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☆ Ivan Boesky, famed trader in 1980s insider trading scandal, dies at 87
▼ + stars: | 2024-05-20 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Ivan Boesky, the infamous insider trader whose name became synonymous with financial greed and helped inspire the fictional character Gordon Gekko in the 1987 film “Wall Street,” has died. His daughter, Marianne Boesky, confirmed to CNN on Monday that he died in his sleep. Nicknamed “Ivan the Terrible” on a 1986 Time Magazine cover, Boesky profited from the corporate takeover boom in the 1980s, using insider information to receive advanced information on pending deals. He pleaded guilty in 1986 to insider trading and was sentenced to three years of prison and fined $100 million, half of which went to returning the profits he made from insider trading and the other half as a civil penalty. Boesky was barred from securities trading for the rest of his life.

Persons: Ivan Boesky, Gordon Gekko, ”, Marianne Boesky, Marianne Boesky’s, Boesky, “ Ivan, ” Michael Milken, Milken, Ana Organizations: New, New York CNN, CNN, Haas School of Business, University of California, Wall, SEC, SEC Historical Society Locations: New York, Berkeley

☆ Ivan F. Boesky, Rogue Trader in 1980s Wall Street Scandal, Dies at 87
▼ + stars: | 2024-05-20 | by ( Leslie Wayne | ) www.nytimes.com time to read: +1 min

Ivan F. Boesky, the brash financier who came to symbolize Wall Street greed as a central figure of the 1980s insider trading scandals, and who went to prison for his misdeeds, died on Monday at his home in the La Jolla neighborhood of San Diego. His daughter Marianne Boesky said he died in his sleep. An inspiration for the character Gordon Gekko in Oliver Stone’s movie “Wall Street” and its sequel, Mr. Boesky made a fortune betting on stock tips, often passed to him illegally in exchange for suitcases of cash. As federal investigators closed in on Mr. Boesky, he agreed to cooperate, providing information that led to the downfall of the investment bank Drexel Burnham Lambert and its junk bond king, Michael Milken. Mr. Boesky brought an aggressive style to the once-sleepy world of arbitrage, the buying and selling of stocks in companies that appear to be takeover targets.

Persons: Ivan F, Marianne Boesky, Gordon Gekko, Oliver Stone’s, Boesky, Drexel Burnham Lambert, Michael Milken Organizations: Drexel Locations: La Jolla, San Diego

☆ Spirit Airlines gets rid of change and cancellation fees, joining Frontier
▼ + stars: | 2024-05-20 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +3 min

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Spirit Airlines is doing away with both change and cancellation fees, effective immediately, days after Frontier's similar announcement, part of an overhaul of the country's biggest discount carriers' longtime strategy. Ancillary revenue routinely surpasses those airlines' ticket prices. Most larger rivals such as Delta , American , Alaska and United got rid of change fees during the pandemic except for the cheapest, most restrictive tickets. Along with getting rid of change fees, Frontier also announced Friday that it will start offering bundles that include add-on options such as early boarding and checked baggage that they previously offered a la carte.

Persons: Matt Klein, Joe Biden, Biden Organizations: Spirit Airlines, Austin, Bergstrom International Airport, CNBC, Southwest Airlines, Frontier, Department of Transportation, Spirit Locations: Austin , Texas, Delta, Alaska, United

☆ I'm an American mom living in France. I've never seen a screen out during meal time and French kids are always well-dressed.
▼ + stars: | 2024-05-20 | by ( Erica Jackson Curran | ) www.businessinsider.com time to read: +7 min

And yet, when I'm in Mom Mode with my 7-year-old son, Oliver, I just can't hide the fact that I'm American. This kind of helicopter behavior is fairly common among American parents — but less so in France. French kids are always impeccably dressedIt may sound like French kids are running wild, but that's not the case — and their wardrobes are evidence of that. I've rarely seen French kids with screens (or sodas) at a restaurant. AdvertisementWe've learned that French kids usually snack only once per day, during "gouter" which is around 4:30 p.m., when they get out of school.

