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UBS to pay $1.4 billion for selling toxic mortgages prior to the Great Recession

Published Fri, 07 Feb 2025 07:25:31 GMT

New York (CNN) — The Justice Department announced on Monday that UBS has agreed to pay $1.4 billion in penalties for allegedly defrauding investors by selling mortgage-backed securities that blew up during the Great Recession.The settlement resolves the final case brought by the DOJ to investigate the role of Wall Street firms in the 2008 financial crisis.“The substantial civil penalty in this case serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes,” Breon Peace, the US Attorney for the Eastern District of New York, said in a statement.The DOJ filed a civil action in November 2018 against UBS, alleging the Wall Street bank defrauded investors by knowingly making false and misleading statements to buyers of dozens of residential mortgage-backed securities issued in 2006 and 2007.“UBS’ conduct in this case played a significant role in causing a financial crisis th...

Tractor-trailer rollover crash closes ramps between I-495 southbound and Route 44 in Middleborough

Published Fri, 07 Feb 2025 07:25:31 GMT

Both the on- and off-ramps between Route 44 and I-495 south in Middleborough were closed to traffic Monday after authorities say a tractor-trailer truck crashed and rolled over.Massachusetts State Police spokesperson Dave Procopio said the crash left both the truck’s driver injured and fuel leaking onto the roadway.Emergency crews could be seen responding to the crash around 1:15 p.m., where the truck’s cargo appeared to spill over the entirety of one of the ramps.Procopio said the truck appeared to have been carrying trash and that it was not clear when the ramps would reopen to traffic.Details on the exact condition of the driver have not yet been released.This is a developing story; stay with 7NEWS on-air and online for the latest updates.https://twitter.com/MassDOT/status/1691146272554496000?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

Pentagon: Active duty forces yet to be deployed to avoid logistical issues. Follow live updates

Published Fri, 07 Feb 2025 07:25:31 GMT

By REBECCA BOONE (Associated Press)Follow live updates about wildfires that have devastated parts of Maui in Hawaii this week, destroying a historic town and forcing evacuations. The National Weather Service said Hurricane Dora, which passed south of the island chain, was partly to blame for strong winds that initially drove the flames, knocking out power and grounding firefighting helicopters.The U.S. National Guard, U.S. Army Corps of Engineers and U.S. Coast Guard are assisting with recovery efforts in the communities reeling from fires in Maui, Pentagon spokesman Brig. Gen. Pat Ryder said on Monday.However, no active duty forced are involved yet, Ryder said. That raises questions as to why not — Hawaii is home to tens of thousands of active duty military personnel, U.S. Indo-Pacific Command and major Navy and Air Force installations, with ships and aircraft that could assist in flying in supplies or personnel.Ryder said those forces are ready to provide whatever support is...

The real costs of the new Alzheimer’s drug, most of which will fall to taxpayers

Published Fri, 07 Feb 2025 07:25:31 GMT

Arthur Allen | (TNS) KFF Health NewsThe first drug purporting to slow the advance of Alzheimer’s disease is likely to cost the U.S. health care system billions annually even as it remains out of reach for many of the lower-income seniors most likely to suffer from dementia.Medicare and Medicaid patients will make up 92% of the market for lecanemab, according to Eisai Co., which sells the drug under the brand name Leqembi. In addition to the company’s $26,500 annual price tag for the drug, treatment could cost U.S. taxpayers $82,500 per patient per year, on average, for genetic tests and frequent brain scans, safety monitoring, and other care, according to estimates from the Institute for Clinical and Economic Review, or ICER. The FDA gave the drug full approval July 6. About 1 million Alzheimer’s patients in the U.S. could qualify to use it.Patients with early Alzheimer’s disease who took lecanemab in a major clinical trial declined an average of five months slower than other subjec...

How to choose housing options for seniors

Published Fri, 07 Feb 2025 07:25:31 GMT

Dina Cheney | Bankrate.com (TNS)The search for the right living arrangements for older parents or relatives can be challenging, particularly as their needs regarding assistance and care evolve with age. Luckily, a variety of choices exist, ranging from simple adjustments in a current home to retirement communities and assisted living or nursing facilities.Read on to learn effective strategies for gracefully navigating the often stressful — and sometimes emotional — task of locating elderly housing options and places for senior living.2023 senior housing dataHere’s the latest data on the current state of senior living:Senior living optionsAging in placeMany seniors prefer to remain in their homes as they age. This often requires renovations to make the home easier to navigate, as mobility decreases and things like stairs get harder to manage. The costs of these modifications can vary wildly, from a few hundred dollars for grab bars in a bathroom to thousands for bigger projects or ad...

