Flood fallout: A sprawling piece of litigation is emerging in Texas as a result of Hurricane Harvey. The Wall Street Journal reports dozens of lawsuits have been filed by homeowners seeking compensation for damaged caused when the U.S. Army Corps of Engineers released water from two area reservoirs in the days after a Category 4 hurricane and historic rainfall flooded Houston in late August. With an estimated 10,000 homes or more affected by the reservoirs, the litigation has the potential to reach into the billions of dollars. Read more (subscription may be required).
Pulling the plug: Sears will no longer sell Whirlpool appliances, ending a business relationship that dates make more than 100 years. In a note sent to its stores last week, Sears said that Whirlpool was making demands that would’ve made it difficult to sell its appliances at a competitive price. The end to the partnership is effective immediately and includes the larger appliances and small kitchen appliances of Whirlpool subsidiaries like Maytag, KitchenAid and Jenn-Air. Sears plans to sell off the remainder of its Whirlpool inventory. Read more.
Stashing away: With President Donald Trump’s tax proposals taking aim at many deductions now used by Americans to lower their tax bills, the 401(k) retirement account is re-emerging as a go-to vehicle to shield one’s earnings from the IRS, USA Today reports. The IRS announced last week that it’s upping the maximum 401(k) contribution for 2018 by $500 to $18,500. Americans 50 or older will again be able to stash away an additional $6,000. That makes the 401(k) an even better tax shelter than it already was. Read more.
