The plan must be approved by Judge Robert D. Drain in federal bankruptcy court in White Plains, N.Y., and will likely face legal objections from creditors who take issue with either the size of the Sacklers’ contribution or the company’s continued sale of opioids.
Significant details of the restructuring plan, including which other shareholders will be released from civil litigation, have yet to be finalized.
Nearly two dozen state attorneys general blasted the plan, saying they were “disappointed” because the Sacklers and Purdue “need to own up” for their role in the crisis.
More states join Texas suit against Google
Alaska, Florida, Montana, Nevada, and Puerto Rico have joined a lawsuit filed by Texas and others against Google, which accuse it of breaking antitrust law to boost its already dominant online advertising business, Texas Attorney General Ken Paxton said on Tuesday.
The lawsuit was one of five filed last year by the federal government or states against two big tech platforms, Alphabet’s Google and Facebook.
Google has asked for the Texas federal court to move the case to California, where it is fighting similar cases. This is to be discussed in a hearing on Thursday.
The lawsuit accuses Google of violating the law in how it dominates the steps in the process of placing digital advertising. Publishers complain that one result has been lower revenue. Google has denied wrongdoing.
Texas energy firm files for bankruptcy
The company that drew attention after sending huge electricity bills to customers after last month’s blackout-causing winter storm in Texas has filed for bankruptcy protection.
Griddy Energy sold power to consumers at wholesale prices plus a $9.99 monthly fee. Its rates skyrocketed during the February deep freeze, when state grid operators raised wholesale prices.
The company blamed its situation on the Electric Reliability Council of Texas, which operates the power grid in most of the state. Griddy said ERCOT kept wholesale prices at the state’s legal cap — $9,000 per megawatt hour — for too long.
Griddy said in a filing Monday in the Southern District of Texas bankruptcy court that it has assets worth up to $10 million and liabilities of up to $50 million.
Volkswagen’s shares surged more than 9 percent on Tuesday, lifting its market value toward $150 billion as the carmaker gave more details about its ambitious expansion in electric driving. A day after unveiling plans to build half a dozen battery cell plants in Europe, the German company said it aimed to more than double deliveries of electric vehicles this year.
Alphabet’s Google is halving the percentage it takes from app developers on sales through its Google Play store, following a similar move by rival Apple last year. The Internet giant said it’s reducing the fees to 15 percent from 30 percent for the first $1 million in revenue on sales of apps and in-app purchases each year. After the first $1 million, developers will pay the typical 30 percent fee.
8:30 a.m.: Commerce Department releases housing starts for February.
2 p.m.: Federal Reserve policymakers meet to set interest rates, make statement and projections.