Persons: Oliver, I've, —, that's, He's, he's, I'm, they're, iPads I've, Coke, We've Organizations: Service, Adidas Locations: Bordeaux, France, American, French

☆ How Biden is winning over corporate America behind closed doors
▼ + stars: | 2024-05-20 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. President Joe Biden departs the White House in Washington, U.S., for a campaign fundraiser in California, May 9, 2024. President Joe Biden has had it out for corporate America for much of his term. This kind of rhetoric has left some in the corporate community with a sour taste. In response, the business community has repeatedly sued the Biden administration for its regulatory action. "Rich special interests are pushing back to protect their abuses and junk fees," Bates added in the Monday memo, nodding to those lawsuits.

Persons: Joe Biden, Biden, Andrew Bates, Neil Bradley, Bates Organizations: America, Big Pharma, U.S . Chamber of Commerce, CNBC, Commerce, Federal Trade Commission Locations: Washington , U.S, California

☆ California's new 'Honest Pricing Law' will require cruise lines to be transparent about fees
▼ + stars: | 2024-05-19 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +3 min

Read previewA new California law will force cruise lines to be more transparent about their prices, bolstering a Biden administration crusade against junk fees. Senate Bill 478, also known as the "Honest Pricing Law," will go into effect on July 1. AdvertisementA Carnival Corp. representative told the outlet it would follow guidelines set out by the "Honest Pricing Law." Carnival Corp. is the parent company of brands like Carnival Cruise Line, Princess Cruises, and Holland America. Royal Caribbean cruise ship.

Persons: —, Biden, Bill, general's Organizations: Service, Business, Companies, Royal Caribbean International, Norweigan, The Washington, Corp, Carnival, Princess Cruises, Holland America, Royal Caribbean, Celebrity Cruises, Royal, Carnival Corp, Cruise, Federal Trade Commission Locations: California, Royal Caribbean

☆ Market sets record — Breaking down whether the bulls are in the clear or a peak is imminent
▼ + stars: | 2024-05-18 | by ( Michael Santoli | ) www.cnbc.com time to read: +7 min

You can't argue with a market making new record highs, though it's fair game to interrogate the tape about its assumptions and intentions. With the Dow Jones Industrial Average closing above 40,000 for the first time Friday and the S & P 500 settling above 5,300 after hitting a fresh all-time high Wednesday, the advice of history suggests not overthinking it. Keith Lerner, strategist at Truist, marks up a long-term S & P 500 chart to show times when it was at an all-time high. Brian Belski, strategist at BMO, last week lifted his year-end S & P 500 target to a Street-high 5,600 . And, quite remarkably, the stock market low of October 2022 occurred at an S & P 500 forward P/E above 15, with unemployment below 4% and in mid-economic expansion.

Persons: Stocks, Keith Lerner, Ned Davis, Brian Belski, Leuthold, Doug Ramsey Organizations: Treasury, Dow Jones, Dow, Ned Davis Research, Investment, Bank, Federal, BMO, Citi U.S, Vegas, Fed, Leuthold Locations: U.S

☆ Frontier Airlines does away with change fees in budget airline pricing overhaul
▼ + stars: | 2024-05-17 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Frontier Airlines said it will stop charging customers a fee to change their flights, taking a page from larger competitors as the Biden administration issues stricter rules targeting so-called "junk fees." Frontier currently charges up to $99 to change flights if the change is made within a week of the trip, according to the airline's website. Larger rivals Delta , American and United scrapped change fees during the Covid-19 pandemic for travelers who were booked in standard economy class and above. "The truth is the big four all have no change fees on the majority of their products, so we were not as desirable," Biffle said. He said change fees were a "top complaint" of travelers.

Persons: Biden, Barry Biffle, Biffle Organizations: Frontier Airlines, CNBC, U.S . Department of Transportation, Frontier, Delta, United, Southwest Airlines

☆ A major new aviation bill seeks to end passengers being made to pay to sit with their kids, and to improve safety on planes after the Alaska blowout
▼ + stars: | 2024-05-17 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

The bill says the FAA Administrator will decide within 60 days whether to mandate minimum seat dimensions on planes for safety reasons. Senate Commerce Committee Chair Maria Cantwell said: "Plane manufacturers will see more safety inspectors on factory floors and tougher safety standards from the FAA." "The bipartisan Federal Aviation Administration reauthorization is a big win for travelers, the aviation workforce, and our economy. It will expand critical protections for air travelers, strengthen safety standards, and support pilots, flight attendants, and air traffic controllers," Biden said in a statement. AdvertisementHe added: "Passengers shouldn't have to jump through endless hoops just to get the refunds that they are owed, and corporations shouldn't rip off hardworking Americans through hidden junk fees."

