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Purdue Pharma headquarters in 2019; a Purdue lawyer said in court Monday that if a settlement with the company didn’t go forward, opioid-crisis victims might not see compensation. Photo: timothy a. clary/Agence France-Presse/Getty ImagesWASHINGTON—Supreme Court justices wrestled Monday with the uncomfortable bargain struck between most victims of the opioid crisis and the Sackler family, whose Purdue Pharma promoted the addictive painkiller OxyContin: providing timely compensation for survivors in exchange for granting the wealthy family immunity from future civil lawsuits. That settlement was reached before a bankruptcy judge and approved in May by a federal appeals court in New York. It would see the Sacklers pay $6 billion to individual victims and state governments in exchange for eliminating potential liability for additional claims, such as fraud—even though they, unlike Purdue, haven’t sought bankruptcy protection. The deal was made under a catchall provision of federal law authorizing bankruptcy judges to issue orders and judgments that may be “necessary or appropriate” to resolve cases.
Persons: timothy, clary, Sackler, haven’t Organizations: Purdue Pharma, Purdue, Agence France, Getty, WASHINGTON Locations: New York
A sign is seen on a bitcoin ATM at a stand during the Bitcoin Conference 2023, in Miami Beach, Florida, U.S., May 19, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The world's largest cryptocurrency was lifted by hopes of approval for a bitcoin exchange-traded fund and growing bets on U.S. interest rate cuts. Wall Street catches a breathU.S. stocks markets slipped Monday, with investors questioning if markets climbed too fast, too soon following five straight weeks of gains.
Persons: Europe's, Twilio, Rick Rieder Organizations: CNBC, Wall, Dow Jones, Nasdaq, Big Tech, Airlines, DoJ, Alaska Airlines, Hawaiian Airlines, Justice Department, JetBlue Airways, Spirit Airlines, Spotify, BlackRock, Federal Reserve Locations: Miami Beach , Florida, U.S
A U.S. appeals court vacated a patent-infringement verdict won by VLSI Technology. Photo: dado ruvic/ReutersA U.S. appeals court has sided with Intel, vacating a roughly $2.2 billion patent-infringement verdict won by VLSI Technology , which argues that some technology in Intel’s microprocessors infringe on VLSI’s patents. The U.S. Court of Appeals for the Federal Circuit affirmed a jury’s verdict that Intel infringed on one of VLSI’s patents and reversed the verdict that Intel infringed on another of the company’s patents. The Federal Circuit sent the case back for further proceedings to determine how much Intel owes in damages.
Persons: dado ruvic Organizations: VLSI Technology, Reuters, U.S, Intel, Appeals, Federal Circuit
Key federal agencies have spent all or nearly all of the $111 billion in supplemental funding approved by Congress to support Ukraine. Photo: alina smutko/ReutersWASHINGTON—The U.S. will be unable to continue providing weapons and equipment to Ukraine if Congress doesn’t approve additional funding by the end of the year, the White House said on Monday, warning of devastating consequences on the battlefield if lawmakers fail to act. “Cutting off the flow of U.S. weapons and equipment will kneecap Ukraine on the battlefield, not only putting at risk the gains Ukraine has made, but increasing the likelihood of Russian military victories,” Shalanda Young , the director of the White House Office of Management and Budget, wrote in a letter to House Speaker Mike Johnson (R., La.
Persons: alina smutko, , ” Shalanda Young, Mike Johnson Organizations: Congress, WASHINGTON, White, Office of Management Locations: Ukraine, The U.S, U.S
U.S. Ex-Ambassador Charged as Secret Agent for Cuba
  + stars: | 2023-12-04 | by ( José De Córdoba | )   time to read: 1 min
Victor Manuel Rocha, pictured in 2001, served as a diplomat in Cuba, Bolivia, Argentina, the Dominican Republic, Honduras and Mexico. Photo: Gonzalo Espinoza/AFP/Getty ImagesA former senior U.S. diplomat who served in U.S. embassies across Latin America was accused of spying for Cuba’s intelligence service for decades in one of the highest-reaching and longest-lasting security breaches of the U.S. government, according to a criminal complaint unsealed Monday. Victor Manuel Rocha, a former U.S. ambassador to Bolivia, was arrested by the Federal Bureau of Investigation on Friday. The unsealed complaint said that the 73-year-old Rocha had worked for Cuba as a covert agent since at least the early 1980s until now.
