APNewsBreak: Family of man killed in Morgan crash settles

NEW YORK — The family of a comedian killed in the New Jersey Turnpike crash that seriously injured Tracy Morgan last summer has settled a wrongful death claim with Wal-Mart, an attorney representing the family said.

The out-of-court settlement between the company and the estate of James McNair is the first stemming from the June 7 crash in which a Wal-Mart truck slammed into a limo van carrying Morgan and the others home from a show in Delaware.

Morgan, a former "Saturday Night Live" and "30 Rock" star, suffered a traumatic brain injury in the accident, according to his lawyer, and his lawsuit against Wal-Mart is proceeding in federal court. Criminal charges against truck driver Kevin Roper are pending in state court.

McNair, 62, of Peekskill, New York, was a friend and mentor to Morgan. He died at the scene.

Attorney Daryl Zaslow told The Associated Press that the terms of the settlement decree that the amount is to be kept confidential, but he said the family was pleased with the outcome.

Wal-Mart "accepted their responsibility by making this family more than whole," he said. "They caused extensive damage to this family and more than stepped up to the plate and took care of this family. Ultimately they did the right thing by the McNairs."

Wal-Mart spokeswoman Brooke Buchanan said the company and the family worked closely to reach an agreement and that Wal-Mart was working toward settlements with others injured in the accident.

"We know there is nothing we can do to change what happened to Mr. McNair," Buchanan said. "We will continue to work to conclude all of the remaining issues as a result of the accident and we're committed to doing what's right."

Zaslow said McNair's children, 19-year-old Denita and 26-year-old Jamel, purposely stayed out of the spotlight in the months after their father's death to avoid the media frenzy surrounding the case.

"No amount of money can replace what they've lost, but what they've got will take care of them and allow them to move forward, and their father would be happy for that," Zaslow said.

Under terms of the settlement, Wal-Mart admitted no liability in the crash, Zaslow said, adding that the settlement was reached before the formal filing of a lawsuit.

Roper, the driver, has been charged with death by auto and four counts of assault by auto. According to the criminal complaint, Roper was operating the truck without having slept for more than 24 hours.

A preliminary investigation by the National Transportation Safety Board estimated that Roper was driving 65 mph in the 60 seconds before he slammed into the limo van. The speed limit on that stretch of the turnpike is 55 mph and was lowered to 45 mph that night because of construction.

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AP Entertainment Writer Anthony McCartney in Los Angeles contributed to this story.

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Supreme Court may weaken housing bias cases

WASHINGTON —

The Supreme Court appears bitterly divided in a debate over a decades-old strategy for fighting housing discrimination.

Chief Justice John Roberts and his conservative colleagues expressed serious doubts Wednesday that the Fair Housing Act can be used to ban housing or lending practices without any proof of intent to discriminate.

The court's four liberal justices defended the use of so-called "disparate impact" lawsuits that allege even race-neutral policies can have a harmful effect on minority groups.

Civil rights groups have predicted the court took up the case to knock out such lawsuits. Justice Antonin Scalia asked tough questions of both sides.

The case involves an appeal from Texas officials accused of awarding federal tax credits in a way that steered low-income housing to mostly black neighborhoods.

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S&P settles with SEC, 2 states over misconduct charges

NEW YORK — Standard & Poor's agreed on Wednesday to pay the U.S. government and two states more than $77 million to settle charges tied to its ratings of mortgage-backed securities.

In its first enforcement action against a major rating agency, the Securities and Exchange Commission accused S&P of fraudulent misconduct, saying S&P loosened its standards to drum up business in recent years. The agreement requires S&P to pay more than $58 million to the Securities and Exchange Commission, $12 million to New York and $7 million to Massachusetts.

"These settlements involve findings of intentional fraud in 2011 and 2012, well after the financial crisis," said Andrew Ceresney, director of the SEC's enforcement division, on a call with reporters. "The financial crisis may be behind us, but these cases are an important reminder that the race-to-the-bottom behavior exists even though the financial crisis has ended."

S&P said in a statement that it did not admit or deny any of the charges.

It's likely the first of a number of settlements between the ratings agency and government agencies. In 2013, the Justice Department and attorney generals from other states filed civil lawsuits against S&P for misrepresenting risks in the years leading up to the financial crisis.

As part of its agreement with the SEC, Standard & Poor's Ratings Services, a division of McGraw Hill Financial, will take a "time out" from rating certain types of mortgage-backed securities for a year.

"This is the first time a major credit rating agency has been subject to a time out," Ceresney said. "It's unprecedented."

