AGP Executive Report

Boardroom Fight: Activist investor Doug Bergeron, with a 5% stake, urged Ethan Allen to replace its entire board and nominated five candidates ahead of the 2026 shareholder meeting, citing stagnant growth and weak digital strategy. Banking Leadership: Essex Bank named Lynn Giroux as president and CEO, completing its succession plan after decades at the mutual bank. Bridgeport Development: “The August” at Steelpointe Harbor opened with 420 waterfront apartments in the former power-plant site, including workforce units and rents from about $2,000 to $9,000. Retail Reshuffle: Stop & Shop is closing about 40 stores across the Northeast, including Clinton, CT, as it concentrates on better-performing locations. Cyber/Scam Crime: A West Hartford business lost $50,000 after a phone scam impersonating a Webster Bank fraud manager; suspect Junior Astre was extradited to face charges. Corporate Restructuring: Xerox cut 475 jobs in Q2 and 1,255 in the first half as it integrates Lexmark and restructures operations. Local Real Estate Deal: Vidal/Wettenstein helped negotiate a $6.4M sale of a 57,000-square-foot industrial building in Trumbull. Policy Watch: The U.S. Senate passed sweeping Russia sanctions tied to energy purchases, with Connecticut Sen. Richard Blumenthal backing the measure. Tech & Privacy: Milford residents are pushing back on Flock cameras, arguing they’re about control and privacy, not safety.

Banking Deal: The Federal Reserve has approved Banco Santander’s $12.2B acquisition of Stamford-based Webster Bank, clearing the way for a likely Aug. 20 close. Education Policy: Connecticut’s State Board of Education voted to recommend a “bell-to-bell” cellphone ban in classrooms, though local districts still decide and lawmakers resisted a statewide rule. Food & Consumer Risk: Crave Better Foods (Chipwich maker) withdrew its lawsuit against insurance broker Carlson & Carlson over alleged failure to secure product recall coverage tied to a claimed $4.5M loss. Public Safety & Courts: DOJ reached an agreement with Connecticut Children’s Medical Center requiring it to stop puberty blockers, cross-sex hormones and surgeries for minors, with penalties and added care funding. Local Economy: Connecticut tourism hit $20.1B economic impact in 2025, with visitation up 3% and spending up 6%. Housing/Development: Bridgeport completed the first residential phase of Steelpointe Harbor’s “The August,” adding 420 apartments. Tech/Workforce: The Office of Higher Education launched an online credential registry to help students “know before you enroll.”

Minimum Wage: Gov. Ned Lamont says Connecticut’s minimum wage will rise to $17.48 on Jan. 1, 2027, up from $16.94, under the state’s annual adjustment law. Tourism & Jobs: The state reports 72.2 million visitors in 2025 and $20.1B in tourism impact, with growth outpacing the national rate and supporting 125,167 jobs. Banking/Consumer Protection: AG William Tong joins a coalition urging federal regulators to deny Opportunity Financial’s bid to merge with BNC National Bank—warning it could enable triple-digit APR lending and weaken state enforcement. Healthcare: Connecticut Children’s Medical Center reached a DOJ agreement to stop certain gender-affirming procedures for patients under 18, with a penalty and added funding for complications. Local Business: Bob’s Discount Furniture posts Q2 earnings of $57.8M on $619.6M revenue, and DEEP seeks public input on adding farmers’ markets at three state parks. Tech/Policy: A GAO review says Elon Musk’s DOGE overstated claimed federal savings, including crediting actions taken before the group existed.

Minimum Wage: Gov. Ned Lamont says Connecticut’s minimum wage will rise to $17.48 on Jan. 1, 2027, up from $16.94, under the state’s annual adjustment law. Food Assistance: The state has started sending one-time $300 grocery benefits to residents who lost SNAP eligibility under new federal rules, using prepaid virtual grocery cards via community action agencies. Energy & Oversight: A CT watchdog is urging an ethics investigation into PURA’s rate-setting process after reported frequent communications between PURA leadership and a utility executive. Public Safety Tech: Police in Winona, Minn., report all eight Flock cameras stolen, adding to a growing pattern of Flock-related theft and vandalism that’s also drawing scrutiny in Connecticut. Infrastructure Strain: Waterbury continues to grapple with major water main failures tied to aging pipes, including a recent break that triggered widespread outages and boil-water advisories. Health Policy: A Connecticut children’s hospital agreed to stop pediatric “sex-rejecting procedures” after a DOJ settlement. Business & Defense: Sikorsky won about a $107 million contract for additional Marine One work, with major work based in Stratford. Local Economy: A former Rex Forge industrial site in Southington sold for $1.275 million, with plans for refurbishment and advanced manufacturing use.

