Purdue Pharma, the embattled maker of the drug OxyContin, finds itself close to settling some of the thousands of lawsuits filed against it for the company's role in fueling the ongoing opioid epidemic.
The settlement forces the Sackler family to give up control of the Stamford, Connecticut-based business, according to the Associated Press, while the company will pay up to $12 billion over time.
Arizona Attorney General Mark Brnovic stated that the deal was the fastest way to help communities hit hard by the crisis while also increasing the payout initially offered by the defendant.
The pharmaceutical giant had been facing lawsuits from thousands of state, local, and Native American tribal governments. About 2,000 governments have agreed to the tentative deal, but about half of the states have not signed on.
"The families who were hurt by Purdue and the Sacklers have spoken loud and clear that this case demands real accountability, and I will continue to fight for that," Massachusetts Attorney General Maura Healey, who did not agree to the terms, wrote in a statement according to WBUR. “It’s critical that all the facts come out about what this company and its executives and directors did, that they apologize for the harm they caused, and that no one profits from breaking the law."
New Jersey Attorney General Gurbir Grewal also refrained from endorsing the settlement saying on Twitter, “New Jersey will continue to pursue all available legal options against those responsible. And if Purdue cannot pay for the harm it inflicted, the Sacklers will.”
The potential settlement comes two weeks after Johnson & Johnson was ordered to pay Oklahoma $572 million for its part in spreading addictive painkillers, a landmark first court decision during the opioid crisis that still fell short of the $17.2 billion the state was pursuing.
In March, Purdue and the Sacklers settled with the Sooner State for $272 million to pay for treatment, addiction research, and the state's legal fees.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
As Big Tech reports Q3 earnings, investors await proof that massive AI and cloud investments from Meta, Apple, Microsoft, and Alphabet are driving real growth.
Eric Trump joins us to discuss American Bitcoin’s mission, market strategy, and why he believes the U.S. must lead the next era of digital currency innovation.
