AT&T sues MCI over patentsIn a lawsuit filed in U.S...

BUSINESS DIGEST

January 12, 1993

AT&T sues MCI over patents

In a lawsuit filed in U.S. District Court, American Telephone and Telegraph charged MCI Communications Corp. with the infringement of 10 AT&T patents for technologies that have enhanced long-distance services.

Rotorex recalling workers

A company that makes air conditioner compressors has resumed production in Walkersville by recalling 250 hourly employees. Officials of Rotorex Co. said in a statement that production would be increased and the Frederick County company would recall 170 more workers by February.

Insurers lost $34 billion

The property and casualty insurance industry suffered $34 billion in underwriting losses in 1992, including $14 billion due to damage from Hurricane Andrew and other disasters, according to Best's Insurance Management Reports.

Russia defaults on grain loans

Russia has defaulted on payments totaling $13.5 million for U.S.-backed grain loans, bringing the total amount in arrears to $160.7 million, the Agriculture Department said yesterday.

Saudis buy into Saks

United Saudi Commercial Bank said yesterday it has bought a $100 million stake in Saks Fifth Ave. on behalf of a group of Saudi investors that includes Saudi Prince al-Walid, the largest individual stockholder in New York-based Citicorp. Saudi bank officials said the stake represents more than 11 percent of the book value of the retailer.

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