NEW YORK (CNN) -- CNN Money's Maribel Aber has your top business and financial news on this Thursday, April 4.
Hyundai, Kia recalling 1.6 million vehicles
Kia and Hyundai, Korean sister auto companies, said Wednesday that they are recalling over 1.6 million vehicles. The cars, it seems, share a defect in their brake lamps. The brake lamp problem is compounded because it sends incorrect signals to the cars' electronic brains. Various vehicle systems rely on signals from the brake lamp to detect when the brakes are, or are not, being applied. Bad signals can cause the gear selector to become stuck in "park." They can also sporadically render the push-button engine start feature useless and create intermittent interference with the cars' cruise control systems.
Retirement plan providers misleading savers, report finds
Retirement plan providers are offering misleading or even false information about 401(k) rollovers that can cost participants thousands of dollars in additional fees, according to a government investigation released Wednesday. Financial firms often encourage workers who are leaving a job to roll over existing 401(k) assets into an IRA also managed by the firm, even if remaining in the employer's plan or rolling it into a new employer's plan would be the better move, an investigation by the Government Accountability Office found. And, in some cases, they misrepresent the costs involved in an IRA switch. Undercover investigators hired by the GAO called 30 of the largest 401(k) providers to study how the firms market products to 401(k) account holders. Eleven firms encouraged a rollover to an IRA, while 12 raised doubts about the caller's ability to roll over to a new employer's plan and 16 touted IRAs for having more investment options.
Warner Bros. launches streaming service for classic movies, TV
Netflix, Hulu and their rivals are locked in a constant battle to score new content. But classic movies and TV can get lost in the fray -- and Warner Bros. is launching a streaming service aimed at that niche. For $10 per month, Warner Archive Instant allows users to stream content from the 1920s through the 1990s. The catalog includes what the company says are "rare, hard-to-find" TV shows and movies from Warner Bros., MGM, RKO and Allied Artists. Offerings include a 1921 adaptation of "The Scarlet Letter" and 1991's "Until the End of the World" with William Hurt. The monthly price tag is $2 more than both Netflix and Hulu Plus. But Warner Bros., which is owned by CNNMoney parent company Time Warner, is promoting the rarity of its catalog as its selling point.
Bids for 'Holy Grail' of baseball cards hit $1.6 million
With two days left, bidding for a trading card that the National Baseball Hall of Fame calls "the Holy Grail" has already reached $1.47 million. The 1909 card of Pittsburgh Pirate shortstop Honus Wagner is being auctioned off by Goldin Auctions in West Berlin, New Jersey. Bidding started at $500,000 on Feb. 25. There's a whole lot of hullabaloo surrounding the T206 card, since there are only about 50 in existence. The card is in such short supply because Wagner made the American Tobacco Company recall it when he discovered it had made the card without his permission. He didn't want kids to buy cigarettes, the auction house said.