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UBS to pay $1.44 billion to settle 2007 financial crisis-era mortgage fraud case, last of such cases

Published Fri, 27 Dec 2024 12:24:02 GMT

NEW YORK (AP) — UBS will pay U.S. authorities $1.44 billion to settle the last lingering legal case over Wall Street’s role in the housing bubble of the early 2000s, which ultimately led to the 2008 financial crisis and Great Recession. The Swiss bank agreed to pay a civil penalty over how it handled the sale of 40 mortgage-backed securities issued in 2006 and 2007. The settlement argues that UBS bankers gave false and misleading statements about the health of the mortgages in those bonds to the buyers in violation of federal securities law. For example, UBS bankers knew that the underlying mortgages in these bonds were poorly underwritten or violated consumer protection laws. The bonds in question ended up with substantial losses for investors. With the UBS settlement, the last remaining outstanding legal case from the Great Recession has now come to a close, the Justice Department said. Banks paid collectively more than $36 billion in civil penalties for their conduct relate...

‘No Labels’ movement says it could offer bipartisan presidential ticket in 2024

Published Fri, 27 Dec 2024 12:24:02 GMT

RALEIGH, N.C. (AP) — A national political movement that could offer a bipartisan presidential ticket in 2024 as an alternative to major-party nominees said Monday it has now won ballot access in 10 states, after North Carolina election officials formally granted official status to a “No Labels” affiliate.The State Board of Elections voted 4-1 on Sunday to recognize the No Labels Party as an official North Carolina party following a successful petition effort. It joins four other recognized parties with which voters can now choose to be registered and field candidates.The new North Carolina party is linked to a national No Labels effort that lists a wide array of mostly centrist political leaders backing it. They include former North Carolina GOP Gov. Pat McCrory, U.S. Sen. Joe Manchin, D-W.Va., and former Connecticut Sen. Joe Lieberman, a former Democrat who became an independent.No Labels is poised to offer a bipartisan ticket for president and vice president if Democrats and Repub...

Chicagoland residents asked to conserve water amid showers, storms

Published Fri, 27 Dec 2024 12:24:02 GMT

CHICAGO — Chicago residents are being asked to conserve water on Monday as showers and storms sweep across the area. The Metropolitan Water Reclamation District (MWRD) of Greater Chicago has declared Monday as an "Overflow Action Day." Several rounds of showers and thunderstorms; Heavy Rains Possible The MWRD issued an Overflow Action Alert in an effort to reduce the amount of water in municipal sewers, to help avoid flooding and sewer backups as storms batter the area. Residents are being asked to delay showers and baths, flush toilets less frequently and wait to run the dishwasher or washing machine to help avoid flooding inside and around homes. The MWRD has a full list of actions residents can take to prevent flooding on its website.According to the alert, flooding and sewer backups can happen for several reasons. The MWRD says it treats an average of 1.47 billion gallons of wastewater per day, but during storms, the number reaches above 2 billion gallons. After seve...

North Dakota boy survives 100-foot-fall at Grand Canyon

Published Fri, 27 Dec 2024 12:24:02 GMT

(NEXSTAR) — A 13-year-old North Dakota boy has survived a fall of nearly 100 feet at the North Rim of the Grand Canyon during a family trip.Authorities said it took emergency crews two hours to rescue Wyatt Kauffman after he slipped on a cliff Tuesday and plunged nearly 100 feet at the Bright Angel Point trail.The teenager was airlifted to a Las Vegas hospital for treatment of nine broken vertebrae plus a ruptured spleen, a collapsed lung, a concussion and a broken hand and dislocated finger. It was a popular national monument, until it was robbed to extinction “I was up on the ledge and was moving out of the way so other people could take a picture,” Kauffman told Phoenix TV station KPNX. “I squatted down and was holding on to a rock. I only had one hand on it.“It wasn’t that good of a grip. It was kind of pushing me back. I lost my grip and started to fall back,” he added.Rescue crews had to rappel down the cliff and get the injured boy out of the canyon in a basket.“I just reme...

See the first college football AP Top 25 poll of 2023

Published Fri, 27 Dec 2024 12:24:02 GMT

NEW YORK — We're less than two weeks away from the start of college football season and we now know the team to beat to start the 2023 campaign. There are also a few teams of Chicago area interest that have found their way into the conversation when it comes to the Associated Press preseason Top 25 poll.Defending national champion Georgia begins the season as the No. 1 team after receiving 60 of 63 first place votes. Michigan received two of those and is ranked second in the AP Top 25, their highest to start a season since 1991. Ohio State, who got the other first place vote, Alabama, and LSU round out the top five. Notre Dame, who finished 18th in the final AP poll after a 9-4 season in 2022, will start this season ranked 13th in rankings in Marcus Freeman's second season. They'll open the FBS season on Saturday, August 26, when they face Navy at Aviva Stadium in Dublin, Ireland, which is set for a 1 p.m. central time start. Illinois, which finished with eight wins for the first ti...