Persons: —, Joe Biden, Maria Cantwell, Biden Organizations: Service, Federal Aviation Administration, National Transportation Safety Board, Business, FAA, Alaska Airlines

☆ Think corporate greed is the leading cause of inflation? Think again
▼ + stars: | 2024-05-15 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —Some progressives have frequently blamed corporate greed for fueling the high cost of living that Americans are fed up with. That’s corporate greed. That’s corporate greed. Although the paper did not directly mention corporate greed, shrinkflation or Biden, the research undercuts the argument that greedflation drove the early inflation. That report found corporate profits were to blame for 34% of inflation since the start of Covid-19.

Persons: Sen, Elizabeth Warren, ” Warren, “ That’s, It’s, —, ”, Joe Biden, ” Biden, CNN’s Erin Burnett, Biden, – we’re, shrinkflation, greedflation, Jeremy Edwards, ” Edwards, “, –, Greg Valliere, ” Valliere, Jerome Powell, Caroline Ciccone, profiteer Organizations: New, New York CNN, Federal Reserve Bank of San Francisco, Fed, SF Fed, ”, CNN, White, AGF Investments, Federal Reserve, Federal, Federal Reserve Bank of Kansas City Locations: New York, America, Kansas

☆ Major US airlines really, really don't want to show you how much you'll pay in fees upfront
▼ + stars: | 2024-05-14 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Big US airlines are suing over a rule that requires upfront fee disclosures. The Biden administration is fighting "junk fees" across industries, including baggage fees. AdvertisementMajor US airlines sued the Department of Transportation on Friday over a rule that requires upfront fee disclosures for costs like baggage and itinerary changes. The Biden administration has made fighting the hidden costs it calls "junk fees" a priority across industries, from banks to event companies. The rule also requires airlines to inform passengers that they do not need to purchase a specific seat to travel and to include all mandatory fees when advertising fares.

Persons: Biden, — Organizations: Big, Service, Department of Transportation, Business

☆ Judge blocks Biden administration rule capping credit card late fees at $8
▼ + stars: | 2024-05-11 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

New York CNN —A federal judge in Fort Worth, Texas, on Friday blocked a new Biden administration rule that would prohibit credit card companies from charging customers late fees higher than $8. “Consumers will shoulder $800 million in late fees every month that the rule is delayed — money that pads the profit margins of the largest credit card issuers. The new rule would apply to large credit card issuers — those with more than 1 million accounts. The push to target credit card fees is part of the Biden administration’s efforts to ease financial burdens for many Americans. The new rule also intended to close a 2010 loophole the CFPB says has been “exploited” by credit card companies to hike fees on late payments.

Persons: Mark T, Pittman, Donald Trump, ”, Chuck Bell, Biden Organizations: New, New York CNN, Biden, US, Chamber of Commerce, Consumer Financial, CNN, of Commerce, Consumer Locations: New York, Fort Worth , Texas

☆ Welcome to the AI dystopia no one asked for, courtesy of Silicon Valley
▼ + stars: | 2024-05-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

AI skeptics — who are legion, and not necessarily part of the fringe tin foil hat crowd — are begging Silicon Valley to take a beat before unleashing AI to the world. Then, the big reveal: It’s all contained in Apple’s new iPad, its thinnest and most powerful ever, thanks to its brand new AI chip. Meanwhile, is anyone else getting inundated with Google’s Pixel ads, which show people giddily using the smartphone’s AI photo-editing software to deceive their online followers? Apple is expected to announce its own ChatGPT-like tools that could be a game changer for your internet searches. The Jeff Goldblums of the AI debate — who include some of the industry’s own pioneers — are not necessarily saying we have to smother AI and pretend it never existed.