Banking Deal: Santander won final U.S. approval to buy Stamford’s Webster Bank, a roughly $12.3B deal expected to close Aug. 20 and reshuffle Connecticut’s banking pecking order. Labor & Wages: Connecticut’s minimum wage rises to $17.48 on Jan. 1, up 3.2%, continuing a steady climb since 2020. Food Assistance: Gov. Lamont is distributing $300 one-time grocery benefits to residents pushed out of SNAP, using prepaid virtual cards via community action agencies. Housing & Local Policy: A Select Board vote in Hawthorne-by-the-Sea’s Hawthorne RFP opposed residential development, a move that could limit future housing options. Tech & Consumer Protection: Connecticut comptroller warns prediction markets are spreading fast, flagging risks like youth targeting and insider trading as states consider rules. Insurance & Benefits: The Hartford agreed to acquire Equitable’s Employee Benefits business, aiming to grow in small and midsize employer coverage with added tech. Earnings Watch: GXO Logistics reported its strongest commercial quarter in three years, while Caterpillar posted record Q2 sales and revenue, boosted by data-center generator demand.

Banking Deal: The U.S. Fed approved Santander’s acquisition of Connecticut-based Webster Bank, clearing the last major hurdle for a $12.2B merger that would make Santander the 19th-largest U.S. bank. Antitrust & Trade: Connecticut is among 25 states suing the Trump administration over new Section 301 tariffs, arguing the move is a pretext that will raise costs for families and businesses. Food & Consumer Impact: New York AG Letitia James announced a multistate settlement with egg producers tied to alleged price-fixing, with nearly 5 million eggs headed to food banks, including about 5M for New York. Local Tech & Privacy: Cheshire residents are set to weigh concerns over Flock Safety license-plate cameras, as Connecticut communities debate data sharing and surveillance. Business & Logistics: Greenwich-based GXO Logistics reported Q2 results, with revenue growth and stronger commercial momentum, plus guidance for full-year earnings. Healthcare Leadership: Farmington-based Horizon Technology Finance posted a Q2 loss, while NorthWolf Advisory launched to support healthcare executive teams. Public Safety/Infrastructure: CTDOT will hold a virtual meeting on centerline rumble strips for Route 63 in Morris, with construction targeted for 2027.

Drug Pricing & Antitrust: West Virginia AG Tim Griffin announced a $469M settlement in principle with Sandoz over alleged generic drug price-fixing, with 43 states and territories backing the deal and Sandoz agreeing to internal reforms if approved. Tariffs & Cost Pressures: Connecticut AG William Tong is again part of a 25-state lawsuit challenging Trump administration tariffs on 60 trading partners, arguing the levies are unlawful and a tax on families and businesses; the coalition is asking the Court of International Trade to block the tariffs and order refunds. Healthcare Policy: A coalition including Wisconsin DOJ is suing to stop HHS/CMS rules that would expand “catastrophic” plans and undermine Affordable Care Act protections, with claims that millions could lose coverage or face higher out-of-pocket costs. State Consumer/Business Watch: Stamford-based Gartner reported Q2 earnings that beat expectations, while BrightBridge Credit Union completed its core conversion after merging with Arrha, expanding digital banking across CT, MA, and NH. Local Aid & Food Security: State Sen. Jorge Cabrera welcomed new $300 one-time grocery benefits for low-income residents pushed out of SNAP by federal changes.

Tariff Fight: A coalition of 25 states, including Connecticut, sued the Trump administration in federal court over new 10%–12.5% tariffs on imports from the EU and nearly 60 countries, arguing the “forced labor” rationale is a pretext and that the administration exceeded its legal authority—raising costs for households and businesses. Health Care Oversight: Sen. Richard Blumenthal (CT) and Sen. Josh Hawley demanded Medicare Advantage insurers turn over internal records on how they decide post-hospital coverage, including whether algorithms can drive denials. Local Land-Use: Stonington’s Planning and Zoning Commission is set to debate the town’s conservation and development plan and a proposed tech park on Route 2 in Pawcatuck, with officials warning of major impacts on property rights and zoning. Banking & Community Giving: Beacon Bank said it invested more than $600,000 in Q2 into 180+ nonprofits across Connecticut and neighboring states. Defense Industry: Electric Boat won a historic $76.6B Navy contract to build new U.S. nuclear submarines, supporting thousands of jobs in Groton and across the region.