Mortgage-backed bonds played a large role in setting off the financial crisis in 2008. During the housing boom, banks bundled risky mortgages into other securities and sold them to investors in slices. Credit rating agencies awarded many of them top ratings, classifying mortgage-bonds among the safest of investments.

But when the housing bubble popped, many of these mortgage securities turned out to be worthless.

S&P, Moody's and Fitch remain the country's largest credit-rating agencies. Asked if the other two were under investigation, Ceresney replied that he couldn't offer specifics. "I can just say that this is an area in which I imagine that there will be future activity," he said.

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Microsoft to show off more Windows 10 features

REDMOND, Washington — Microsoft will use an event Wednesday to offer a wider glimpse of the next version of Windows.

The company is planning to show off new features of its flagship operating system — and possibly an improved Internet browser and more uses for Microsoft's voice-controlled digital assistant, Cortana. Executives will also demonstrate how the new Windows is designed to provide a more consistent experience and a common platform for software apps on different devices, from personal computers to tablets, smartphones and even the company's Xbox gaming console.

The company has invited journalists and industry analysts to Wednesday's event at its headquarters in Redmond, Washington. CEO Satya Nadella plans to talk about the new system and the company's battle to stay relevant in a world where PC users are increasingly shifting to mobile gadgets and Internet apps.

Microsoft gave only a limited preview of Windows 10 last fall. More features will be announced as Microsoft gets closer to releasing it later this year.

The stakes are high for Microsoft. Its last Windows release alienated users with a new interface that many found difficult to navigate. Microsoft is hoping to win them back with an interface that is more familiar. Microsoft has said Windows 10 will resemble earlier versions of Windows for personal computers, while additional features will emerge automatically on touch-controlled tablets or other gadgets

"It can't be overstated how important this is for Microsoft," Gartner tech analyst Brian Blau said. "They've positioned Windows 10 as the solution to all the problems they created with Windows 8."

There won't be a Windows 9. Microsoft has skipped ahead in naming, from Windows 8 to Windows 10, as though to put more distance between them.

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US home construction up 4.4 percent in December

WASHINGTON — Construction of new homes rebounded in December, helping to push activity for the entire year to the highest level since the peak of the housing boom nine years ago.

Builders started construction at a seasonally adjusted annual rate of 1.09 million in December, an increase of 4.4 percent from November when unusually severe weather pushed activity down a revised 4.5 percent, the Commerce Department reported Wednesday.

For all of 2014, builders started construction on 1.01 million new homes and apartments, an increase of 8.8 percent from 2013. It was the first time construction has topped 1 million since the height of the housing boom in 2005, when builders started work on 2.07 million homes. Construction activity plunged to 587,000 in 2010 and has been making a slow recovery since then.

Housing construction topping the 1-million mark for the first time since 2005 adds to signs that the world's largest economy is on solid footing. The economy created nearly 3 million new jobs last year, the best showing since 1999. Economists believe the reviving labor market will drive further gains in housing this year.

President Barack Obama highlighted the improving economy in his State of the Union speech to Congress Tuesday night, describing 2014 a "breakthrough year for America."

Jennifer Lee, senior economist at BMO Capital Markets, called the housing report good news. While building permits fell for a second straight month, she said all the weakness in permits occurred in the apartment sector.

"The housing system has some good support systems in place," she said, noting that many banks have relaxed some requirements for home buyers. The unemployment rate for 25- to 34-year-olds, the biggest sector for first-time home buyers, has also dropped to a six-year low.

For December, construction of single-family homes rose 7.2 percent while the smaller apartment sector, which can be volatile from month to month, fell 0.8 percent.

Applications for building permits dropped 1.9 percent in December to 1.03 million after a 3.7 percent decline in November.

By region, housing construction rose 12.5 percent in the Northeast and was up 8.8 percent in the South and 5.8 percent in the West. The Midwest was the only region to record a decline in December, falling 13.3 percent.

Despite the recent weakness in building permits, economists are forecasting continued gains in home construction in 2015. That optimism stems from rising employment and favorable demographics that are expected to drive future construction as more young people decide to purchase a home.

The National Association of Home Builders/Wells Fargo builder sentiment index stood at 57 in January, down slightly from a revised reading of 58 in December. Readings above 50 indicate that more builders view sales conditions as good rather than poor.

Broader economic trends point favorably for future sales. The unemployment rate fell in December to 5.6 percent in December. Nearly 3 million jobs were created last year in the best performance since 1999.