Persons: CNN Business ’, Jeff Goldblum’s, “, John, that’s, —, Cher’s, Asif Kapadia, ”, Luke Barnett, Apple, Tim Cook, Apple’s, Siri, I’ll, We’re, Jeff Goldblums, weren’t Organizations: CNN Business, New York CNN, Google, Apple, Space Invaders Locations: New York

☆ The credit-card industry's Hail Mary push to keep charging you bigger late fees
▼ + stars: | 2024-05-09 | by ( Paul Squire | ) www.businessinsider.com time to read: +2 min

Hoping to say goodbye to high credit-card late fees? A judge could side last minute with credit-card companies trying to stop a new cap on fees. AdvertisementCredit-card companies aren't giving up their late fees that easily. In March, the Consumer Financial Protection Bureau announced that the federal government had made a new rule capping credit-card late fees. Despite an election-year push by President Joe Biden to cut down on so-called "junk fees," credit-card companies won't go quietly, she wrote.

Persons: —, they've, wouldn't, Emily Stewart, Joe Biden, Stewart, Matt Schulz Organizations: Service, Consumer Financial, Bureau, CNBC, US Chamber of Commerce Locations: Texas

☆ CFPB rule to save Americans $10 billion a year in late fees faces possible last-minute freeze
▼ + stars: | 2024-05-09 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A Consumer Financial Protection Bureau regulation that promised to save Americans billions of dollars in late fees on credit cards faces a last-ditch effort to stave off its implementation. Led by the U.S. Chamber of Commerce, the card industry in March sued the CFPB in federal court to prevent the new rule from taking effect. That could hold up the regulation, which would slash what most banks can charge in late fees to $8 per incident, just days before it was to take effect on Tuesday. The credit card regulation is part of President Joe Biden's broader election-year war against what he deems junk fees. Big card issuers have steadily raised the cost of late fees since 2010, profiting off users with low credit scores who rack up $138 in fees annually per card on average, according to CFPB Director Rohit Chopra.

Persons: Tobin Marcus, Joe Biden's, Rohit Chopra Organizations: Financial, Bureau, U.S . Chamber of Commerce, D.C, Northern District of, Wolfe Research Locations: Texas, Washington, Northern District, Northern District of Texas

☆ Opinion: The problem with space junk – and how to solve it
▼ + stars: | 2024-05-09 | by ( Opinion Moriba Jah | ) edition.cnn.com time to read: +6 min

This incident serves as an example of the urgent need for a profound shift toward sustainable space practices. Proponents of a circular space economy advocate for a transformative departure from this wasteful paradigm. Much like embracing reusable materials on Earth, transitioning to a circular space economy means designing space systems with reuse, refurbishment and recyclability in mind. The European Space Agency (ESA) has emerged as a trailblazer in the pursuit of a circular space economy. By leading the charge toward sustainable space practices, NASA can inspire other space agencies and private companies to follow suit.

Persons: Moriba Jah, Otero, Moriba Jah Mark Thiessen, wasn’t, I’m, Artemis Organizations: MacArthur Fellowship, University of Texas, CNN, Space, European Space Agency, ESA, NASA, Space Shuttle, Twitter, Facebook Locations: Austin, Naples , Florida, Naples

☆ Bankruptcies are spiking as companies lose hope of rate cuts
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

April saw the highest number of corporate bankruptcies in a year, S&P Global said. Eroding bets of an interest rate cut contribute to this, as burdened business throw in the towel. AdvertisementCorporate bankruptcies increased in recent months amid teetering confidence in a quick interest rate pivot. AdvertisementBy one measure, rising costs did slow when a rate cut looked likely in early 2024. But last month's stubborn inflation and slowing GDP made a Fed cut look unlikely, and yields shot up to 8.11%.

Persons: —, April's, Frances Donald Organizations: P Global, Service, Federal, ICE, Fed, Investment

☆ Businesses add $90 billion in surprise 'junk fees' each year, and it's starting to backfire
▼ + stars: | 2024-05-08 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

Businesses are adding $90 billion in fees to consumer's bills each year, according to one estimate. US consumers spend more than $650 a year per household on "junk fees," per the CEA. AdvertisementBusinesses are adding $90 billion in surprise "junk fees" to customers' bills each year — and it is starting to backfire. Junk fees are hidden costs that are added to product prices. Last June, President Joe Biden said his administration had taken steps to crack down on junk fees.

