After allegations of deceptive marketing from eight states, Wells Fargo has reached a settlement agreement. The bank will forgive $772 million in risky home loans and will pay $24 million to help reduce the impact of foreclosures on various communities.
U.S. District Court Judge Susan Bolton threw a monkey wrench into the deeply contentious debate over illegal immigration by declaring parts of Arizona's controversial immigration law to be unconstitutional. Backers of the bill, including Arizona Gov. Jan Brewer, vow to keep fighting.
Oregon is the latest state to notch a big win in the effort to attract green jobs: Silicon Valley solar company Solexant has announced plans to build a large factory to produce thin-film solar panels near Portland. Oregon gets jobs; Solexant gets a $25 million loan and $18.75 million in tax credits.
Pharmaceutical giant Novartis lost a huge gender discrimination case in May, and faced $250 million in punitive damages, plus possibly hundreds of millions more in compensatory damages. Rather than deal with years of appeals, both sides settled Wednesday for $152 million.
Arizona's been through economic boycotts before. But the controversy over the state's new immigration law is already having an impact on Arizona's tourism industry.
Arizona's new immigration law has generated enormous controversy, and now it's producing real economic consequences. The latest move comes from Los Angeles, where the city council has voted to slash economic ties with the state.
The first-quarter foreclosure report had good news for the worst off, and bad news for almost everyone else. In 14 of the metropolitan areas hit hardest by mortgage defaults, foreclosures declined from 2009. But nationally, 77% of cities saw foreclosures rise.
Passing the nation's toughest law on immigration may end up doing serious damage to both Arizona's reputation and its tourism industry, one of its largest revenue sources. Already, cities across the nation are calling for boycotts of the Grand Canyon State after the law was approved on Friday.
