Local & State
Faherty bringing pop-up shop to Trenholm Plaza
Like Faherty swimsuits and casual wear? Get ready to party. Faherty Brand is bringing a pop-up shop to Forest Acres’ Trenholm Plaza Saturday. The brand’s Mobile Beach House will have its Endless Summer beach party from 11 a.m. to 8 p.m. at the shopping center at the corner of Forest Drive and Trenholm Road. In addition to beachwear sales and prize giveaways, the party will feature food and drinks, such as ice from Hooligan’s Deli and wings from the 2 Fat 2 Fly food truck, as well as live music.
Nation & World
Court: Wells Fargo can’t avoid new allegations
of mortgage misconduct
A federal appeals court said Tuesday that Wells Fargo cannot avoid new allegations of misconduct stemming from the mortgage crisis even though the bank has already paid $5 billion in a national settlement between the government and financial institutions.
Six months after the 2012 settlement, the government filed a wide-ranging complaint against Wells Fargo in federal court in New York alleging further wrongdoing, this time focused on the bank’s origination and underwriting of thousands of individual, federally insured mortgages. Wells Fargo went to court, saying its prior settlement broadly released the bank from liability for any company-wide conduct having to do with annual certifications to the government.
In a 3-0 ruling, the U.S. Court of Appeals for the District of Columbia Circuit says the settlement was much narrower, and it expressly preserved the government’s right to pursue claims regarding federal insurance of residential mortgage loans that violates any applicable laws or regulations.
S&P 500 dips after rising for four days
The Standard & Poor’s 500 index ended lower Tuesday after rising four days in a row. The index fell half a point, or 0.02 percent, to close at 1,950, losing ground for just the second day this month.
The Dow Jones industrial average rose 2.82 points, or 0.02 percent, to 16,945. The Nasdaq composite gained 1.75 points, or 0.04 percent, to 4,338.
Consumer group wants to put brakes on Google driverless cars
A consumer group wants the California Department of Motor Vehicles to slow Google Inc.’s rush to get driverless cars on the road. Consumer Watchdog said the state’s regulations don’t allow enough time to test the self-driving cars before allowing them on California roads.
The state agency has regulations that take effect Sept. 16 governing the testing of driverless cars on California highways.
Kristy Eppley Rupon, The Asociated Press and Los Angeles Times contributed.