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Tuesday’s business headlines

INDIANAPOLIS (WISH) – Here’s a look at Tuesday’s business headlines.

Steak ‘N Shake

Indiana-based Steak ‘N Shake paid off its debt Friday but now it’s suing its lender Fortress.

it says Fortress obtained sensitive information through negotiations for a potential real estate deal with Steak ‘N Shake then used that knowledge to build an $89 million position in the company’s loans.

Steak ‘N Shake’s lawsuit, filed Friday in Marion County Superior Court in Indiana, seeks to recoup alleged losses from Fortress’s actions.

Steak ‘N Shake had been struggling with the impact of the COVID-19 pandemic on the restaurant business, transitioning from table-service to pick up.

Remote work

More Americans are planning to move this year due to the flexible work from home lifestyle that the COVID-19 pandemic has ushered in.

The NPD Group says 20% more consumers are planning to move this year compared with the prior year.

Consumers are relocating for a variety of reasons during the pandemic such as lowering their cost of living or being closer to family.

Gas prices

The average U.S. price of regular-grade gasoline jumped 14 cents a gallon over the past two weeks to $2.64.

According to AAA, the country is seeing some of the most expensive gas in over a year. AAA says with the forced shutdown of the Gulf Coast and some mid-west refineries due to last week’s winter weather, gas stocks and prices have skyrocketed.

AAA says in central Indiana, the current price is $2.62 a gallon. A month ago it was $2.31.

SolarWinds

A hearing will be held Tuesday on the biggest hack in U.S. history.

It’s called the SolarWinds hack and it penetrated the U.S. Treasury, the Department of Homeland Security, Department of State and Department of Energy.

Microsoft believes it was Russian actors but originated in the U.S. and took 1,000 engineers to accomplish.

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