Persons: Victor Manuel Rocha, Gonzalo Espinoza, Rocha Organizations: Getty, ., Federal Bureau of Investigation Locations: Cuba, Bolivia, Argentina, Dominican Republic, Honduras, Mexico, U.S, America
CNN —Donald Trump is underscoring the profound choice that voters could face next year with expansive claims of unchecked presidential power alongside increasingly unapologetic anti-democratic rhetoric. This has huge consequences not simply for the courtroom accounting that is yet to take place over his first turbulent term. If the twice-impeached former president wins the Republican nomination and the presidency, it is already clear that a second term would risk destroying the principle that presidents do not hold monarchial power. “Joe Biden is not the defender of American democracy,” Trump said during a campaign stop in Cedar Rapids, Iowa, on Saturday. And if he succeeds in 2024, his legal arguments will have been a warning of a second term that he envisions with almost no guardrails.
Persons: Donald Trump, – he’s, Joe Biden, , He’s, Tanya Chutkan, Trump, Chutkan, Biden, “ Joe Biden, ” Trump, … it’s, , Trump’s, Ron DeSantis, , ” DeSantis, Liz Cheney, Mike Johnson, ” Cheney, Washington , South Carolina Republican Sen, Lindsey Graham, CNN’s Dana, Cheney, ” Graham, Liz Cheney's, Sri Srinivasan, Steven Sadow, ” Chutkan Organizations: CNN, Republican, US, GOP, Florida Gov, Trump –, Trump, Republican Party, CBS, Washington , South Carolina Republican, Union ”, , Capitol Locations: Cedar Rapids , Iowa, Iowa, Florida, Wyoming, Congress, United States, Washington , South, “ State, Washington , DC, , Fulton County , Georgia
The earlier families fill out the form, the better their chances are of receiving aid, since some financial aid is awarded on a first-come, first-served basis, or from programs with limited funds. However, that shouldn't prevent families from completing the FAFSA in the days that follow, he added. "While there may be some hiccups along the way, students and families should do what they need to do to file as soon as possible," he said. Up until now, "the multiple student adjustment has been the single most important data element affecting one's eligibility for federal student aid," Chany said. At the same time, the new FAFSA will raise the family income threshold, making more students eligible for federal need-based aid.
Persons: Rick Castellano, Sallie Mae, Castellano, What's, Kalman Chany, Chany, Pell Grant, Mark Kantrowitz Organizations: IRS, slims, Department, Education, Princeton, CNBC
asked Kristen Brengel of the National Parks Conservation Association, noting that visitors on the ground far outnumber those overhead. Congress passed another round of legislation in 2000 with a goal of setting rules in other national parks. Historically, some of the nation's busiest spots for tour operators are Hawaii Volcanoes National Park, which is home to one of the world’s most active volcanoes, and Haleakala National Park. But Brengel of the National Parks Conservation Association said the resistance doesn't have much traction. An amendment to the FAA reauthorization bill that would have required the agency to factor in the economics of commercial air tours over national parks failed in July, she said.
Persons: , , Mark Schlaefli, Critics, Kristen Brengel, Bailey Wood, Wood, Pono, Smokey, Parks, Peter Jenkins, Mount Rushmore, Ray Jilek, Andrew Busse, Shawn Bordeaux, hasn't, Bruce Adams, Brengel Organizations: Mount, Black, National Park Service, Federal Aviation Administration, National Parks Conservation Association, Helicopter Association International, Public Employees, Environmental, Hawaii Island Coalition, Golden, Recreation Area, Eagle Aviation Inc, Black Hills Helicopter Inc, Democratic, FAA, Locations: Mount, United States, Mount Rushmore, South Dakota, Arizona, Hawaii, Montana, Arches, Utah, Tennessee, North Carolina, Alaska, Rosebud, New Mexico, Southwest Safaris, Pueblo
N.C. (AP) — North Carolina Black and Latino voters sued in federal court on Monday seeking to strike down congressional districts drawn this fall by Republican state legislators that they argue weaken minority voting power in violation of the U.S. Constitution. Under the iteration of the congressional map that had been drawn by state judges for the 2022 elections, Democrats and Republicans each won seven seats. Meanwhile, the number of minority voters grows in the 12th, which is represented by Rep. Alma Adams of Charlotte. Rep. Jeff Jackson, a Mecklenburg County Democrat, already said he’s running for state attorney general, saying he can’t win reelection under the new congressional map. The latest congressional map “continues North Carolina’s long tradition of enacting redistricting plans that pack and crack minority voters into gerrymandered districts designed to minimize their voting strength," the plaintiffs' lawyers write.
