Florida developers
land LR bank's loan
Bank of the Ozarks recently lent more than a quarter-billion dollars to developers of a resort community near Miami, according to The Real Deal, a real estate publication in New York City and South Florida.
Turnberry Associates of Aventura, a suburban city about 20 miles north of Miami, recently borrowed $259 million from Little Rock-based Bank of the Ozarks for Turnberry Ocean Club Residences. Construction should begin by the end of the year, The Real Deal reported.
At the end of the first quarter, the most recent period for which information was available, Bank of the Ozarks had made more than $830 million in real estate loans in the Miami-Fort Lauderdale area.
Development of Aventura began in the early 1970s, and the city became incorporated in 1995. It is home to the luxury resort Turnberry Isle and is the site of the fifth-largest shopping mall in the country, Aventura Mall.
-- David Smith
Tyson, plant workers
settle suit for $5.8M
Tyson Foods Inc. has settled a 10-year-old class-action lawsuit for $5.8 million in a case that reached the U.S. Supreme Court last year.
According to a Sioux City Journal article, Tyson and the workers at the Storm Lake pork plant agreed that a third-party administrator would disburse payments to more than 3,900 current and former workers included in the suit.
The case began in 2007, when Storm Lake plant employees sued to collect back pay for time spent putting on and taking off protective work clothes.
In March 2016, the Supreme Court rejected Tyson's arguments about limits on what workers could or could not challenge regarding workplace issues. Company lawyers sought a new trial, but U.S. District Judge John Jarvey denied Tyson's request in October.
A timeline for distribution of the settlement hasn't been announced.
-- Nathan Owens
Index picks up 1.62,
ends day at 355.51
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, climbed 1.62 to 355.51 Tuesday.
"The major averages continued their upward momentum, closing higher as investors reacted affirmatively to better-than-expected corporate earnings," said Bob Williams, senior vice president and managing director of Simmons First Investment Group Inc. in Little Rock.
Total volume for the index was 21.3 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 08/02/2017