OxyContin Bankruptcy, Presidential Debate, and Multivitamins

Adam Rogers
June 28, 2024

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The Supreme Court rejected a bankruptcy reorganization plan for OxyContin maker Purdue Pharma.

The plan would have protected the Sackler family, the company owners, from opioid lawsuits. The 5-4 decision means billions of dollars for victims are now uncertain. Justice Neil Gorsuch, writing for the majority, stated that the bankruptcy court didn't have the authority to shield the Sacklers from legal claims.
Purdue Pharma made billions from the painkiller OxyContin, which was the catalyst behind the current opioid epidemic. Purdue tricked the public into thinking OxyContin was harmless through clever marketing campaigns. The company sought bankruptcy protection in 2019, but the Sacklers did not, instead negotiating a deal that included a $6 billion payment in return for legal immunity
As a result of the ruling, settlement negotiations with the Sacklers must restart, while Purdue Pharma's separate bankruptcy proceedings continue. The Sackler family remains hopeful for a swift resolution to provide payouts to those affected by the opioid crisis.
Experts believe the court’s decision will likely prevent businesses from seeking bankruptcy to avoid large-scale litigation.

President Joe Biden and former President Donald Trump had their first debate on Thursday night.

Biden, 81, struggled with his thoughts and seemed tired, which worried Democrats. Trump made several false claims but was more energetic. The debate covered many topics, with a big focus on how each candidate performed in the role.
Trump appeared confident and composed, even when he made false statements. Biden had trouble finishing his arguments and made some confusing and inaccurate points. For example, he lost his train of thought while talking about taxes and shifted topics abruptly. His performance raised concerns among his supporters about his age and ability to lead.
Trump avoided addressing the January 6th Capitol attack and defended those involved, while Biden pointed out that Trump is the only convicted felon on stage. The debate also touched on abortion, with Trump claiming states should decide, while Biden criticized this view. On immigration, Trump attacked the current administration’s failure to address the border situation, while Biden defended his record. Both candidates sparred over the economy, with Trump boasting about his past performance and Biden highlighting his achievements.

Real estate brokers are scrambling to adapt to a new legal settlement that could change how homebuying works starting in August.

The settlement could revolutionize the homebuying process and potentially save people money, but there is resistance within the industry that could slow down or block these changes.
Currently, home sellers pay about 6% in commissions, split between the seller's and buyer's agents. This commission is visible in the Multiple Listing Service (MLS), the industry database brokers use. However, as part of a settlement, the MLS will no longer show this "compensation" field. The idea, per the settlement, is that buyers should pay their brokers directly, aligning the brokers' interests with their clients' needs. However, consumers can still negotiate to have the seller pay both fees.
Brokerages are seeking new ways to indicate that sellers will pay a commission to buyer agents, potentially by listing the commission in another place on the home listing. Redfin CEO Glenn Kelman believes the settlement won't drastically change the industry since many listings will continue to offer fees through other means.
Ultimately, the changes should empower homebuyers and sellers to negotiate better deals, as they become more aware of their ability to influence commission arrangements.

The Pentagon is moving U.S. military assets closer to Israel and Lebanon to be ready to evacuate Americans if the fighting between Israel and Hezbollah gets worse. U.S. officials worry that Israel might carry out airstrikes and a ground offensive in Lebanon soon. (More)

Walgreens plans to close more underperforming stores in the U.S. as part of a major turnaround effort. The company is dealing with worker walkouts, debt issues, and tough pharmacy industry trends. CEO Tim Wentworth said that a quarter of their over 8,000 U.S. stores are not performing well, and many of these will be closed over the next three years. (More)

Oklahoma’s top education official, Ryan Walters, has ordered public schools to include the Bible in lessons for grades 5 through 12. Walters said that understanding the Bible is important for students to learn about the history and culture of the nation. He told school superintendents that following this new rule is mandatory and must be done right away. (More)

A jury decided that the NFL broke antitrust laws by selling out-of-market Sunday afternoon games on a pricey subscription service. The NFL now has to pay almost $4.7 billion in damages. This affects 2.4 million people and 48,000 businesses that bought the "Sunday Ticket" package from 2011 to 2022 on DirecTV. (More)

A study of over 390,000 participants over 20 years found that multivitamins do not reduce mortality and may slightly increase the risk of death. While some vitamins have specific benefits, such as improving memory in older adults or preventing birth defects during pregnancy, multivitamins can also pose risks, like increasing cancer risk in smokers or interfering with medications. (More)

The best and worst states for summer road trips.

A 7-foot-3 Chinese basketball player makes her international debut.

Disneyland is getting a new ride.

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