'Blind Side' lawsuit: Michael Oher alleges Tuohys used 'false' adoption story to make money

Published Fri, 27 Dec 2024 12:24:02 GMT

NASHVILLE, Tenn. (WKRN) — The man and former football player at the center of the film "The Blind Side" is suing his adoptive family, claiming they never actually adopted him and instead tricked him into signing over the rights to his life story in order to make money.Michael Oher, whose story was the subject of the hit 2009 movie, claimed in a Tennessee court that the basis of the movie is a lie. Oher said the Tuohy family never legally adopted him.In the court filing, Oher said Sean and Leigh Anne Tuohy presented him with a petition in 2004 for a conservatorship, which granted them "total control over [his] ability to negotiate for or enter any contract" even though he was over the age of 18 and had no physical or mental disabilities. He said they presented it as the only option they had to "adopt" him since he was over 18.Since then, Oher claims, the Tuohys have "falsely and publicly represented themselves as the adoptive parents of Michael."In the petition filed Monday in Shelby...

Plans announced for UT-Austin Medical Center at Erwin Center site

Published Fri, 27 Dec 2024 12:24:02 GMT

AUSTIN (KXAN) — Downtown Austin will be home to a new medical center, University of Texas-Austin leaders and Gov. Greg Abbott said during a press conference Monday. UT unveiled plans for the the University of Texas at Austin Medical Center, which will be built at the site of the Frank Erwin Center. As part of the UT-Austin Medical Center, a second hospital tower will hold the new UT-Austin Specialty University Hospital. The UT MD Anderson hospital will be administered and operated by MD Anderson staff."We will bring the world's No. 1 cancer hospital to Central Texas and build on UT-Austin's reputation for excellence in the success of the Dell Medical School and UT Health Austin," UT System Board Chairman Kevin P. Eltife said.UT said it will invest $2.5 billion for the construction of the medical center.This is a developing story. Check back for updates.

Austin's 38-day streak of consecutive 100° days is the longest in recorded history

Published Fri, 27 Dec 2024 12:24:02 GMT

Editor’s Note: The video above shows the latest from the KXAN First Warning Weather team.AUSTIN (KXAN) — Austin is currently experiencing the longest stretch of triple-digit heat in recorded history.Camp Mabry, Austin's official weather reporting site, has reached 100° or hotter every day since July 8.That means temperatures have reached the century mark for 38 days in a row. With records dating back to the 1890s, that's the longest stretch of triple-digit temperatures ever recorded in Austin. MORE HEAT RECORDS: What is Austin's hottest month ever? The previous record of 27 days was set between July 17 and Aug. 12, 2011. That summer went on to have a record-breaking 90 days of triple-digit heat. How often does Austin hit 100°? Here’s a breakdown by date, month, year and decade Meanwhile, a 17-day streak is underway at Austin-Bergstrom International Airport, with temperatures hitting 100° or above every day since July 29. That ties as the 5th-longest of all time.An 18-d...

Texas Longhorns begin season ranked No. 11 in AP Top 25 poll

Published Fri, 27 Dec 2024 12:24:02 GMT

AUSTIN (KXAN) — The Texas Longhorns will start the college football season just outside the top 10 according to the Associated Press.The AP released its preseason top 25 poll Monday with the Longhorns checking in at No. 11, up 14 spots from where their finished the 2022 season in the poll. The Washington Huskies, who beat the Longhorns 27-20 in last season's Alamo Bowl, came in at No. 10 and Tennessee fell in behind Texas at No. 12.See the complete preseason AP Top 25Texas is the highest-ranked Big 12 Conference team in the poll with Kansas State coming at No. 16 and 2022 College Football Playoff runner-up TCU at No. 17. Oklahoma is ranked No. 20 to round out Big 12 teams in the preseason poll.Two-time defending CFP champion Georgia received 60 of 63 first-place votes to top the poll, followed by Michigan, Ohio State, Alabama and Louisiana State. Texas takes on the No. 4 Crimson Tide on Sept. 9 in Tuscaloosa.Southern California, Penn State, Florida State, Clemson and the Huskies rou...

Vikings tight end T.J. Hockenson says ear infection has kept him out of practice

Published Fri, 27 Dec 2024 12:24:02 GMT

Though he hasn’t been a full participant in practice, Vikings tight end T.J. Hockenson has been spotted on the field at TCO Performance Center nearly every day for the past week. He usually has gone through warmups, caught a number of passes on his own during individual drills, then retreated to the locker room before team drills.His limited participation sparked rumors on social media with some theorizing that the 26-year-old was upset about not yet receiving a contract extension. Asked about the situation last week, head coach Kevin O’Connell dispelled that notion, saying Hockenson has been battling an illness.Talking to reporters on Monday afternoon, Hockenson provided some details about what he’s been dealing with since the early stages of training camp.“I had an ear infection that was messing with my equilibrium,” he said. “Just taking it slow and trying to get back as quick as I can.”It’s still unclear if Hockenson, who took part...