Connecticut-Backed Antitrust Settlement: Attorney General William Tong led a coalition of 43 states and territories in a $400 million settlement in principle with Sandoz over alleged generic-drug antitrust conduct, with total payments to state enforcers of about $469 million if approved. Healthcare Policy Fight: Delaware AG Kathy Jennings joined a multistate lawsuit seeking to block a Trump administration rule that would undermine Affordable Care Act protections and raise costs for millions. Media Merger in Court: Connecticut is among 12 state AGs pressing a challenge to Paramount Skydance’s $110 billion Warner Bros. merger, asking a California judge to set a trial for April after a pause agreement. Public Safety Tech Debate: In Middletown and Bridgeport, residents are pushing back on proposed first-responder drone programs from Flock Safety, citing privacy and surveillance concerns. Local Real Estate: Three former Sears properties at CT malls—Brass Mill Center (Waterbury), Meriden Mall, and Buckland Hills (Manchester)—hit the market for redevelopment. Workforce & Growth: Gov. Ned Lamont signed legislation creating an economic partnership with India, aiming to spur investment and joint ventures.

WNBA Trade Deadline Fallout (Connecticut impact): The Connecticut Sun traded forward Aneesah Morrow to the Toronto Tempo, while the Los Angeles Sparks dealt All-Star guard Kelsey Plum to the Phoenix Mercury—leaving the Sun and Mercury to process major roster shifts as the stretch run begins. Local Sports (Sun vs. Wings): Dallas beat Connecticut 83-63, holding the Sun to 8 third-quarter points, with Paige Bueckers and Jessica Shepard leading the scoring storylines. State Economy & Business (Connecticut): Governor Lamont urged residents to shop Connecticut Grown during National Farmers’ Market Week, highlighting more than 120 farmers’ markets statewide and nearly 5,000 farms. Consumer/Tech & Trust: A San Francisco lawsuit alleges fake hotel booking sites rig search results near SFO, charging travelers far above direct rates—an issue that hits anyone booking on short notice. Politics & Education (national, with CT relevance): A new report claims teachers unions are pushing AI “guardrails” that steer classroom AI outputs toward political correctness. Immigration/Investing: An EB-5 investor-visa deadline is flagged for Sept. 30, with experts warning applicants to plan around possible rule changes.

Social Security & Cost-of-Living: A new projection from the Senior Citizens League says the 2027 Social Security COLA could rise to 3.8%, lifting average monthly benefits by about $73—while the Social Security trust funds are still projected to run down in the early 2030s. Connecticut Gun-Law Fight: Connecticut AG William Tong’s office is seeking outside legal help to sue gun companies, but a reported RFP criterion asks bidders to detail “workforce diversity,” adding friction to an already high-stakes challenge tied to Connecticut’s Glock ban. Connecticut Business & Jobs: Stanley Black & Decker’s New Britain plant closure has renewed attention on a little-known Social Security earnings rule that can cost near-retirees thousands if they assume benefits are automatically blocked until January. Connecticut-India Trade: Gov. Ned Lamont signed legislation creating a Connecticut-India Trade Commission to expand ties in trade, technology, education, infrastructure and the arts. Local Economy Disruption: Waterbury’s water main break forced D’Amelio’s Italian Eatery to close temporarily and triggered a boil-water order, highlighting how infrastructure failures hit small businesses fast. Energy & Finance: Eversource’s latest storm-cost recovery developments and charges tied to offshore wind continue to shape the utility’s financial outlook.

Connecticut-India Trade: Gov. Ned Lamont signed SB 132 to create the Connecticut-India Trade Commission, aiming to deepen ties in trade, technology, higher education, infrastructure and the arts. Public Works & Transit: New Britain won a $14.7M federal BUILD grant to improve the Route 174/East Street intersection, boosting safety, cutting congestion, and strengthening access to CTfastrak’s East Main Street Station (construction expected 2029-2031). Energy & Finance: A Connecticut-based Atlas Holdings filed a Helms-Burton Act lawsuit in federal court against Cuba’s electric union and Energas, seeking about $802.7M with triple damages. Utilities Disruption: Waterbury’s latest water main break forced D’Amelio’s Italian Eatery to close briefly; crews restored service but a boil-water order remained in effect. Sports Business: The Toronto Tempo acquired Connecticut Sun forward Aneesah Morrow in the WNBA trade deadline opener, sending a 2028 second-round pick and rights to Maria Kilundikova to Connecticut. Corporate Litigation: Photronics (CT) faces a securities class action tied to claims about its high-end photomask pipeline and demand.

