Rutter's

New York -- A pair of banks has filed suit against Target Corp. and security firm Trustwave, alleging damages suffered after the retailer’s holiday season data breach and accusing Trustwave of failing to identify security gaps.

According to a report by Reuters, which cited the American Banker, Trustmark National Bank and Green Bank N.A. are seeking damages of more than $5 million and named Trustwave Holdings and Target as defendants.

New York -- Nordstrom Inc. is delaying the opening of its Nordstrom Rack chain in Canada until 2017, in order to focus its attention on the launch of its full-line department stores there, The Globe and Mail reported.

Nordstrom had initially planned to start opening Rack stores in Canada next year. But the company has decided to focus on  the openings of its six Canadian department stores (the first, in Calgary, is due to open this fall).

Washington, D.C. – President Obama reportedly wants to raise the maximum salary threshold for overtime eligibility for salaried employees. According to Reuters, Obama has directed the Labor Department to raise the current maximum salary level of $455 per week, which covers about 12% of all hourly employees.

New York -- Target Corp. on Friday acknowledged its security software picked up on suspicious activity after a cyber attack was launched, but it decided not to take immediate action. The chain also advised that its security breach last year could be even more extensive than reported so far, Reuters reported.

Melville, N.Y. – Sbarro LLC has reportedly filed for Chapter 11 bankruptcy protection for the second time since 2011. According to Reuters, Sbarro wants to reduce its debt by 80% via a pre-packaged reorganization that would allow it to exit bankruptcy before May 7, 2014.

Most of Sbarro’s creditors reportedly support the plan, which it said is necessitated by declining mall traffic and an unsustainable balance sheet. The plan requires court approval and Sbarro will reportedly also seek better offers from potential buyers.

San Jose, Calif. – EBay Inc. is reportedly urging shareholders to reject a slate of board members nominated by activist investor Carl Icahn and instead support nominees picked by the company. According to Reuters, EBay recommends shareholder vote to re-elect four existing directors: CEO John Donahoe, company co-founder and managing director Fred Anderson, Intuit co-founder Scott Cook and former Agilent Technologies CEO Edward Barnholt.

According to reports, eBay is urging shareholders to reject a slate of board members nominated by activist investor Carl Icahn and instead support nominees picked by the company.

Reuters has reported that eBay is asking shareholders to re-elect existing directors CEO John Donahoe, company co-founder and managing director Fred Anderson, Intuit co-founder Scott Cook and former Agilent Technologies CEO Edward Barnholt.

San Francisco – Gap Inc. reportedly plans a substantial increase in its Gap and Old Navy store count in China during the next several years. Reuters reports that Gap plans to add 30 stores to its existing 81 Chinese locations.

New Delhi, India – Narendra Modi, candidate of opposition party Bharatiya Janata Party (BJP) for Indian prime minister, reportedly has made statements in favor of global online retailing and India’s small retailers learning to compete with large retailers. According to Reuters, at a meeting of the Confederation of All India Traders, Modi said small local retailers should improve the quality of their goods to a level closer to that of large global competitors, and also consider entering contracts with large online retailers to create virtual trade.

Mexico City – Wal-Mart de Mexico reportedly plans to increase business investment 7% during fiscal 2014 as it shifts focus from opening new stores to remodeling existing stores. According to Reuters, Wal-Mart de Mexico will spend about $1.1 billion in fiscal 2014, while increasing total floor space by about 5%.