Persons: —, Noelle Weaver, Bradley Walker, Walker, Merrilee Bridgeman, Joe Biden Organizations: Service, White House Council, Economic Advisers, National Bureau of Economic Research, Wall Street, Democratic Locations: New Orleans, Charlotte , North Carolina

☆ Biden set to meet with executives from Citi, United Airlines, Marriott and others
▼ + stars: | 2024-05-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

US President Joe Biden speaks about his Investing in America agenda at the Wilmington Convention Center in Wilmington, North Carolina, on May 2, 2024. President Joe Biden is set to meet Tuesday afternoon with a slate of executives from a variety of industries, some of which have been the targets of his regulatory agenda. The guest list includes United Airlines CEO Scott Kirby, Citi CEO Jane Fraser, Evercore founder and senior chairman Roger Altman, Marriott International CEO Anthony Capuano, Flex CEO Revathi Advaithi, Bechtel Group CEO Brendan Bechtel, former Xerox CEO Ursula Burns and Corning CEO Wendell Weeks, according to a White House official. Biden is planning to discuss his "strategy of investing in America and rebuilding international alliances," the official said in a statement. And as part of a broader siege against what Biden calls "junk fees," the White House has issued rules prohibiting certain fees from airlines and credit card companies.

Persons: Joe Biden, Scott Kirby, Jane Fraser, Roger Altman, Anthony Capuano, Revathi Advaithi, Brendan Bechtel, Ursula Burns, Corning, Wendell Weeks, Biden Organizations: Wilmington Convention, United Airlines, Citi, Marriott International, Flex, Bechtel, Xerox, White, Federal Trade Commission, Department Locations: Wilmington, Wilmington , North Carolina, America

☆ How I found support in my journey through grief
▼ + stars: | 2024-05-07 | by ( Emily Halnon | Personal Essay | ) edition.cnn.com time to read: +9 min

Editor’s note: Runner and writer Emily Halnon’s new book, “To the Gorge: Running, Grief, and Resilience & 460 Miles on the Pacific Crest Trail,” was released on May 7. CNN —When my mom died, I spent a lot of time trying to stuff away my grief. My mother felt the weight of cancer, but she insisted on continuing to live in her wholehearted way. I was worried the Pacific Crest Trail run would be too much. But as I kept training, I discovered that running was one of the best places to process my grief.

Persons: Emily Halnon’s, “, Miles, ”, I’d, didn’t, She’d, that’d, you’ll Organizations: CNN, Pegasus Locations: Eugene , Oregon, Oregon, Vermont, Eugene, Salt Lake City, Willamette, Griefville

☆ Panama elections: Mulino declared ‘unofficial’ winner of presidential election
▼ + stars: | 2024-05-06 | by ( Juan Carlos Paz | Mia Alberti | ) edition.cnn.com time to read: +3 min

CNN —José Raúl Mulino, a rightwing former public security minister, was declared the “unofficial” winner of Panama’s presidential election on Sunday, the country’s electoral court confirmed. “I receive with joy these results, which are the will of the majority of the Panamanian people in our democracy, which I assume with great responsibility and humility as a Panamanian,” Mulino said during his victory speech. He originally ran as the vice-presidential candidate of former President Ricardo Martinelli. After a court sentenced Martinelli to 11 years in prison for money laundering, Mulino moved to the top of the ticket. “To Ricardo Martinelli: my friend, mission accomplished Ricardo.

Persons: Mulino, Ricardo Lombana, ” Mulino, Ricardo Martinelli, Martinelli, “, Ricardo, ”, Matias Delacroix, Fitch, Panama that’s, El Nino Organizations: CNN, Central Locations: Central American, Panamanian, Nicaraguan, Panama’s, Panama City, Panama, Venezuela, Colombia

☆ What exactly goes into closing costs?
▼ + stars: | 2024-05-04 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

But there is an often-overlooked expense when buying a home: closing costs. At the same time, the Biden administration plans to take aim at so-called “junk fees” hidden in closing costs. New York, Delaware and Washington, DC, have the highest average closing costs, according to Bankrate; while Missouri, Indiana and North Dakota have the lowest. Lowering closing costs on your ownThere is one relatively simple way to lower your overall closing costs: shop around. “When you compare those offers, examine not just the rate itself but also the closing costs.