Persons: gerrymanders, Tim Moore, Kathy Manning, Republican mapmakers, Don Davis, Alma Adams, Charlotte, Jeff Jackson, Moore Organizations: , — North Carolina, Republican, U.S . Constitution, General, Republicans, Capitol, U.S . House, Black Democrats, 6th, GOP, Democratic, Rep, Mecklenburg County Democrat, Supreme Locations: RALEIGH, N.C, — North, U.S ., U.S, Charlotte, District, North, Greensboro, Pitt County, South Carolina, Mecklenburg County
US money supply has seen its longest stagnation since World War II, according to Jeremy Siegel. "You can't really have a growing economy when the M2 money supply is decreasing," Siegel told CNBC. AdvertisementThe US money supply is flashing a major warning to the US economy, according to Wharton professor Jeremy Siegel. Money supply then rebounded through the summer, but has recently returned to its decline, nearing April's low. Advertisement"You can't really have a growing economy when the M2 money supply is decreasing," he warned.
Persons: Jeremy Siegel, Wharton, Siegel, Organizations: CNBC, Service, Federal Reserve, Federal, Atlanta
[1/2] A man passes by The Federal Reserve Bank of New York in New York City, U.S., March 13, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNEW YORK, Dec 4 (Reuters) - Underlying inflation pressures eased in October compared to the prior month, according to a report released on Monday by the Federal Reserve Bank of New York. The bank said that its Multivariate Core Trend (MCT) inflation reading for October stood at 2.6%, from September’s 2.88%. The NY Fed MCT index is designed to measure inflation persistence and how broadly price pressures are changing. The NY Fed MCT reading has tracked a broader retreat in price pressures.
Persons: Brendan McDermid, Jerome Powell, John Williams, Powell, Williams, Michael S, Mark Porter, Bill Berkrot Organizations: Federal Reserve Bank of New, REUTERS, NY, New York Fed, Fed, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, September’s
The federal government provided millions of dollars in subsidies to large farmers to pay for much of the cost of their crop insurance policies last year, according to a Government Accountability Office report set to be released on Monday. The federal crop insurance program is intended to encourage farmers to protect their crops against natural disasters, extreme weather and other destructive events by purchasing private insurance that is heavily subsidized with taxpayer dollars. Under the program, farmers can buy insurance policies to help cover financial losses from crop price declines and poor yields resulting from natural disasters. The cost of the federal crop insurance program ballooned last year, reaching $17.3 billion in 2022, according to Agriculture Department data. In 2021, the program cost the federal government roughly $9.4 billion, according to Agriculture Department data.
Organizations: Agriculture Department
US charges ex-ambassador with spying for Cuba over decades
  + stars: | 2023-12-04 | by ( )   time to read: +2 min
Rocha, 73, was arrested and is expected to appear before a federal judge in Miami on Monday. Bolivian President Hugo Banzer shakes hands with Victor Manuel Rocha, the then U.S. Ambassador to Bolivia, during a ceremony in the Goverment Palace in La Paz, August 3, 2000. File photo DM/JP/HB Acquire Licensing RightsRocha worked for the State Department from 1981 to 2002, the Justice Department said. State Department spokesperson Matthew Miller told reporters he was unable to provide details on an ongoing law enforcement matter.
