Union calls off vote set for OK Foods
Fort Smith-based chicken processor OK Foods said Thursday that a union representation election scheduled to begin earlier in the week was canceled.
A spokesman for the National Labor Relations Board confirmed late Thursday that the election scheduled for Wednesday had been called off.
According to the release, the United Food and Commercial Workers union withdrew its petition for the election. Email and phone messages were not returned Thursday.
In the release, the company said the cancellation shows the union did not have the support to win the election and thanked its workers for their support.
OK Foods was purchased by Industrias Bachoco SA of Celaya, one of Mexico’s largest poultry processors, in late 2011 for $93.4 million. The company employs about 2,200 in the Fort Smith region.
- John Magsam
Settlement reached with lender Ocwen
The federal government and 49 states have reached a settlement with Ocwen Financial Corp. over allegations of misconduct related to the company’s mortgage-servicing practices, according to a news release Thursday from the Arkansas attorney general’s office.
Arkansas homeowners with loans from Ocwen will receive about $5.56 million in total principal reductions, according to the news release.
In total, Ocwen will give $2 billion in first-lien principal reductions to homeowners and $125 million in cash to borrowers on almost 185,000 foreclosed loans, according to the news release.
The settlement also includes two companies owned by Ocwen: Homeward Residential Inc. and Litton Home Servicing LP.
Ocwen’s business is servicing high-risk loans and the company is accused of misconduct that resulted in premature and unauthorized foreclosures and violation of homeowners’ rights and protections, the news release said.
- Jessica Seaman
State index dips 1.71 to close at 330.44 The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 1.71 to 330.44 Thursday. Acxiom Corp. shares fell 1.1 percent to close at $38.03.
Arkansas Best Corp. shares gained 1.3 percent to end at $34.12. Deltic Timber Corp. shares dropped 2.4 percent to close at $64.33. Murphy Oil Corp. shares rose 51 cents to $64.41. J.B. Hunt Transport Services Inc. rose 1 percent to finish at $76.02.
The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business, Pages 30 on 12/20/2013