Closing a key chapter in one of the most controversial police shootings in recent memory, New York City agreed on Tuesday to pay more than $7 million to settle a federal lawsuit filed by the family and two friends of Sean Bell, a 23-year-old black man who was fatally shot by the police in 2006 on what would have been his wedding day. The decision by the city came after two days of intense negotiations in Federal District Court in Brooklyn. The children whom Mr. Bell had with his fiancée, Nicole Paultre Bell, will receive $3.25 million, and two friends of Mr. Bell’s who were injured in the episode will also receive payments, with Joseph Guzman getting $3 million, and Trent Benefield $900,000.

The lawsuit, filed in 2007, accused the police of wrongful death, negligence, assault and civil rights violations. But it had repeatedly stalled as the state and federal governments and city police officials investigated the shooting. NY Times

Damon Dash's Tribecca loft apartment will be in a foreclosing auction today. Seems like things have went down hill ever since the split form rapper Jay - Z. He originally bought the house for about 3.8 million, making the payments a whopping 78,000 a month!