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April 1st - U.S. stocks closed higher on Tuesday. The Dow Jones Industrial Average rose 2.48%, the S&P 500 gained 2.9%, and the Nasdaq Composite climbed 3.8%. Nvidia (NVDA.O) surged over 5%, Pinduoduo (PDD.O) climbed 3.8%, Intel (INTC.O) rose 7%, and Tesla (TSLA.O) gained over 4%. The Nasdaq China Golden Dragon Index closed up 2.7%, with NIO (NIO.N) rising 9% and Baidu (BIDU.O) gaining over 4%.On April 1st, oil prices fell as Iran and the United States expressed their willingness to seek a solution to the conflict that has disrupted global energy transport, partially eliminating a long-standing price risk premium in the market. According to a statement from the Iranian presidents office cited by Euronews, the Iranian president stated that Iran is willing to end the war if its demands are met. This comes after the Wall Street Journal reported that Trump told aides he was willing to end the war without reopening the Strait of Hormuz. However, traders remain concerned that the impending solution will not eliminate the numerous disruptions already existing in the global energy system. Shaya Hosseinzadeh, chief investment officer at OnyxPoint Global Management, stated, "Even if this conflict were resolved tomorrow, it would take weeks or even months to restore oil supplies. And price signals do not fully reflect the reality."April 1 – The White House stated on Tuesday that the U.S. military is prepared to thwart any attack by Iran in response to threats made by Irans Islamic Revolutionary Guard Corps (IRGC) against U.S. businesses in the Middle East. "The U.S. military has always been and is prepared to deter any attack from Iran, as evidenced by the 90% decrease in the regimes ballistic missile and drone strikes," a White House official said. The IRGC reportedly announced earlier on Tuesday that it would begin operations targeting U.S. businesses in the region starting April 1 in retaliation for attacks against Iran.Hang Seng Index futures closed up 1.76% at 25,191 points in overnight trading, a premium of 403 points.Federal Reserve Governor Barr and Federal Reserve Governor Bowman will speak in ten minutes.

Attorney General Martin O'Malley Announces $276 Million Opioid Settlement With J&J, McKesson, And Endo

Charlie Brooks

Apr 20, 2022 10:04

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McKesson will provide $141 million to the state's efforts to tackle the opioid problem, while Johnson & Johnson and Endo will contribute $70.3 million and $25 million, respectively, according to Alabama Attorney General Steve Marshall. Additionally, the three corporations will pay $40 million in legal expenses.


The state had charged McKesson with failing to prevent opioid diversion for criminal reasons and the drugmakers with false marketing techniques that minimized the addiction dangers associated with their medications. Both businesses have denied any wrongdoing.


J&J, the maker of Duragesic and Nucynta, claimed it no longer offers prescription opioids in the United States and that its previous marketing activities were "appropriate and acceptable."


McKesson and Endo did not reply to calls for comment immediately.


Alabama was one of four states that rejected to join a $26 billion national settlement of opioid lawsuits reached in February by McKesson, two other major U.S. distributors, and J&J. [L1N2V01ZA]


"These three settlement agreements reaffirm my decision to withdraw from the national opioid settlements, which failed to sufficiently recognize the specific suffering suffered by Alabama residents," Marshall said in a statement.


Alabama would get a larger payment from McKesson and a speedier payment from J&J, Marshall said, compared to what the state would have gotten under the national settlement.


Alabama would have earned $115 million over 18 years from McKesson and $70.3 million over nine years from J&J under the national settlement structure. According to Marshall, the revised deal requires J&J to make full payment within a year, while McKesson will do so within nine years.


The state was on the point of bringing McKesson to trial, with opening arguments slated on Monday until the two parties agreed to a postponement.


Alabama's agreement comes amid a flood of state government lawsuits and settlements over the United States' opioid problem, which has resulted in more than 500,000 overdose fatalities over the last two decades, according to the United States Centers for Disease Control and Prevention.


West Virginia announced a $99 million settlement with Johnson & Johnson on Monday and is currently prosecuting drugmakers Teva Pharmaceutical Industries (NYSE:TEVA) and AbbVie's Allergan (NYSE:AGN) subsidiary.


In March, Florida achieved opioid settlements totaling more than $878 million with CVS Health Corp (NYSE:CVS) and three pharmaceutical firms, and on April 11, the state opened a trial against drugstore chain Walgreens Boots Alliance (NASDAQ:WBA).

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