B2| Friday, March 6, 2020 **** THE WALL STREET JOURNAL.
INDEX TO BUSINESSES
These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.
A-B
Alphabet......................A
Amazon.com..........A5,B
American Airlines.....B
Ancora Advisors.........B
AOL.............................M
Apple...........................A
Beijing Byte Dance
Telecommunications.B
Big Lots.......................B
C
Carnival.......................A
Cisco Systems.............R
Clorox..........................B
CME Group................B
Costco Wholesale.......B
Custom Air Products &
Services....................R
CVS Health..................B
D-E
Dataminr...................R
Degree Analytics......R
eBay.............................B
Electronic Frontier
Foundation..............R
Elliott Management...B
F-G
Facebook..........A1,A3,B
FanMaker..................R
Flybe.....................B8,B
Gap..............................B
General Motors...........B
Gitlab...........................R
Gojo Industries...........B
H-I
HeroWear....................R
Home Depot................B
HP................................B
Huntington Ingalls
Industries..................R
Iron Mountain.............R
ITV...............................B
J-L
JCDecaux.....................B
Jones Lang LaSalle
R6,R
Koch Industries...........R
Kroger..........................B
LifeSize.......................R
Lufthansa Technik......R
M-N
Macellum Advisors.....B
Metcash.......................R
Microsoft...............A3,R
Norwegian Air Shuttle
B
O-P
One Million Metrics...R
Pegasystems...............R
PG&E...........................B
ProGlove......................R
Publicis Groupe...........B
R-S
Roblox.........................ASalesforce...................R
SAP..............................R
Schneider Electric.......R
ServiceNow............R6,R
Slack Technologies.....R
Smartsheet.................R
Snap............................A
SpotterEDU...............R
Square.........................B
StrongArm Technologies
R
T
Target..........................B
Toyota Motor..............R
Twitter...................A3,B
U
UiPath..........................R
U.S. Bionics.................R
V
Vested Group..............R
Vodafone Group..........R
W
Wagner Machine.........R
Walgreens Boots
Alliance.....................B
Walmart...........B1,B4,R
Whirlpool.....................R
Willman Industries.....R
WorkTango..................R
WPP.............................B
X
Xerox Holdings............BINDEX TO PEOPLE
BUSINESS & FINANCE
had numerous meetings and
phone calls with Mr.Lindberg
and his co-defendants.
Lawyers for Mr. Lindberg
and two co-defendants had ar-
gued that the executive be-
lieved he was staying within
election law as he made con-
tributions to the state’s Re-
publican Party, to be for-
warded to the commissioner’s
2020 re-election effort.
The defense team argued
Mr. Lindberg had been wrong-
fully entrapped by Mr. Causey
into making the donations.
One co-defendant, John D.
Gray, a consultant, was also
found guilty. Another co-de-
fendant John V. Palermo, an
executive who worked for Mr.
Lindberg’s conglomerate, was
found not guilty.
Jurors found Messrs Lind-
berg and Gray guilty of two re-
lated criminal offenses. One of
the two charges could bring a
maximum of 20 years of jail,
and 10 years for the other, but
the actual sentences are likely
to be lighter.
Lawyers for both Messrs.
Lindberg and Gray said they
would appeal.
“We think the great weight
of the evidence demonstrated
this was a setup by a dishon-
est politician to eliminate a
political rival,” said Brandon
N. McCarthy, one of Mr. Lind-
berg’s lawyers.
“We respect the process,
but we believe the jury came
to the wrong verdict,” said
Jack M. Knight Jr., an attorney
who represents Mr. Gray.
Brian S. Cromwell, an attor-
ney for Mr. Palermo, said in a
statement that evidence intro-
duced at the trial showed that
“Mr. Palermo was simply an em-
ployee tasked with administra-
tive functions who was in the
wrong place at the wrong time.”
The case has been widely
watched since indictments
were unsealed in April 2019, in
part because the case entan-
gled North Carolina’s Republi-
can Party.
A fourth defendant, Robin
Hayes, a former congressman
and former chairman of the
state GOP party, pleaded guilty
last October to a single count
of lying to the Federal Bureau
of Investigation. Mr. Hayes al-
legedly agreed to take Mr.
Lindberg’s donations to the
state party and forward them
to Mr. Causey’s campaign. He
awaits sentencing.
Mr. Lindberg bought life in-
surers in the U.S. and abroad
beginning in 2014. He then
lent at least $2 billion of their
assets to entities he con-
trolled, in an unconventional
strategy that began before Mr.
