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Wells Fargo to settle suit with $590 million payment

NEW YORK (AP) -- Wells Fargo & Co. on Friday said that it has agreed to pay $590 million to settle a class-action lawsuit filed by investors in Wachovia securities.

The settlement would end a suit filed in 2008 in federal court in Manhattan, charging that Wachovia misled investors in its bonds and preferred securities by understating losses associated with risky mortgages. Wells Fargo bought Wachovia that year at the height of the financial crisis.

The San Francisco-based bank said in a regulatory filing with the Securities and Exchange Commission that the deal needs court approval before it takes effect.

Investors said in the suit that Wachovia repeatedly claimed that its mortgage loans were made with "high underwriting standards and a conservative approach to lending."

But they claimed that after the bank bought Golden West Financial Corp. in 2006, it started using that bank's riskiest practices.

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Honda recalls three models

WASHINGTON (AP) -- Honda is recalling about 1.5 million vehicles in the U.S. to update the software on the automatic transmission to decrease the possibility of transmission damage.

The recall affects certain 2005-2010 4-cylinder Accord, 2007-2010 CR-V and 2005-2008 Element vehicles.

The company said Friday that without the change, the transmission's secondary shaft bearing can be damaged when the car is shifted too quickly. Honda said that can happen when a driver tries to get the vehicle dislodged from mud or snow.

Honda says it will begin sending recall notifications to customers on Aug. 31. The company says that no injuries or deaths have been reported because of the problem.

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Honda Civic top theft target

Just because you're driving a older car doesn't mean you are safe from car thieves.

The 2000 Honda Civic was the most frequently stolen vehicle in New York State for the fourth year in a row in 2010, the New York Insurance Association said.

In 2010, the most stolen vehicles in New York State were: 2000 Honda Civic; 1994 Honda Accord; 1991 Toyota Camry; 1996 Nissan Maxima; 2000 Dodge Caravan; 2005 Nissan Altima; 2009 Toyota Corolla; 2009 Ford Econoline E350; 2002 Ford Explorer; 1999 Jeep Grand Cherokee.

The most stolen vehicle in the entire nation last year? The 1994 Honda Accord.

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Polyfusion plans expansion

Polyfusion Electronics plans to add a dozen jobs and build a 5,133-square-foot addition to its 23,616-square-foot facility in Lancaster.

The project, which won the backing of the town's Planning Board this week, still faces approval by the Town Board.

Melvin Szymanski, a Planning Board member, said the expansion is needed to create space for additional work coming into the plant.

Polyfusion makes specialized electronic assemblies and 18 months ago rebuffed offers to relocate to Michigan or the South after receiving promises of $70,000 in tax breaks from local officials.

The company had 36 employees at that time at the Ward Road facility, according to Ron Folkman, the firm's owner.

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SEIU 1199 OKs contract

Workers at Bertrand Chaffee Hospital and Jennie B. Richmond Nursing Home have ratified a new labor contract that calls for three percent raises in September 2012 and September 2013 while taking cuts in vacation, holiday, sick and personal leave time.

The contract with about 200 SEIU 1199 members also temporarily protects nearly 40 union workers whose jobs had been threatened by layoffs. They will work until at least September before talks about ending jobs will occur.

Contract negotiations began in March, and the new contract expires Sept. 12, 2013.

The hospital and nursing home are still in negotiations with the New York State Nurses Association after its contract ended in May.