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Stocks sinking...LA sues Wells Fargo, alleging fraud...Asbestos cleanup in Montana

By The Associated Press | Posted - May 5, 2015 at 12:31 p.m.



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NEW YORK (AP) — Stocks are sinking today, after a two-day run that brought the market close to a record high. Tim Dreiling (DREE'-ling) at U.S. Bank Wealth Management say the first-quarter earnings season has given investors little to celebrate. While more than 70 percent of the companies in the S&P 500 have reported results that beat estimates, more than half have fallen short of analysts' sales targets

LOS ANGELES (AP) — The city of Los Angeles is suing Wells Fargo Bank. It alleges that bank employees, driven by strict sales pressure, opened unauthorized accounts for customers that charged them fees and damaged their credit. Wells Fargo has blamed the problems on a few rogue employees who have been disciplined or fired and said it would defend itself. The lawsuit seeks penalties of up to $2,500 for every violation and restitution for customers who were harmed.

BILLINGS, Mont. (AP) — A cleanup proposal for a Montana town where thousands have been sickened by asbestos contamination would leave some of the deadly material in houses and other places where officials say it can be safely managed. The Environmental Protection has released a final cleanup plan for Libby and the neighboring town of Troy more than 15 years after media reports revealed widespread illness caused by asbestos dust from a W.R. Grace and Co. vermiculite mine.

DETROIT (AP) — The U.S. government is reopening an investigation into Jeep and Dodge sun visors after reports that some caught fire even after a recall repair. Fiat Chrysler Automobiles recalled nearly 900,000 2011-2014 Jeep Grand Cherokees and Dodge Durangos last summer after a government investigation found that a short in the vanity lamp wiring could cause visors to burn.

SAN FRANCISCO (AP) — Google's search engine has hit a tipping point in technology's shift to smartphones. More search requests are now being made on mobile devices than personal computers in the U.S. and nine other countries, including Japan. Google announced the milestone at a digital advertising conference today.

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The Associated Press

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