Continued from page B
A-G
Amin, Bharat..............R
Baker, Bob.................R
Beck, Michael............R
Bedi, Chris...................R
Berendsen, Michael....R
Brokenshire, James....A
Carter, Rick...............R
Catalano, Rob..............R
Chang, Amy.................R
Cloutier, Roland..........B
Cobb, Karen.................R
Craig, Kevin.................R
Dorsey, Jack................B
Elhawary, Haytham....R
Elon Musk...................B
Fishman, Steven.........B
Foresti, Steve.............B
Franchetti, Stephen....R
Gadea, Larry................R
Grabel, Jonathan........B
H-K
Hancock, Kate.............R
Harris, Mark................R
Helmbrecht, Michael..R
Hunter, Harold............R
Iger, Robert.................A
Johnson, David...........R
Jones, Gary.................B
Kane, Gerald...............R
Keim, Donald...............R
Kennedy, Cathal........B
Khanna, Vijay..............R
Kingdon, Jason...........R
King, Marshall............R
Kolbe, Harald..............R
Kong, Amy..................A
Kosmowski, Christina.R
Kumar, Vinod..............R
L-P
Lamanna, Charles.......R
Lee, Stephen...............A
Lindberg, Greg............B
Lores, Enrique.............B
Martin, Bobby.............B
Martinez, Salvador...R
Matheson, Sandy........BMcFarlane, Brett.......R
Miller, Lucas...............R
Murph, Darren............R
Mylett, James.............R
Napiorkowski, Ed........R
Patterson, Joel...........R
R-Z
Repucci, Sarah............A
Rexrode, Benjamin...R
Robbins, Dan...............R
Sackett, Rebecca........R
Schuerman, Don.........R
Schwartz, Adam.......R
Shah, Mihir.................R
Stealey, Iain..............B
Stevens, Emilie...........B
Suchsland, Dave.........B
Sundararajan, Arun....R
Titarchuk, Anastasia..B
Visentin, John.............B
Wagner, Courtney.......R
Wolberg, Kirsten........R
Wu, Lynn.....................R
Zhu, Alex.....................BCausey took office.
After Mr. Lindberg’s indict-
ment, North Carolina regula-
tors took control of four of the
insurers. Those insurers have
since asked a state court to
appoint a receiver over hun-
dreds of Mr. Lindberg’s private
entities that owe them money.
A separate federal probe is
continuing to investigate po-
tential fraud in Mr. Lindberg’s
business dealings, filings
show.
In court Thursday, a prose-
cutor said as much as $1 bil-
lion of insurance proceeds
were “missing or unaccounted
for.” He also noted that Mr.
Lindberg had sent $3.8 million
to 11 women from countries
such as Russia and Ukraine in
the past 18 months.
A spokesman for Mr. Lind-
berg said allegations of a fi-
nancial hole are “totally false.”
He said Mr. Lindberg doesn’t
know where the government
got 11 women. Mr. Lindberg
paid $3 million to three U.S.-
domiciled women who were
egg donors, the spokesman
said, while another $800,
was paid to an employee of
one of Mr. Lindberg’s non-U.S.
businesses.
Mr. Causey, who was on the
witness stand for five days,
said he “is relieved” the trial
is over. He said he is focused
on salvaging as much value aspossible in the insurers.
“There is still the possibility
that there are buyers are out
there” to acquire them, he said.
The defense lawyers sought
to persuade the jurors that the
government overstepped
boundaries prohibiting author-
ities from inducing people into
wrongdoing. Such entrapment
can occur when a person with
no intent to commit a crime is
persuaded by law-enforcement
officers or their agents to
commit the offense.
Mr. Lindberg’s lawyers con-
tended that Mr. Causey had
strong motivation to entrap
Mr. Lindberg, who had been a
major supporter of the former
insurance commissioner,
Wayne Goodwin, a Democrat.
Mr. Causey narrowly defeated
Mr. Goodwin in November
2016 and faces him in his re-
election bid in November.
In multiple recordings, ju-
rors heard Messrs. Lindberg
and Gray criticize the deputy
commissioner who was over-
seeing the Lindberg insurers
and whom they wanted re-
placed. They told the commis-
sioner they supported robust
and stringent regulation, but
contended that the deputy was
ill-qualified to understand the
insurers’ investments.Tycoon
Guilty in
Bribe Case
The jury rejected the
claim Mr. Lindberg
had been entrapped
into his donations.ing new labor agreements, cov-
ering about 150,000 factory
workers at GM, Fiat Chrysler
and Ford Motor Co.
As negotiations were set to
begin with GM in September,
some UAW board members
were pressing for Mr. Jones’s
removal, people familiar with
the matter have said. But it
wasn’t until November—after
leading a historic 40-day
strike at GM—that he decided
to step back.
Mr. Jones joined the UAW asa worker at a Ford glass plant
in Oklahoma. He later served as
the union’s chief accountant
before being elected to lead the
UAW’s now-defunct Region 5,
which was based in Missouri
and covered Southern and
Western states.
Vance Pearson, a former
UAW board member and close
associate of Mr. Jones, pleaded
guilty last month to the racke-
teering charges—a sign federal
prosecutors are considering a
broader federal racketeeringcase against the union that
could expose it to government
oversight, people familiar with
the matter have said.
Current UAW President Rory
Gamble, who was elected by
the board to succeed Mr. Jones,
has vowed to root out malfea-
sance in the union. As part of
that effort, he moved to close
the Missouri offices once led by
Messrs. Jones and Pearson. He
has also sought to expel eight
other former UAW officials
charged in the investigation.2010 to last September, was
part of a racketeering scheme
that violated federal laws.
