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LOS ANGELES (AP) — U.S. Customs and Border Protection says its officers at the Los Angeles-Long Beach ports complex recently seized more than 14,800 pairs of counterfeit Nike shoes in a shipment arriving from China.The agency says Wednesday that had the fake special edition and retro design shoes been real, the manufacturer's suggested retail prices would have totaled more than .2 million.The shoes were in two containers with contents declared as napkins.The agency says the shoes violated protected designs and trademarks for various versions of Nike's Air Jordan and Air Max shoes.Customs and Border Protection says collectors might pay between ,500 and ,000 for a legitimate pair of the shoes. 714

LOS ANGELES (CNS) - The Securities and Exchange Commission announced Friday that Calabasas-based Cheesecake Factory Inc. will pay a 5,000 penalty for making "false or misleading" disclosures about the impact of the COVID-19 pandemic on its business operations and financial condition.This is the first time the SEC has brought allegations against a public company for misleading investors about the financial effects of the pandemic.According to the SEC's order, the Cheesecake Factory restaurant group said in regulatory filings in March and April that its eateries were "operating sustainably," while failing to disclose that the company was losing roughly million in cash per week and had just 16 weeks of cash remaining.The order finds that although the company did not disclose the information in its filings, the group did share the particulars with potential private equity investors or lenders as it sought additional liquidity during the public health crisis.Without admitting the SEC's findings, the restaurant company agreed to pay the penalty and to cease-and-desist from further violations of the charged provisions. In determining to accept the settlement, the SEC said it considered the cooperation afforded by the company.A Cheesecake Factory representative pointed to a disclosure form filed Friday in which the company stated it was in full compliance with the cease- and-desist order and that the company "fully cooperated with the SEC in the settlement" without admitting or denying the regulators' allegations.The order also finds that although the March filing described actions the company had undertaken to preserve financial flexibility during the pandemic, it failed to disclose that Cheesecake Factory already had informed its landlords that it would not pay rent in April due to the impacts that COVID- 19 inflicted on its business."During the pandemic, many public companies have discharged their disclosure obligations in a commendable manner, working proactively to keep investors informed of the current and anticipated material impacts of COVID-19 on their operations and financial condition," SEC Chairman Jay Clayton said. "As our local and national response to the pandemic evolves, it is important that issuers continue their proactive, principles-based approach to disclosure, tailoring these disclosures to the firm and industry-specific effects of the pandemic on their business and operations. It is also important that issuers who make materially false or misleading statements regarding the pandemic's impact on their business and operations be held accountable."Cheesecake Factory had notified its landlords that it wouldn't pay rent on April 1 due to financial complications stemming from the coronavirus outbreak. A letter sent by Chief Executive David Overton to the restaurant group's landlords -- many of which are shopping mall operators -- was released publicly in March by Eater L.A.The company has 294 restaurants in North America, 39 in California and five in San Diego County.Its largest landlord is Indianapolis, Indiana-based real estate company Simon Property Group, which provides space for 41 Cheesecake Factory locations, according to the San Fernando Valley Business Journal."When public companies describe for investors the impact of COVID-19 on their business, they must speak accurately," said Stephanie Avakian, director of the SEC's Division of Enforcement. "The Enforcement Division, including the Coronavirus Steering Committee, will continue to scrutinize COVID- related disclosures to ensure that investors receive accurate, timely information, while also giving appropriate credit for prompt and substantial cooperation in investigations." 3725

LOS ANGELES (KGTV) - A 3.6 earthquake struck the Los Angeles community of Westwood late Monday night, the U.S. Geological Survey said.The quake happened about 10:30 p.m. and was centered 6 km northwest of Westwood.The shaking lit up social media. 254

LOS ANGELES (CNS) - Mercury Insurance estimated its losses at million from the Woolsey Fire in Los Angeles and Ventura counties, the company announced Tuesday.The loss amount, which will be recorded in the fourth quarter of 2018, represents Mercury General Corp.'s best estimate based on the information available, and could change as new information, including any late reporting of claims, becomes available.The company is party to a Catastrophe Reinsurance Treaty covering a wide range of perils effective through June 30. For the 12 months prior to thatdate, the treaty provides 5 million of coverage on a per occurrence basis after covered catastrophe losses exceed the million company retentionlimit, Mercury said.Malibu residents whose properties were still standing were back in their homes Monday after being evacuated from the Woolsey Fire.The fire erupted Nov. 8 in Ventura County and quickly spread into Los Angeles County, charring 96,949 acres, destroying 1,643 structures in both counties and damaging 364 others, with damage assessments completed.Three civilians were killed and three firefighters were injured. The fire was 100 percent contained on Nov. 21. 1193

LOS ANGELES – A judge ruled Thursday that Starbucks and other coffee sellers in California must carry cancer warnings, according to the Associated Press. The decision comes after a lawsuit was filed by the nonprofit Council for Education and Research on Toxins that targeted several companies, including Starbucks and 7-Eleven, CNN previously reported.The lawsuit alleged that the companies “failed to provide clear and reasonable warning” that drinking coffee could expose people to acrylamide, which is created when coffee beans are roasted.Court documents filed by the nonprofit state that, under Proposition 65, businesses must warn people about the presence of agents that affect health.The coffee industry claimed that the acrylamide was present, but only in harmless levels. The industry also argued that they should be exempt because the chemical results naturally from the cooking process.In addition to paying fines, the lawsuit called for companies to post warnings about acrylamide with explanations about the risks of drinking coffee."I'm addicted to coffee, I confess, and I would like to be able to have mine without acrylamide," said Raphael Metzger, the attorney who represented the nonprofit."Coffee has been shown, over and over again, to be a healthy beverage. The US Government's own Dietary Guidelines state that coffee can be part of a healthy lifestyle. This lawsuit simply confuses consumers, and has the potential to make a mockery of Prop 65 cancer warning at a time when the public needs clear and accurate information about health,” said Bill Murray, President and CEO of the National Coffee Association.Acrylamide was added to California’s carcinogen list in January of 1990. 1723