Business Briefs

Chevron to pay for wetlands work

RICHMOND, Calif. » Chevron has agreed to pay $2.85 million for the restoration of 200-plus acres of San Francisco Bay wetlands as part of a settlement over contamination from its refinery.

Stephen Edinger of the California Department of Fish and Game says the restoration of wetlands is important because less than 10 percent of the bay's historic tidal marshes exist today.

Funds from the settlement will help restore 30 to 45 acres of tidal habitat in north Richmond and another section of affected shoreline in the San Pablo Bay National Wildlife Refuge.

The environmental injury case stems from the Chevron refinery's long-term wastewater discharges that contaminated soil in Castro Cove. The discharges ended in 1987.

The company did not immediately return a request for comment.

General Growth settles 401(k) suit

General Growth Properties Inc., the second-largest U.S. mall owner, reached a $5.75 million settlement resolving a lawsuit against the company over losses in its 401(k) savings plan.

The settlement will be paid out of an insurance policy and will resolve a class-action complaint filed against the company in Illinois, General Growth said in a court filing in U.S. Bankruptcy Court in Manhattan.

The agreement, which requires court approval, is in the "best interests" of General Growth and its creditors because the Chicago company will get a release of all claims in the lawsuit without having to pay for the settlement, it said.

General Growth, which owns Ala Moana Center and Ward Centers, filed for bankruptcy last year and is set to seek court approval next month for its restructuring plan. Before the bankruptcy, it was sued by individuals on behalf of participants in its 401(k) plan, according to court papers. Current and former officers, directors and employees were also sued. The cases were later consolidated.

ON THE MOVE

Big Brothers Big Sisters of Honolulu has promoted Jill Matro to vice president of programs and branch operations from program services director since 2008. She joined the company in 2004.

Local firm Tissue Genesis has been honored with the NASA Ames Team Honor Award for contributing to the execution of a space shuttle payload experiment called STS-131 that was launched on April 5. Tissue Genesis is a high-growth, clinical-stage company based in Honolulu.

Analyst says GM plans IPO Nov. 18

DETROIT » General Motors plans to start trading shares again on Nov. 18, timing that allows the company one more quarter of earnings to build its case to investors, a firm that researches initial public offerings said.

Scott Sweet, the managing partner of IPO Boutique, said GM wants to start a two-week road show to drum up investor interest on Nov. 3, the day after the midterm congressional elections.