Business briefs

Shareholders sue PPG over accounting probe

PPG is facing a class-action suit in connection with the company’s ongoing investigation into improper accounting procedures at the global paints giant. A complaint filed Sunday in the U.S. District for the Central District of California alleges PPG misled shareholders about its first quarter financial statements and the quality of internal controls. Investors purchased shares at inflated prices because the errors were hidden, the suit states. The Downtown-based company said in April that it was investigating errors after an internal reporting system identified $1.4 million in expenses that should have been accrued in the first quarter. On May 10, PPG fired its controller, Mark C. Kelly, and reassigned two employees who worked for him. Also, the company disclosed the investigation found errors in the first-quarter report that would result in a net decrease in income before taxes of $7.8 million.

Pitt announces a new institute for modeling and simulation

The University of Pittsburgh will open a new institute to solve largescale problems like the opioid epidemic through computer modeling and simulation. The Modeling and Managing Complicated Systems Institute, part of the School of Computing and Information, will be a hub for academia, industry, foundations and government to collaborate on projects that could benefit from computer modeling or simulation. Institute members will work with computer scientists to employ artificial intelligence and machine learning algorithms that analyze massive data sets, applying them to real-world scenarios through simulation. The announcement did not release financial details for the new institute.

Fifth Third to buy MB Financial for $4.7 billion

Fifth Third Bancorp will buy Chicago-based MB Financial Bank for $4.7 billion. The merger will create

the fourth-largest Chicago bank in total deposits with a 6.5 percent market share, and give the combined company 20 percent of the city’s “middle market” banking relationships. MB branches will take the Fifth Third Bank name. There will be 239 Chicago-area branches with $25.4 billion in combined deposits, Fifth Third spokesman Andrew Hayes said.

Fiat Chrysler recalling 51K Jeep Cherokees because of fire risk

Fiat Chrysler Automobiles is recalling more than 51,000 of its 2018 Jeep Cherokees because of a fire risk. The company said it is unaware of any accidents or injuries related to the defect, involving fuel-supply tubes that could leak. The campaign is limited to SUVs with a 2.4-liter engine and does not include the refreshed 2019 Jeep Cherokee, Fiat Chrysler said.

Telecom tower climber gets $30M settlement

A telecommunications tower climber who suffered severe injuries when a ladder rung dislodged and sent him hurtling 50 feet to the ground has reached a settlement with AT&T and others for $30 million. The June 2013 fall in Allentown, Pa., left then-23-year-old Thomas Jeglum in a coma for months with multiple fractures to his pelvis, spine, arm and legs. His lawyer says Mr. Jeglum has a permanent, traumatic brain injury and remains in a full-time rehabilitation facility in California. AT&T says it’s focused on worker safety and is glad the case against one of its vendors has been resolved.