Persons: Victor Manuel Rocha, Merrick Garland, Rocha, Hugo Banzer, Matthew Miller, Miller, Andrew Goudsward, Katharine Jackson, Ismail Shakil, Simon Lewis, Rami Ayyub, Bill Berkrot Organizations: Justice, Justice Department, Cuban, United, Bolivian, HB, State Department, White, National Security Council, . military's Southern Command, Washington, Directorate of Intelligence, Thomson Locations: United States, Bolivia, Cuba, Miami, Goverment, La Paz, Florida, U.S
JPMorgan head of technical strategy Jason Hunter said the S & P 500 in 2024 is in for a stark reversal back toward its bear lows. "Stocks should pull back, [and] in my base case on the technical side, the S & P 500 is gonna drop to 3,500," Hunter told CNBC's " Squawk Box " on Monday. Hunter pinned his bearish outlook for the S & P 500 to a looming recession risk that could come to fruition despite a soft landing and hinder stock prices as a result. .SPX YTD mountain The S & P 500 has ticked up roughly 20% from the start of the year. Hunter's forecast is in stark contrast with more recent market moves, which saw the S & P 500 reach its highest close for the year on Friday.
Persons: Jason Hunter, Hunter, CNBC's, it's Organizations: Federal Reserve
WASHINGTON — Members of the Supreme Court seemed conflicted on Monday over whether to allow the bankruptcy reorganization of opioid maker Purdue Pharma, which includes a provision that protects the Sackler family from liability from future lawsuits. During the oral argument, justices expressed skepticism that a bankruptcy court had legal authority to release the Sacklers from potential legal claims. No Sackler family member has had any involvement in the company since 2019. The company sought bankruptcy protection, but the Sackler family members did not. She added that it would be "an extraordinary thing" if the court allowed the family to "basically subvert" the bankruptcy process.
Persons: Sackler, Pharm, Biden, Neil Gorsuch, Brett Kavanaugh, Elena Kagan's, Kagan, Pratik Shah, Elizabeth Prelogar Organizations: WASHINGTON, Purdue Pharma, New York's Southern, Federal Court, Purdue Locations: New York's, White Plains
Four Democrats recently wrote a letter that raised concerns about student-loan repayment challenges. They said they're worried servicer errors could hurt borrowers' credit scores. AdvertisementIt's been just over two months since federal student-loan payments resumed and millions of borrowers have already faced a range of difficulties with the transition. Elizabeth Warren, Bernie Sanders, Richard Blumenthal, and Chris Van Hollen sent a letter to Education Secretary Miguel Cardona expressing concerns about challenges student-loan borrowers have faced over the past few months. "For example, we are concerned that ED's credit reporting processes may expose borrowers' credit scores to unanticipated consequences," the letter said.
Persons: they're, , It's, Elizabeth Warren, Bernie Sanders, Richard Blumenthal, Chris Van Hollen, Secretary Miguel Cardona, it's Organizations: Education Department, Service, Democratic, Secretary, Department, Democrats, Federal Student Aid, House Republicans Locations: Sens
Jones mandated Black majorities in one additional congressional district, two additional state Senate districts and five additional state House districts. Political Cartoons View All 1277 Images“A minority opportunity district must be a district where a single racial group is a majority," Echols said Monday. “District 7 was a minority opportunity district in our view. Besides congressional districts, minority coalitions could also be an issue in Georgia’s new state legislative maps, which are moving toward final passage. “And it’s all over this map from District 10 to congressional District 7.
Persons: Rep Lucy McBath, Steve Jones, Jones, Shelly Echols, Echols, , Ken Lawler, McBath, Carolyn Bordeaux, Sen, Tonya Anderson Organizations: ATLANTA, Georgia Republicans, U.S, Supreme, Democratic U.S, Rep, District, Gainesville Republican, Circuit, Appeals, Democratic, Republicans, Democrat Locations: Georgia, Atlanta, Georgia's, , Gainesville, U.S, Florida, Alabama, Hardee County , Florida, Gwinnett County, Fulton County, Cobb, Douglas, Fulton, Fayette counties, , Texas, Louisiana, Mississippi, Galveston County , Texas, Michigan, Atlanta’s, Five
An ex-US diplomat has been federally charged over allegations he worked as a secret agent for Cuba. Feds allege that Rocha even bragged about his work for Cuba as "more than a grand slam." AdvertisementAttorney General Merrick Garland said in a statement that Rocha's arrest "exposes one of the highest-reaching and longest-lasting infiltrations of the United States government by a foreign agent." "Those who have the privilege of serving in the government of the United States are given an enormous amount of trust by the public we serve," said Garland. We did more than they thought," Rocha told the undercover fed, the court documents allege.
