Freddie Mac disclosures were false or misleading.
The suit was filed in August 2008, one month before Freddie Mac and Fannie Mae were seized by the government.
The judge also dismissed claims of misrepresentation about Freddie Mac’s capital, internal controls and underwriting processes.
The plaintiffs have 60 days to file an amended complaint.
Sun Country Airlines starts service
from D.C. to Lansing, Mich.
Sun Country Airlines of St. Paul, Minn., began service Friday from Ronald Reagan Washington National Airport nonstop to Lansing, Mich., and continuing on to Minneapolis. The new flights operate six times a week through April 30, and then daily starting May 1.
Sun Country filed for bankruptcy in 2008 and emerged from Chapter 11 bankruptcy protection last month. The airline flies from Minneapolis to about 30 destinations in the U.S., Mexico and the Caribbean.
