News
New York City to Settle Rikers Island Suit for Record $28 Million
New York City has reached a historic settlement of over $28 million in a lawsuit filed by the family of Nicholas Feliciano, a young man who suffered severe brain damage after a suicide attempt in a Rikers Island jail cell. This settlement, if approved by a judge, will be one of the largest pretrial settlements ever awarded to a single plaintiff in a civil rights case in the city.
The tragic incident occurred in late 2019 when Mr. Feliciano, who had a long history of psychiatric hospitalizations and suicide attempts, attempted to hang himself in his cell at Rikers Island. Shockingly, correction officers stood by and did not intervene as Mr. Feliciano struggled and eventually became limp. Video footage obtained by The New York Times revealed the horrifying negligence that took place that day.
As a result of his injuries, Mr. Feliciano, who was only 18 at the time of the incident, now requires round-the-clock care and assistance with even the most basic tasks. His family has been tirelessly caring for him, and the proposed settlement will provide much-needed financial support to help them care for him at home.
While the settlement will assist with Mr. Feliciano’s ongoing medical needs, his family acknowledges that it will not bring him back to who he once was. At just 22 years old, he will have to live with the consequences of this injury for the rest of his life.
The Correction Department has claimed to have taken measures to prevent self-harm among detainees, including renovations to housing areas and specialized training for officers. However, a recent report from the New York City Board of Correction indicated that many of the issues that led to Mr. Feliciano’s case have only worsened in recent years.
The heartbreaking details of Mr. Feliciano’s suicide attempt, as captured in video footage from the jail, shed light on the harsh conditions and inadequate supervision faced by mentally ill detainees at Rikers Island. The inaction of correction staff members and the lack of intervention during Mr. Feliciano’s ordeal highlight systemic failures within the city’s correctional system.
The legal proceedings following the incident have led to felony charges against several guards and a captain, with some pleading guilty to official misconduct. The settlement of the lawsuit serves as a reminder of the importance of holding accountable those responsible for the care and well-being of individuals in custody.
As the case continues to unfold in the legal system, it is essential to remember the human cost of such tragedies and strive for systemic change to prevent similar incidents from occurring in the future. The $28 million settlement may provide some measure of financial relief for Mr. Feliciano’s family, but the emotional toll and long-term consequences of the incident will endure for years to come.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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