And mortgage interest rates remain near historic lows. The 30-year fixed rate mortgage just dropped for a third consecutive week, falling to 3.66 percent, its lowest level since May 2013.

Though new homes represent only a fraction of the housing market, they have an outsized impact on the economy. Each home built creates an average of three jobs for a year and generates about $90,000 in tax revenue, according to data compiled by the home builders.

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Pharrell: 'Live Earth' concert to press for climate action

DAVOS, Switzerland — Pharrell Williams says he'll have all of humanity singing together at a worldwide concert June 18 to fight global warming.

The pop superstar is teaming with Nobel Peace Prize-winner Al Gore to produce a "Live Earth" concert on seven continents to build support for a U.N. climate pact in Paris among more than 190 nations in December.

On a stage Wednesday at the World Economic Forum in Davos with producer Kevin Wall, Williams said "we literally are going to have humanity harmonize all at once" in support of a binding international accord to limit heat-trapping greenhouse gas emissions.

He said the purpose is "to have a billion voices with one message - to demand climate action now" from governments rather than to continue the world's reliance on fossil fuels.

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Japan central bank sees growth rebounding in coming year

TOKYO — Japan's central bank said Wednesday it expects the world's third largest economy to rebound in the coming fiscal year after contracting 0.5 percent this fiscal year, in an upbeat assessment that scuttled hopes for fresh stimulus.

The Bank of Japan ended a policy meeting without any major change to its ultra-loose monetary policy. Its massive asset purchases are injecting trillions of yen (billions of dollars) into Japan's economy each month to overcome deflation and economic stagnation.

"The bank's sanguine views suggest that the chances of near-term easing have diminished somewhat," Marcel Thieliant of Capital Economics said in a commentary.

The central bank's decision to stand pat comes as the European Central Bank weighs whether or not to launch major stimulus measures of its own to ward off crippling deflation.

Japan's economy is in recession after a sales tax hike in April 2014 stifled demand. But the BOJ's statement said it was still on track for a moderate recovery.

The International Monetary Fund pointed to weakness in Europe and Japan, and the absence of a rebound in corporate investment in the advanced economies, as major concerns in an update of its economic outlook issued Tuesday.

"As for risks, the most obvious ones involve stagnation in the eurozone, or Japan or both," Olivier Blanchard, the IMF economic counsellor and director of research, said in a webcast.

"Sustained growth in Japan requires sustained demand and higher potential growth in the medium run, but at this stage potential growth is very, very low," he said.

Still, the BOJ said in a policy statement that it believes housing investment and manufacturing have "bottomed out."

Despite lower energy prices thanks to the drop in crude oil import costs in recent months, "inflation expectations" remain intact, Bank of Japan Gov. Haruhiko Kuroda told reporters. That will stimulate more economic activity, helping to push prices higher over time, he said.

The BOJ estimates the economy will contract 0.5 percent in the April 2014-March 2015 fiscal year. It previously forecast 0.5 percent growth. The bank cut its inflation forecast, excluding the tax hike, to 0.9 percent from 1.7 percent. It is targeting 2 percent inflation as part of its monetary stimulus goals.

The bank raised its growth forecast for the upcoming fiscal year to 2.1 percent from 1.5 percent.

Both the BOJ and the government are exhorting Japanese corporations, many of which are reaping record profits thanks to a weak yen and cheap credit, to boost wages. Such increases are needed to sustain growth by improving the purchasing power of Japanese households whose overall incomes have continued to fall.

"The upshot is that the chances of hitting the inflation target are slim without additional monetary stimulus," Thieliant said.

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Casinos, state lawmakers eye competition, see no consensus

HARTFORD, Conn. — Mohegan and Mashantucket Pequot leaders and state lawmakers are trying unsuccessfully to figure out a way to confront the threat of casino competition from Massachusetts.

The Day of New London reports  that Kevin Brown, chairman of the Mohegan tribe, and Rodney Butler, his Mashantucket counterpart, met Tuesday with several members of the General Assembly's eastern Connecticut delegation.

Democratic Sen. Cathy Osten of Sprague said it's unclear the legislature can help the casinos fend off competition. She says the tribes weren't ready to say where they may want to expand and what they would need from the legislature.

Republican Rep. Mike France of Ledyard said another casino in Connecticut is possible, but lawmakers and tribal officials have yet to figure out the details of such a project.

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Information from: The Day, http://www.theday.com

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US stocks on track for 3rd day of gains; Europe, Asia higher

NEW YORK — U.S. stocks rose in morning trading Wednesday as investors weighed a rebound in home construction, higher oil prices and a mix of corporate earnings reports.

