Fairfield County Business Journal 030215

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FAIRFIELD COUNTY

BUSINESS JOURNAL March 2, 2015 | VOL. 51, No. 9

2 | CANDY CRUSHED

11 | SPECIAL REPORT

YOUR ONLY SOURCE FOR REGIONAL BUSINESS NEWS

westfaironline.com

Newtown families fight gunmaker court move BY LEIF SKODNICK lskodnick@westfairinc.com

THE SOLID-CITIZEN BUSINESS › page 6 From left, Merle Berke-Schlessel, Cathy Greco and Donna Pfrommer at United Way of Coastal Fairfield County headquarters in Bridgeport. Photo by Bill Fallon

A FEDERAL JUDGE IN BRIDGEPORT will decide whether wrongful death litigation filed against the manufacturers and seller of the assault rifle used by Adam Lanza to kill 20 children and six adults at Sandy Hook Elementary School in Newtown will stay in federal court. Originally filed in Connecticut Superior Court in Bridgeport on behalf of the estates of nine of the victims and one survivor of the Newtown shooting, the suit seeks damages for wrongful death and loss of consortium from Remington Outdoor Company Inc. and Remington Arms Company LLC, the par-

ent companies of the manufacturer of Bushmaster rifles, and Riverview Sales in East Windsor, and the holder of its federal firearms license, David LaGuercia of Massachusetts. Lawyers for Remington filed to move the case to federal court in Connecticut on Jan. 14, and the attorneys for the victims’ families have filed a motion to have the case sent back to state court. In their filing, Remington’s attorneys argue Riverview Sales, which allegedly sold a Bushmaster XM-15E2S rifle to Nancy Lanza, Adam Lanza’s mother, cannot be sued for wrongful death under the federal Protection of Lawful Commerce in Arms Act, which » GUNMAKER, page 3

Fed economist: Economy can absorb interest rate hike BY ALEXANDER SOULE Hearst Connecticut Media CONSUMER SPENDING APPEARS TO HAVE finally rebounded as homeowners begin to see their properties begin to accumulate value once more — a trend that should be able to push through any near-term increase in interest rates by the Federal Reserve, according to a Federal Reserve Bank economist who spoke in Stamford on Feb. 25. While speaking to the U.S. Senate’s banking committee Feb. 24, Federal Reserve Chairwoman Janet Yellen signaled the Fed might raise interest rates later this year, amid growing confidence nationally in the economic recovery. That confidence is filtering into Fairfield County and Connecticut in fits and starts, as

described by Joseph Tracy, executive vice president and special adviser to the president of the Federal Reserve Bank of New York, who spoke Feb. 25 at the Business Council of Fairfield County’s 15th annual National Economic Outlook and Regional Forecast event at the Stamford Marriott Hotel & Spa, with some 200 people in attendance. The Great Recession differed from previous downturns in that households significantly cut spending and increased savings, as they saw the value of their homes plummet by 20 percent or more, Tracy said. By contrast, housing largely held its value in prior recessions and Tracy said that gave families the confidence to maintain their lifestyles even if income was curtailed. It also previously » FED, page 6

From left, Chris Bruhl, president and CEO of The Business Council of Fairfield County; Rey Giallongo, board chairman and CEO, First County Bank, and board chairman, Business Council of Fairfield County; and Joseph Tracy, executive vice president, Federal Reserve Bank of New York. Photo by Bill Fallon


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