Chicago Business News for March 1, 2013

Multimedia report

A look back at a startup CEO's journey

Andrew Mason's ouster yesterday as CEO of Groupon, the daily-deals company he co-founded, ends a particularly fascinating chapter in the evolution of Chicago's tech scene.

Henry Johnson, who revitalized catalog retailer Spiegel, dies at 93

The former chairman and CEO of Spiegel Inc. transformed the near-bankrupt company into a “a department store in print,” a catalog of upscale, designer fashions and luxury furnishings.

Former Chicago lawyer gets 8 years in prison

(AP) — A former Chicago lawyer who participated in what authorities have called the largest tax fraud in history was sentenced Friday to eight years in prison by a judge who called the scheme to help wealthy clients escape millions of dollars in taxes "breathtaking in its scope and the

Illinois House OKs ban on cell phones while driving

(AP) — The Illinois House has approved a measure that would prohibit using cell phones while driving.

Tisch high on new Loews in Chicago

The chairman of Loews Hotels & Resorts is in town for the groundbreaking of a 400-room hotel in Streeterville. He spoke with Crain's about its prospects.

Pay for Northern Trust's Waddell rises slightly, or does it?

Northern Trust Corp. CEO Frederick H. (Rick) Waddell either saw his compensation drop significantly or rise slightly last year.

Updated 2:10 p.m.

Higher taxes hit U.S. personal income in January

(AP) — The decline in spending on goods suggests higher tax rates that kicked in on Jan. 1 may have made consumers more cautious.

Chicago Tribune settles TribLocal overtime lawsuit

The Chicago Tribune has agreed to pay $660,000 to settle a class-action suit by 46 reporters who worked for its TribLocal suburban editions in the past four years and claimed they weren't paid for overtime hours.

West Loop ex-property manager hit with fraud suit

The venture that runs 300 W. Adams alleges she scammed the company out of at least $150,000 during the nearly two years she worked there.

In brief

Receiver buys Loop office building for $4.9 million

Also, a new broker is marketing floors for sale in the Pittsfield Building, and a cafe operator leases a Fulton Street building for a test kitchen and training facility.

State Farm profits on strength of investments

State Farm Insurance Cos. benefited from robust stock market gains in 2012 to post net income of $3.2 billion despite once again losing money on its underlying insurance business.

Giant cigarette on Michigan Ave. will burn out quickly

The 20-foot stubbed-out cig is designed to call attention to the county's $1/pack tax increase.

Ghost in a bottle: Beam's white whiskey now available here

(AP) — Beam Inc. is dipping into moonshining's colorful past to create its own white whiskey.

Our most-viewed stories in the past week

The Fashion Outlets of Chicago, Vince Vaughn, Eataly and Fred Latsko make the list.

Morning 10: Groupon: What's next | Sequester stare-down | Chicago Marathon lottery

Crain's John Pletz looks at the challenges that lie ahead for Groupon following the firing Thursday of co-founder and CEO Andrew Mason. Giving Mr. Mason the boot doesn't solve Groupon's problem of finding a consistently profitable business model, he says.

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