Tuesday is final day to vote in District 4 special election

Published Fri, 07 Feb 2025 07:25:31 GMT

SAN DIEGO — Time is running out to cast your ballot in the special election for San Diego County's Fourth Supervisorial District.Tuesday, Aug. 15 is the final day to vote in the special primary election.There are seven vote centers and 29 ballot drop boxes available around the district Monday, the last day of early voting. Registered voters can drop their ballots off at these locations from 8 a.m. to 5 p.m. Fletcher seeking $10K in fees from accuser over alleged failure to disclose messages On election day Tuesday, the Registrar of Voters will open seven additional vote centers in the district that will be open from 7 a.m. to 8 p.m. Anyone who is in line at a vote center or drop box location before the 8 p.m. deadline will be able to cast their vote, officials said.If none of the four candidates running receive a majority of the votes, a special general election will be held on Nov. 7 between the top two vote-getters.The candidate that is elected will serve the remainder of former...

Six former Mississippi officers plead guilty to state charges for torturing two Black men

Published Fri, 07 Feb 2025 07:25:31 GMT

BRANDON, Miss. (AP) — Six white former Mississippi law officers pleaded guilty on Monday to state charges for torturing two Black men in a racist assault. All six had recently admitted their guilt in a connected federal civil rights case.Prosecutors say some of the officers nicknamed themselves the “Goon Squad” because of their willingness to use excessive force and cover up attacks including the assault that ended with a deputy shooting one victim in the mouth.In January, the officers entered a house without a warrant and handcuffed and assaulted the two men with stun guns, a sex toy and other objects. The officers mocked them with racial slurs throughout a 90-minute torture session, then devised a cover-up that included planting drugs and a gun, leading to false charges that stood against the victims for months. Their conspiracy unraveled after one of the officers told the sheriff he had lied, leading to confessions from the others. The charges against the victims weren’t dr...

Thousands in Bosnia protest against violence after man live streamed killing of ex-wife on Instagram

Published Fri, 07 Feb 2025 07:25:31 GMT

SARAJEVO, Bosnia-Herzegovina (AP) — Thousands of Bosnians took to the streets on Monday to demand authorities act to curb violence against women after a man last week shot and killed his ex-wife while streaming the slaying live on Instagram.Protests were held simultaneously in several Bosnian cities. In Sarajevo, the capital, a huge crowd of people walked through the city center to press for more protection for women, curbing of violent media content and control of police work in cases of violence. Participants carried banners reading “Silence is approval,” “We won’t live in fear” or “Stop femicide.” Protesters in Sarajevo held up a huge banner reading “Sarajevo against violence,” echoing a slogan of monthslong street protests in neighboring Serbia. “Today Sarajevo is saying no to violence and showing support to all the victims of violence,” said Mayor Benjamina Karic, who was at the front of the marching protesters. Bosnia’s Human Rigths Minister Sevlid Hurtic cal...

How — and when — is best to donate to those affected by the Maui wildfires?

Published Fri, 07 Feb 2025 07:25:31 GMT

NEW YORK (AP) — The destruction and suffering caused by the Maui wildfires in Hawaii prompted many to immediately look for ways to help.However, experts say immediate donations may not be the most useful following a natural disaster like the Maui wildfires. They suggest standing by a week or two until needs are assessed and support lines have been established. But they know that some people will not be able to wait.Here’s what you need to know about getting your donations to the people you are trying to help.There are so many solicitiations to help the people of Hawaii. What groups should get priority right now?Experts recommend donating to nonprofits based on Hawaii that have provided rapid response services in the past.Hawai’i Community Foundation has raised more than $17 million as of Friday for its Maui Strong Fund, which is “providing financial resources that can be deployed quickly.” Though the foundation says its support will evolve, initially, it will focus on providing food...

They were alone in a fight to survive. Maui residents had moments to make life-or-death choices

Published Fri, 07 Feb 2025 07:25:31 GMT

The smoke was starting to blot out the sun. Winds were howling, and heat bore down as flames licked the trees on the horizon. The power had been out all day, so Mike Cicchino thought he’d drive to the hardware store for a generator. He turned off his street, and in an instant, his Lahaina neighborhood seemed to spiral into a war zone.“When I turned that corner, I see pandemonium,” he said. “I see people running and grabbing their babies and screaming and jumping in their cars.”It was around 3:30 p.m. Tuesday when Cicchino and his neighbors began a desperate fight for their lives. They had just moments to make decisions that would determine whether they lived or died in a race against the flames — a harrowing, narrow window of time in one of the most horrifying and lethal natural disasters the country has seen in years.There were no sirens, no one with bullhorns, no one to tell anyone what to do: They were on their own, with their families and neighbors, to choose whether to stay or ...