Persons: Victor Rocha, Rocha, , Merrick Garland, Garland, Fidel Castro Organizations: Feds, Service, United, Department of Justice, State Department, National Security Council, Justice Department, Cuban, Directorate, Intelligence, Department of State, US Southern Command Locations: Cuba, United States, Bolivia, Miami , Florida, Colombia, Republic of Cuba
Subway franchisees have been able to opt out of deals made through the chain's app. Starting December 28, the chain is forcing franchisees to honor all digital deals. Subway appThe Subway app currently shows a deal for 50 % off a footlong sandwich when you buy one at full price. A Subway franchisee from California questioned the legality of forcing operators to accept low-margin deals via the app. The California franchisee said they honor digital deals to maintain good customer relationships.
Persons: Jimmy John's, , we've, Roark, Subway's Organizations: Service, Business, Roark Capital, FTC, Subway, Federal Trade Commission, Politico Locations: California
According to prosecutors, U.S. taxpayers with Pictet accounts in Switzerland and elsewhere evaded about $50.6 million in taxes between 2008 and 2014. As part of the agreement, Banque Pictet agreed to pay $122.9 million to the U.S. Treasury. As part of the agreement, Pictet, which oversees 632 billion Swiss francs ($724 billion) in client assets, will implement remedial measures and cooperate with the authorities' investigation. U.S. authorities have long accused Swiss banks of helping wealthy Americans evade taxes, and Pictet signalled it had been in contact with the U.S. for more than a decade. Credit Suisse in 2014 agreed to pay a $2.5 billion fine for helping Americans evade taxes in a conspiracy that spanned decades.
Persons: Andrew Kelly, Banque Pictet, Jim Lee, Pictet, Julius Baer, Renaud de Planta, Marc Pictet, Luc Cohen, Noele, Jan Harvey, Bill Berkrot, Christina Fincher Organizations: Internal Revenue Service, Washington , D.C, REUTERS, Banque Pictet, Justice Department, Banque, U.S . Treasury, U.S, Credit Suisse, UBS, Prosecutors, Noele Illien, Thomson Locations: Washington ,, Swiss, Switzerland, Pictet, New York, Zurich
Federal prosecutors said on Monday that a retired State Department official worked for decades as a secret agent for Cuba, and told an undercover F.B.I. agent that the United States was “the enemy.”In a criminal complaint filed in federal court in Miami, the prosecutors said that the diplomat, Manuel Rocha, had secretly aided Cuba’s “clandestine intelligence-gathering mission against the United States” since 1981 as he rose undetected through the ranks of the diplomatic corps and the National Security Council. Mr. Rocha, 73, appeared to have met with handlers from Cuba’s premier spy agency as recently as 2017, prosecutors said, and boasted that his 40 years of spying on behalf of the communist government in Havana had “strengthened the revolution immensely.”For more than two decades, Mr. Rocha handled matters related to Latin America in a series of roles at the State Department under presidents Bill Clinton and George W. Bush, including a stint as ambassador to Bolivia from 2000 to 2002. More recently, Mr. Rocha, a native of Colombia who grew up in New York, served as an adviser to the U.S. military command responsible for Cuba.
Persons: Manuel Rocha, Cuba’s, . Rocha, , Rocha, Bill Clinton, George W, Bush Organizations: State Department, United, National Security Locations: Cuba, United States, Miami, Havana, America, Bolivia, Colombia, New York
"The Exclusive Poultry and owner Tony Bran willfully withheld workers' hard-earned wages, endangered young workers and retaliated against employees to conceal their wrongdoing," said Jessica Looman, administrator of the Labor Department's Wage and Hour Division. Labor investigators repeatedly went to the company's poultry processing locations and said in affidavits they saw young workers they estimated were 14 to 17 years of age, but the workers refused to talk and would run from them. The Labor Department told NBC News it subsequently confirmed that some of the workers were as young as 14. Workers allegedly told investigators that minors who worked at the company were hidden in closets and bathrooms when the investigators arrived so they would not be found. In fall 2022, the department found more than 100 children, some as young as 13, cleaning slaughterhouses for a Midwestern firm.
