The Street
  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Delta customers are suing the airline.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is breathing a sigh of relief
00:07after a larger than expected drop in weekly jobless claims.
00:10New applications for jobless benefits
00:12fell to 233,000 for the week ended August 3rd,
00:16the biggest weekly decline in 11 months.
00:20This report is scaling back recession fears
00:22that erupted when the Labor Department
00:24announced the highest national unemployment rate since 2021.
00:29In other news, Delta is being slapped
00:32with a class action lawsuit over its handling
00:34of the global computer meltdown in July.
00:37Passengers claim Delta either outright refused refunds
00:41or attached too many conditions to returning payments.
00:45According to the lawsuit, in some cases,
00:47Delta required some refund-seeking passengers
00:50to sign a waiver releasing the airline from legal claims
00:54in exchange for the refund.
00:56In another allegation, Delta did not
00:58provide vouchers for food, hotel, and transportation
01:01as required by Department of Transportation rules.
01:04Passengers claim in the lawsuit that they were, quote,
01:07forced to spend thousands of dollars in unexpected expenses
01:11and decided to sue, quote, in order
01:13to secure funds for each and every similarly situated
01:17consumer Delta has wronged.
01:19For example, one plaintiff flying round trip
01:21between Denver and Amsterdam spent nearly $2,000
01:25due to Delta's cancellations.
01:27But when refund claims were submitted, quote,
01:29Delta offered plaintiff a $100 voucher
01:32to use towards a future flight with Delta.
01:36The class action lawsuit accusing Delta of being stingy
01:39is in stark contrast to Delta's claims
01:42that the software glitch caused by CrowdStrike
01:45cost it half a billion dollars in compensations
01:48and other costs.
01:49Delta has threatened to sue CrowdStrike and Microsoft.
01:52Both companies have shot back,
01:54claiming Delta's antiquated systems.
01:57That'll do it for your daily briefing
01:58from the New York Stock Exchange.
02:00I'm Conway Gittins with The Street.

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