Persons: homebuyers, —, Biden, ” Jeff Ostrowski, , ” Ostrowski, you’re, homebuyers haven’t, Brian Connolly, it’s, “ It’s, ” Connolly, Connolly, ”, Freddie Mac, ” Genaro Villa Organizations: CNN, Consumer Financial, National Association of Realtors, realtors, University of Michigan, NAR, homebuyers Locations: New York , Delaware, Washington, Missouri, Indiana, North Dakota, Bankrate, AnnualCreditReport.com

☆ Global trade and immigration on the line in Panama’s presidential vote
▼ + stars: | 2024-05-03 | by ( David Shortell | ) edition.cnn.com time to read: +5 min

Achieving Goals presidential candidate José Raúl Mulino speaks with reporters after meeting with members of the Electoral Observation Mission, in Panama City, Wednesday, May 1, 2024. The case of former President Ricardo Martinelli, who was disqualified from running by the courts because of a past corruption conviction, stands out. Once the favorite to win this year’s presidential race, Martinelli was disqualified from running by Panama’s electoral court in March because of the conviction and sentence. There are seven other presidential candidates, including current Vice-President José Gabriel Carrizo, former President Martín Torrijos, and Rómulo Roux, another former minister under Martinelli. Martinelli has thrown his support behind Mulino, even releasing campaign videos from inside the Nicaraguan embassy.

Persons: Daniel Zovatto, El Nino, Fitch, ”, José Raúl, José Raúl Mulino, Matias Delacroix, Mulino, Panama that’s, Ricardo Martinelli, Martinelli, José Gabriel Carrizo, Martín Torrijos, Rómulo Roux, “ Organizations: CNN, Central, Latin America, Wilson, Americas Society, Panamanian, Gallup, Nicaraguan Locations: Panama, Central American, Panama City, United States, Venezuela, Panamanian, Colombia, Mulino, Americas, Nicaragua’s, Nicaraguan

☆ Boeing has lost $32 billion since 2019, with no end in sight. How long can it keep losing money?
▼ + stars: | 2024-05-03 | by ( Chris Isidore | ) edition.cnn.com time to read: +7 min

New York CNN —Few companies have lost more than the $32 billion that Boeing has lost in the last five years. There’s a lot of work in front of us, but I’m proud of our team and remain fully confident in our future.”It’s not that Boeing’s problems aren’t serious. And the massive losses have resulted in the company’s debt level soaring, from $13 billion at the end of 2018 to $48 billion now. Even if customers could get their hands on Airbus jets right away, there are huge costs for Boeing customers to operate both their existing Boeing jets and a fleet of comparable Airbus planes at the same time. So after Alaska Air purchased Virgin America in 2016, it got rid of the Airbus jets Virgin was flying and became an all-Boeing airline.

Persons: “, ”, Richard Aboulafia, Ron Epstein, Dave Calhoun, ” It’s, Max, Uber, Brian West, “ We’re, Ben Minicucci, Calhoun, Epstein Organizations: New, New York CNN, Boeing, Bank of America, Alaska, Alaska Airlines Boeing, Max, Carnival Corp, Airbus, Airline, Alaska Air, Virgin America, Virgin, year’s, GM Locations: New York, it’s

☆ FTC challenges 'junk' patents held by 10 drugmakers, including for Novo Nordisk's Ozempic
▼ + stars: | 2024-04-30 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

The Federal Trade Commission on Tuesday said it is challenging hundreds of alleged "junk" patents held by pharmaceutical companies for 20 brand-name drugs, including Novo Nordisk's blockbuster drugs Ozempic, Saxenda and Victoza. The FTC issued letters to 10 companies, warning them that certain drug patents were improperly listed. Many of the drug patents are for Type 2 diabetes, along with asthma and inhalers for chronic obstructive pulmonary disease, or COPD. Generic drugmakers can only launch cheaper versions of a branded drug if the patents have expired or are successfully challenged in court. The FTC first challenged dozens of branded drug patents last fall, leading three drugmakers to comply and delist their patents with the FDA.

Persons: Novo, Boehringer, Lina Khan, Biden, drugmakers, Joe Biden's Organizations: Federal Trade Commission, FTC, Novo Nordisk, AstraZeneca, Covis Pharma, GlaxoSmithKline, Novartis, Teva Pharmaceuticals, Amphastar Pharmaceuticals, Food and Drug Administration, FDA Locations: U.S

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