Persons: Tony Bran, Jessica Looman, Anthony McClaren, McClaren, Bran, Biden Organizations: Labor Department, Aldi, Ralphs, Kroger, Labor, NBC, NBC News, Department of Labor, Workers Locations: Los Angeles
NEW YORK (AP) — Most business economists think the U.S. economy could avoid a recession next year, even if the job market ends up weakening under the weight of high interest rates, according to a survey released Monday. Only 24% of economists surveyed by the National Association for Business Economics said they see a recession in 2024 as more likely than not. The 38 surveyed economists come from such organizations as Morgan Stanley, the University of Arkansas and Nationwide. Political Cartoons View All 1277 ImagesHigh rates work to slow inflation by making borrowing more expensive and hurting prices for stocks and other investments. Expectations are split among economists on when the Federal Reserve could begin cutting interest rates, something that can relieve pressure on the economy and act like steroids for financial markets.
Persons: Morgan Stanley, ” Ellen Zentner Organizations: National Association for Business Economics, University of Arkansas, Nationwide, Federal, Federal Reserve Locations: U.S
That sort of approach resonated in conservative strongholds like Alabama long before Trump. Alabama Democrats, especially, cite deep historical roots involving racism, class and urban-rural divides when explaining Wallace, Trump and the decades between them. Moderate to progressive “national Democrats” were concentrated in north Alabama, Baxley explained, while reactionary “states-rights Dixiecrats” cohered in south Alabama. Wallace won four Deep South states as an independent in 1968. Wallace won his fourth term as governor in 1982 after disavowing segregation and winning over enough Black voters.
Persons: George Wallace, Wallace, Donald Trump, Trump, “ Alabamians, , Terry Lathan, ” Trump, Barack Obama, Brent Buchanan, Wayne Flynt, , Lathan, Ron DeSantis, Reagan, Trump's, ” Wallace, Lyndon Johnson, Bill Baxley, Baxley, Lincoln ”, ” Baxley, Franklin Roosevelt’s, “ Wallace, Johnson, Barry Goldwater, Flynt, Alabama “, Richard Nixon, Ronald Reagan, Wallace’s, Jimmy Carter, Carter, Alabama's, Democratic pollster Zac McCrary, Hillary Clinton’s, Joe Biden’s, ” McCrary, Sen, Richard Shelby's, Shelby, Newt Gingrich, Dan Carter, Jeff Sessions, Trump’s, John McCain, Mitt Romney, Mike Huckabee, Rick Santorum, Tommy Tuberville, Katie Britt, dealmaker, Britt, Buchanan, Republican pollster, Donald Trump’s, Kim Chandler Organizations: ATLANTA, — Republican, University of Alabama, Civil Rights Movement, Republicans, Party of Lincoln, Party of Trump, Trump, America, GOP, Alabama Republicans, Democratic, Alabama Democrats, “ Party, Democrats ”, Politics, National Democrats, Franklin Roosevelt’s New, Civil, Act, Republican, Reconstruction, Klux Klan, Birmingham's, Baptist Church, Washington, Democrat, , Democrats, U.S, Senate, Sessions, Alabama, Alabama Legislature, Southern Democrats, Capitol, Shelby, Associated Press Locations: Tuscaloosa, Washington, Alabama, lockstep, Florida, Southern, U.S, Texas, New York, Trump, Jan, Montgomery , Alabama
Average 30-year mortgage rates finally fell below 7% in mid-November, the first time they've been that low since late September. And as we head into 2024, mortgage rates are expected to fall even further as inflation continues to slow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.56% last week, according to Freddie Mac data, which is an 11-basis-point drop from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.
Persons: they've, Freddie Mac Organizations: Zillow, Fed Locations: Chevron
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