Transcript:
I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street is breathing a sigh of relief after a larger-than-expected drop in weekly jobless claims. New applications for jobless benefits fell to 233,000 for the week ended August 3 - the biggest weekly decline in 11 months. This report is scaling back recession fears that erupted when the Labor Department announced the highest national unemployment rate since 2021.
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In other news. Delta is being slapped with a class-action lawsuit over its handling of the global computer meltdown in July. Passengers claim Delta either outright refused refunds - or attached too many conditions to returning payments.
According to the lawsuit, in some cases, Delta required some refund-seeking passengers to sign a waiver releasing the airline from legal claims in exchange for the refund. In another allegation, Delta did not provide vouchers for food, hotel, and transportation as required by Department of Transportation rules.
Passengers claim in the lawsuit that they were “forced to spend thousands of dollars in unexpected expenses” and decided to sue “in order to secure funds for each and every similarly situated consumer Delta has wronged.” For example, one plaintiff flying roundtrip between Denver and Amsterdam spent nearly $2,000 due to Delta’s cancellations, but when refund claims were submitted, “Delta offered Plaintiff a $100 voucher to use towards a future flight with Delta.”
The class-action lawsuit accusing Delta of being stingy is in stark contrast to Delta’s claims that the software glitch caused by CrowdStrike cost it half-a-billion dollars in compensations and other costs. Delta has threatened to sue CrowdStrike and Microsoft. Both companies have shot back blaming Delta’s antiquated systems.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I”m Conway Gittens with TheStreet.