European stocks also rose before a decision by the European Central Bank's on Thursday on another wave of economic stimulus. Asian markets closed higher.

KEEPING SCORE: The Standard & Poor's 500 index rose 14 points, or 0.7 percent, to 2,037 as of 10:57 a.m. Eastern time. The Dow Jones industrial average climbed 67 points, or 0.4 percent, to 17,582. The Nasdaq composite was up 34 points, or 0.7 percent, to 4,688.

BUILDING BOUNCE: Construction of new homes rebounded in December, helping to push activity for the entire year to the highest level since the peak of the housing boom nine years ago. Homebuilders Hovnanian Enterprises and D.R. Horton rose nearly 2 percent each.

The Commerce Department report showed that builders started construction at a seasonally adjusted annual rate of 1.09 million in December, an increase of 4.4 percent from November.

NETFLIX NATION: Netflix leapt 17 percent, the biggest gain in the S&P 500, after reporting a record gains in subscribers and profits last quarter. In a report late Tuesday, the company said it added 4.3 million subscribers in the final three months last year and that it earned $83.4 million, or $1.35 per share, up 72 percent from the same time last year. The stock jumped $57.94 to $406.45.

ENERGY SURGE: Higher oil prices are boosting stocks in oil drillers and servicers. The energy sector rose 1.6 percent, the most of the 10 sectors of the S&P 500.

BLUES AT BIG BLUE: IBM fell $4.48, or nearly 3 percent, to $152.44 after the technology and consulting company reported an 11 percent drop in fourth-quarter profit. Its outlook for the coming year also disappointed investors as business customers continue to move away from buying big mainframe computers and traditional software installed on their own systems.

HEALTH BOOST: UnitedHealth rose $2.86, or 3 percent, to $108.48 after its quarterly earnings topped Wall Street expectations. The nation's largest health insurer had said last month that it expected double-digit earnings growth in 2015.

EUROPEAN STOCKS: Britain's FTSE 100 added 1.2 percent, France's CAC 40 gained 0.5 percent and Germany's DAX rose 0.1 percent.

MORE STIMULUS: Many investors are betting that the European Central Bank will throw the continent's stricken economy another lifeline on Thursday. It's widely expected that the ECB will announce a massive round of government bond buying, a stimulus program known as quantitative easing.

ANALYST VIEW: "International stock markets have been supported by the expectation that the ECB will announce quantitative easing at its meeting this week," Ric Spooner, chief analyst at CMC Markets in Sydney, said in a commentary. "However, there is significant uncertainty about the nature and detail of any program."

CHINA BOUNCE: The Shanghai index rose 4.7 percent higher, its second gain in a row. It has now clawed back most of its losses from a nearly 8 percent fall on Monday. Helping shore up sentiment was China economic growth data released Tuesday, which "was a relief to markets," said Spooner, because it "paints a picture of slightly moderating overall growth."

ASIA'S DAY: Asian markets closed mostly highly. Hong Kong's Hang Seng rose 1.7 percent higher, Australia's S&P/ASX 200 zoomed 1.6 percent and South Korea's Kospi edged up 0.2 percent.

Japan's Nikkei 225 index slipped 0.5 percent after the Bank of Japan concluded a meeting without any changes to its ultra-loose monetary policy.

ENERGY: Benchmark U.S. crude rose $1.58 a barrel, or 3.4 percent, $48.04 on the New York Mercantile Exchange. Brent crude, the international benchmark, rose $1.24 to $49.23 in London.

CURRENCIES: The dollar weakened to 117.65 yen from 118.64 yen the previous day. The euro edged up to $1.1605 from $1.1548.

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AP writers Danica Kirka in London and Kelvin Chan in Hong Kong contributed to this report.

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Mohegan Sun joins Boston casino lawsuit

BOSTON — Mohegan Sun is suing Massachusetts gambling regulators over their decision to award the Boston-area casino license to a rival.

The Connecticut-based casino company is joining a Superior Court lawsuit filed late last year by the city of Revere and a labor union representing workers at the Suffolk Downs horse racing track.

Mitchell Etess, CEO of the Mohegan Tribal Gaming Authority, said Wednesday the company has never filed suit to challenge a casino license decision, but felt compelled to in this case because of the many issues around the what he called a "gravelly flawed" decision.

The lawsuit seeks to vacate the Massachusetts Gaming Commission's decision to award the license to Wynn Resorts, which plans a casino in Everett.

Mohegan Sun had proposed a resort at Suffolk Downs in Revere.

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