The Ticker

Boston Fed to cut 160

The Boston branch of the Federal Reserve will cut 160 jobs after the U.S. Treasury reduced the number of Federal Reserve Banks it relies on from 10 to 4, which will not include the Hub.

"We're working closely with (the affected employees) in terms of what this decision means," said Tom Lavell, a Boston Fed spokesman.

Lavell said the job cuts will take place over several years, and the Fed will try to get some employees reassigned to other jobs or to banks that will continue to do work for the Treasury. The Treasury says the move will save taxpayers $117 million over 10 years.

Office Depot to close 400 stores

Office Depot will close as many as 400 U.S. stores, including 150 this year, on the heels of its November merger with OfficeMax, the Boca Raton, Fla.-based office supplies chain said yesterday. Rival Staples Inc., of Framingham, announced its own round of 225 store closures in March. "Ultimately it will strengthen the retail bases for both companies," said R. Scott Tilghman, a B. Riley & Co. analyst. "We'll have less of an over-storing problem across the country." Office Depot, which yesterday reported stronger-than-expected first-quarter results and raised its full-year outlook, is seeing improvement at an earlier and more rapid pace than anticipated, according to Tilghman.

SJC hears arguments in Tesla case

Lawyers for Tesla Motors and the Massachusetts Auto Dealers Association faced questions from the Supreme Judicial Court yesterday over whether the dealers association has legal standing to sue to stop Tesla from selling its electric cars directly to consumers.

"We know what the purposes of the old statute were, and they don't include protecting dealers from inter-brand competition, and they don't protect the business model of franchisees, including dealerships," said Justice Barbara Lenk.

A decision will likely be announced in June.

Viking Financial files for bankruptcy

Viking Financial Group, the company co-owned by a West Roxbury man accused of an alleged Ponzi scheme that bilked more than $10 million from clients, filed for Chapter 7 bankruptcy yesterday.

Steven Palladino's company listed estimated debt of $10 million to $50 million, and assets up to $50,000, according to court documents.

Palladino was sentenced to 10 to 12 years in state prison in January. Last month, the U.S. Attorney's office charged him with 25 counts of criminal contempt for allegedly disregarding an asset freeze and other court orders.

THE SHUFFLE

Phillip Brake has been promoted to senior vice president and Massachusetts office leader for architecture/engineering firm HNTB's combined Boston and Chelmsford office. Brake has more than 20 years of experience in transportation systems. He joined HNTB in 2002.

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