BUSINESS BRIEFS BUSINESS BRIEFS

BUSINESS BRIEFS

Truist selling stake in insurance brokerage

Truist Financial Corp. is selling its stake in Truist Insurance Holdings, a subsidiary of Truist and the fifth largest insurance brokerage in the U.S., for $15.5 billion, the Charlotte-based bank said Tuesday. Truist Insurance Holdings' sale is expected to provide $10.1 billion in cash for reinvestment, according to the bank. The sale - expected to close in the second quarter of this year - is to an investor group led by private equity firms Stone Point Capital and Clayton, Dubilier & Rice. The agreement comes five months after Truist announced a $750 million companywide cost-cutting plan. The plan included "sizable" layoffs resulting in about $300 million in savings, according to Truist.

Court tosses $1B judgement against Cox

A federal appeals court panel on Tuesday threw out a $1 billion judgment against broadband provider Cox Communications in a copyright infringement case filed by major record labels that alleged the Atlanta-based company had failed to clamp down on users illegally downloading and sharing music. A three-judge panel of the 4th U.S. Circuit Court of Appeals in Virginia found that the record companies did not prove Cox profited from the illegal activities of its customers, who allegedly violated the copyrights of more than 10,000 songs. As a result, the judges said the size of the judgment was not justified and ordered a new trial in a Virginia district court to settle the matter of damages.

Biden boosting cybersecurity at US ports

WASHINGTON - President Joe Biden has signed an executive order and created a federal rule aimed at better securing the nation's ports from potential cyberattacks. The administration outlined Wednesday a set of cybersecurity regulations that port operators must comply with across the country, not unlike standardized safety regulations that seek to prevent injury or damage to people and infrastructure. The new requirements are part of the federal government's focus on modernizing how critical infrastructure like power grids, ports and pipelines are protected. They are increasingly managed and controlled online but there is no set of nationwide standards that govern how operators should protect against potential attacks online.

- From wire reports

From wire reports