In court filings, investigators
alleged that a group of UAW of-
ficials, including Mr. Jones, es-
tablished master accounts with
hotels and resorts that they
represented as serving union
business, including paying for
conferences and meetings. But
the accounts were used to pay
for personal use of private vil-
las, high-end liquor, golf out-
ings and other luxuries, prose-
cutors said.
Mr. Jones is also accused of
benefiting from a scheme in
which UAW officials wrote and
cashed fake checks from ac-
counts funded by UAW mem-
bership dues, prosecutors said.
He is now the 14th person
charged in the federal probe,
which became public in July
2017 and has resulted in more
than a dozen convictions, in-
cluding those of two former
UAW vice presidents.
The misconduct prosecutors
uncovered illustrates a pattern
of longtime corruption among
the union’s top ranks, accord-
ing to Matthew Schneider, the
U.S. attorney in eastern Michi-
gan.
The probe could potentially
result in federal oversight of
the union, Mr. Schneider said.
The government last put a
major union under oversight in
1989, when it began monitoring
the International Brotherhood
of Teamsters to sever the
union’s ties with organized
crime. That process saw the
union institute democratic re-
forms that could provide an ex-
ample for the UAW, Mr. Schnei-
der said Thursday.
“It could possibly be a good
model here,” he said.
Mr. Jones resigned abruptly
late last year as the UAW’s gov-
erning board sought to remove
him over allegations he and an-
other top union official pro-
vided false and misleading ex-
pense reports to the accounting
department. At the time, his
lawyer said Mr. Jones was vol-
untarily resigning.
The alleged embezzlement
scheme described by prosecu-
tors took different forms and
included senior UAW officials
spending $290,000 in union
funds on luxury condos and
villas, restaurants, golf out-
ings, spa treatments and
amusement parks.
In one instance in 2015, Mr.
Jones allegedly used union
money to order $13,000 worth
of premium Dominican cigars,
such as Ashton Double Mag-
num and Monarch Tubos ci-
gars, and then reported the
purchases as expenses for a re-
gional conference, according to
the charging documents.
The federal investigation
had initially focused on misuse
of funds for training UAW
workers at Fiat Chrysler Auto-
mobiles NV, resulting in the
conviction of a former top la-
bor-relations executive at the
company and several UAW offi-
cials. Fiat Chrysler has said the
misconduct was perpetrated by
a small group of individuals
acting in their own interest.
The probe subsequently ex-
panded as the government
netted more convictions, even-
tually implicating higher-rank-
ing UAW officials.
Federal agents searched Mr.
Jones’s home in suburban De-
troit last summer, weeks before
the union was to start negotiat-Continued from Page Oneappointed with what they call
Big Lots’s lackluster returns,
its strategy and capital alloca-
tion—common focuses of
shareholder activists.
Big Lots has missed out on
an increase in consumer de-
mand for discount products,
they believe.
The two sides have held dis-
cussions but so far failed to
come to an agreement that
would mollify the activists.
They also want the company
to sell additional distribution
centers, the people said. The
investors have lined up a buyer
for these properties, one of the
people said, though it couldn’t
be learned who that is.
Last year, Big Lots sold a
California distribution center
for just under $200 million.
The Columbus, Ohio, re-
tailer, which sells items from
furniture to food and toys atdiscount prices, operates more
than 1,400 stores around the
country.
Its stock traded at greater
than $40 in late 2018 but has
since fallen steeply. It closed
Thursday at $16.61 and thecompany’s market value stands
at just about $650 million.
Big Lots has debt of more
than $1.5 billion, according to
S&P Global Market Intelligence.
Last week, Big Lots shares
tumbled 30% after its first-
quarter earnings missed ana-lysts’ expectations and the
company said it anticipates a
tough first three months of the
year due in part to supply-
chain disruptions related to the
coronavirus.
It isn’t the first time Macel-
lum and Ancora have teamed
up to take on a well-known re-
tailer.
Last year, they were part of
a group of activists that took a
stake in Bed Bath & Beyond
Inc. and pushed for changes.
They succeeded in shaking up
the board and ultimately oust-
ing the company’s chief exec-
cutive.
Bed Bath in January signed
a deal to sell roughly half its
real estate to a private-equity
firm and lease back the space
in a transaction that will gen-
erate more than $250 million
for the troubled home-goods
retailer.Two activist investors have
taken a stake of more than 10%
inBig LotsInc. and are seek-
ing to shake up the board of
the discount retailer, according
to people familiar with the
matter.
The two funds—Macellum
AdvisorsGP LLC andAncora
AdvisorsLLC—have privately
nominated nine directors,
which, if all elected, would re-
place the entire Big Lots board,
the people said. Among the
nominees: Former Big Lots
Chief Executive Steven Fish-
man.
The funds believe the nomi-
nees bring retail, strategic and
turnaround expertise the board
would benefit from, the people
said.
They said the funds are dis-BYCORRIEDRIEBUSCHActivists Target Retailer Big Lots
Gary Jones, center, then president of the United Auto Workers, at a 2019 Labor Day parade in Detroit.REBECCA COOK/REUTERSFormer
UAW Chief
Is Charged
The funds are
disappointed with
company’s returns
and strategy.BOATING
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