Transcription:
I'm Conway Gittens reporting from the New York Stock Exchange. Here's what we're watching today on TheStreet.
Wall Street is breathing a sigh of relief after a bigger-than-expected drop in weekly jobless claims. New claims for unemployment benefits fell to 233,000 in the week ending August 3, the biggest weekly drop in 11 months. This report eases recession fears that erupted when the Labor Department announced the highest national unemployment rate since 2021.
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In other news, Delta has been hit with a class-action lawsuit over its handling of the July global computer meltdown. Passengers claim Delta either flatly refused to return payments or imposed too many conditions on returning them.
According to the lawsuit, in some cases, Delta required some passengers requesting a refund to sign a liability waiver that released the airline from legal action in exchange for the refund. In another allegation, Delta failed to provide food, hotel and transportation vouchers, as required by Department of Transportation rules.
The passengers claim in the suit that they were “forced to spend thousands of dollars on unexpected expenses” and decided to sue “to secure funding for any and all similarly situated consumers Delta has harmed.” For example, one plaintiff flying roundtrip from Denver to Amsterdam spent nearly $2,000 due to Delta cancellations, but when refund requests were submitted, “Delta offered Plaintiff a $100 voucher to use on a future Delta flight.”
The class-action lawsuit accusing Delta of being stingy stands in stark contrast to Delta’s claims that the software failure caused by CrowdStrike cost it $500 million in compensation and other costs. Delta has threatened to sue CrowdStrike and Microsoft. Both companies have responded by blaming Delta’s antiquated systems.
That's it for your daily roundup. From the New York Stock Exchange, I'm TheStreet's Conway Gittens.
Related: CrowdStrike Says Delta Is Solely to Blame
