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NEW YORK (AP) — Stocks are rising in afternoon trading on Wall Street, led by banks and technology stocks. Cruise line companies are also up after Carnival posted strong first-quarter results. The market is building on a rally that started yesterday, when it reached a high mark for the year.
WASHINGTON (AP) — MetLife has won a major legal challenge to the government's policy for preventing another financial crisis. A federal judge has tossed out its designation by regulators that its failure would pose a threat to the financial system. MetLife, the largest U.S. insurance company by assets, took the government to court more than a year ago to appeal its labeling by the Financial Stability Oversight Council as "systemically important." That designation brings stricter government oversight, increased capital requirements and limits on use of borrowed money.
NEW YORK (AP) — A federal jury in New York has found that a flawed General Motors ignition switch wasn't to blame in a 2014 accident on an icy New Orleans bridge. The trial in Manhattan federal court stemmed from a Louisiana fender bender. It was aimed at helping lawyers resolve hundreds of similar lawsuits over ignition switches that can slip out of the "on" position. The company has issued recalls affecting over 30 million vehicles since early 2014. GM says it has fixed the problem.
NEW YORK (AP) — A program touted as the answer to long security lines at airports hasn't lived up to its promise. Four years after the Transportation Security Administration started its Pre-Check program of expedited screening, it's far short of enrolling enough passengers to make a difference. The TSA cut its airport screener staff by 10 percent in the past three years, anticipating that Pre-Check would speed up the process. Now, airlines are warning fliers to expect massive security lines across the country this summer.
HARTFORD, Conn. (AP) — Trader Joe's is settling a lawsuit filed by Pepperidge Farm over chocolate-filled cookies. Pepperidge Farm sued in federal court in December, saying Trader Joe's Crispy Cookies filled with Belgian chocolate too closely resembled Pepperidge Farm's Milano brand. A lawyer representing Pepperidge Farm now says the two companies gave reached a "mutually satisfactory resolution" and agreed to make no further comments about the dispute.
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