Federal Infrastructure: Gov. Ned Lamont, Sen. Richard Blumenthal, Sen. Chris Murphy, Rep. Jahana Hayes and New Britain Mayor Bobby Sanchez announced a $14.7 million BUILD grant to rework the Route 174/East Street intersection, aiming to cut congestion and improve safety, sidewalks, ADA access and connections to CTfastrak. Defense & Manufacturing: Sikorsky (Lockheed Martin) won a $107.3 million Navy order to design, build and test improved main rotor blades for the VH-92A “Marine One” helicopter, with work running through 2031. Gaming Innovation: Foxwoods is debuting a new interactive slot experience in its “innovation zone,” featuring decision-based games like cash-out crash and ship/mission-style play. Corporate & Legal: A Connecticut-based Photronics investor class action was filed over alleged misstatements about its high-end photomask pipeline. Consumer Protection: San Francisco sued GuestReservations and BookOnline, and also targeted Booking Holdings, alleging hotel-impersonation ads that can overcharge travelers. Energy Costs: A Connecticut homeowner’s small plug-in solar setup reportedly generated about $400 in electricity value in a year on a $600 system. Local Resilience: Stamford’s coastal flood plan meeting highlighted recommendations for evacuation, stormwater and flood-risk upgrades. Sports Business: The Toronto Tempo acquired Aneesah Morrow from the Connecticut Sun, sending a 2028 second-round pick and rights to Maria Kliundikova to Connecticut.

Health Care Fight: Connecticut AG William Tong joined a coalition suing to block a federal rule that would expand “catastrophic” plans, raise out-of-pocket costs, and potentially cut ACA coverage for millions. State Funding for TPS: Gov. Ned Lamont is directing $5M from Connecticut’s Federal Cuts Response Fund to help residents affected by recent Temporary Protected Status changes, including Haitian and Syrian families. Transportation & Growth: New Britain won a $14.7M BUILD grant to rework the Route 174/East Street intersection for safer, less congested access to CTfastrak. Transit Disruption: CTDOT says weekend service on the New Canaan Branch Line will be replaced by buses through Aug. 30 for track work. Clean Energy Recognition: The Connecticut Green Bank won a national leadership award for Solar MAP+ support for solar and storage projects. Local Economy/Ports: The Connecticut Port Authority highlighted Old Lyme harbor upgrades funded through SHIPP grants, including improvements to the Town Dock. WNBA Deadline: The Connecticut Sun traded forward Aneesah Morrow to the Toronto Tempo for draft rights and a pick.

Defense & Jobs: General Dynamics Electric Boat won a historic $76.6B U.S. Navy contract to build 14 Virginia- and Columbia-class submarines, with economists pointing to major Groton-area economic lift and thousands of supplier jobs into the late 2030s. State Economic Ties: Gov. Ned Lamont signed legislation creating a Connecticut–India Trade Commission to formalize trade, investment, and institutional cooperation, building on recent CT business missions to India. Healthcare Costs: Medicare Advantage insurers are redrawing 2027 coverage maps, with members set to receive Annual Notice of Change letters this fall as benefits tighten, networks shift, and drugs move to higher tiers. Retail Pricing Scrutiny: A NerdWallet report highlights “surveillance pricing,” where grocery and other app prices may change based on shopper behavior and coupon targeting. Sports Business (CT): The Connecticut Sun traded forward Aneesah Morrow to the Toronto Tempo ahead of the WNBA deadline, a move that reshapes both teams’ frontcourt plans. Local Safety: East Rock residents pressed New Haven police after a shooting and a nearby explosion in less than 24 hours.

Defense & Manufacturing: Electric Boat, headquartered in Groton, won major Navy contract modifications totaling $76.6B for new Virginia- and Columbia-class submarines, signaling continued shipyard hiring and supplier demand. Energy Finance: Connecticut Green Bank’s Solar MAP+ earned a national Clean Energy States Alliance leadership award, highlighting its role as a public developer helping municipalities and schools finance solar and storage. Utilities Oversight: CT regulators approved a reduced Eversource storm-response request and PURA finalized decisions affecting storm cost recovery, keeping pressure on utility affordability. Local Infrastructure: CTDOT scheduled public input on a Newtown I-84 bridge replacement (Zoom, Aug. 20) and set Southbury box culvert work with lane closures Aug. 7-10. Workforce & Hiring: The Connecticut Department of Labor and Hartford Athletic set a Sept. 16 Hiring Expo at Trinity Health Stadium, aiming to connect employers and job seekers. Elections: Connecticut early voting for the Aug. 11 primary begins Monday, with party-affiliation rules and deadlines for unaffiliated voters. Business & Community Development: New Britain expanded a state-funded Martin Luther King Jr. Corridor planning area to add three neighborhoods, with a $1M grant to guide housing, business support, and transportation priorities. Consumer/Finance: Connecticut car taxes are due Monday, Aug. 3, with interest for late payments.