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Members of the Sackler family who own OxyContin maker Purdue Pharma must pay billions of dollars to settle a flood of lawsuits over the harms of opioids, under a new deal that was formally approved by a federal bankruptcy judge on Tuesday. The Sackler family must contribute up to $7 billion over 15 years. Most of the money is to go to government entities to fight the opioid crisis, which has been linked to 900,000 deaths in the U.S. since 1999. Thousands of victims of the opioid epidemic could be paid thousands of dollars each, with a portion of the money distributed next year to some people who had OxyContin prescriptions and their survivors. This plan is not perfect, U.S. Bankruptcy Judge Sean Lane said as he laid out his reasoning for approving the settlements. The court wishes it could do more to ease the suffering of the opioid crisis. But he said it is fair, equitable, and in the best interest of the parties involved, and had the overwhelming support of most of the groups that had claims against Purdue. The new agreement replaces one that the U.S. Supreme Court rejected last year, finding it would have improperly protected members of the family against future lawsuits. Under the current agreement, entities that do not opt into the payments can still sue members of the family. The deal, which the judge said he would accept last week, is among the largest in a series of opioid settlements brought by state and local governments against drugmakers, wholesalers, and pharmacies that totaled about $50 billion. Why the judge said he approved the deal Lane said the deal maximizes the settlement’s value and came from years of investigations, mediation and negotiations. He also said that an alternative to the settlement suing Sackler family members instead of accepting the deal would take years and success is not ensured,” in part because the family has consistently said they would fight claims against them. He also noted it could be hard to collect if the family lost lawsuits. Much of their assets are in off-shore trusts. Lane said that the states and individuals can get more than they would have if Purdue had been liquidated instead. In that case, he said, there would have been only $3.4 billion available and $2 billion of that would have gone to the federal government as part of a criminal plea deal the company entered. Under that agreement, most of the federal penalties were to be waived if a broader settlement could be reached. Money will go to governments and some individuals Sackler family members were collectively paid more than $10 billion by Purdue in the decade before they stopped involvement with the company in 2018 and used about half of that for taxes. They’ve agreed to pay up to $7 billion over 15 years, providing most of the cash involved in the settlement. The funds distributed to state, local and Native Americans is to be used mostly to address the opioid crisis, as has been the case with other opioid settlements. About $850 million of that is to go to individual victims, including children born with opioid withdrawal. People with addiction and survivors of those who died must prove they were prescribed OxyContin to participate. They could provide medical records or photos of prescription bottle labels although many people don’t have such things dating back decades. Those who do prove it could get payments of around $8,000 or around $16,000, depending on how long they received the drug and how many other people qualify. The money for individual victims is to be distributed next year. Not only money is at stake Members of the Sackler family are agreeing to give up ownership of Purdue. For them, that won’t be a major change since no family member has served on Purdue’s board or received money from the company since 2018. The plan calls for Purdue to be replaced with a new company, Knoa Pharma, to be controlled by a board appointed by states and with a mission of benefiting the public. Sackler family members are also agreeing not to have their name put on institutions in exchange for contributions something they’ve done often in the past, although many institutions have cut ties with them. The company has also agreed to make public a trove of internal documents that could shed additional light into how the company promoted and monitored opioids. One feature that won’t be repeated under this new deal that was in a previous one: forcing members of the Sackler family to hear directly from people harmed by OxyContin. A long legal saga could be wrapping up Purdue filed for bankruptcy protection in 2019 when it was facing thousands of opioid-related lawsuits from state and local governments and others. A judge approved a settlement two years later. But the U.S. Supreme Court later rejected that plan because it gave members of the Sackler family protection from lawsuits over opioids even though they were not personally declaring bankruptcy. The latest plan allows lawsuits against Sackler family members by those who don’t opt into the deal. That change was a key to getting the new version approved in the aftermath of the high court’s ruling. This time, few parties objected to the settlement, although some people who represented themselves and who were addicted to opioids or had loved ones who were raised concerns during the three-day confirmation hearing last week. One of those self-represented people told Lane during the virtual hearing Tuesday that she planned to appeal. By Geoff Mulvihill, Associated Press
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E-Commerce
AI can do your taxes nowsort of. The tax software giant Intuit just struck a new deal with OpenAI that will weave AI deeply into its portfolio of financial apps, including the ones many Americans use to file their taxes. In the multiyear deal, Intuit will pay ChatGPT maker OpenAI more than $100 million annually to implement its artificial intelligence models across products like TurboTax, personal finance manager Credit Karma, email marketing platform Mailchimp, and the accounting tool QuickBooks. Through the partnership, Intuits products will also become accessible directly through ChatGPTthe latest lucrative business integration for OpenAI. We are taking a massive step forward to fuel financial success for consumers and businesses, unlocking growth for both companies, Intuit CEO Sasan Goodarzi said. Our partnership combines the power of Intuits proprietary financial data, credit models, and AI platform capabilities with OpenAIs scale and frontier models to give users the financial advantage they need to prosper.” Intuit owns a big swath of the financial software market, and all of those apps will be popping up in ChatGPT soon to steer users toward personalized recommendations for credit cards and loans and to answer their tax and personal finance questions. Intuit has been gravitating toward AI for a while now. Late last year, the company introduced AI-powered features into QuickBooks, inviting its users to automate rote, time-consuming tasks like sending invoices. Intuit insisted that it was being intentional about its implementation of AI, particularly given the rush for every business to boast about its AI capabilities. The idea is not to just have random sprinkles of AI across the product, Dave Talach, Intuit senior vice president of the QuickBooks platform, told Fast Company at the time. Weve been thoughtful about approaching AI, not just for the sake of AI, but we want it to show up in a cohesive way in the product that is coherent to the customer. In June, QuickBooks released a set of AI agents for QuickBooks designed to get familiar with a companys business and operations, taking over tasks to speed up bookkeeping and accounting. At the time, Intuit CEO Goodarzi emphasized that the company moved deliberately in building out its AI because it knows that missteps and inaccuracies are high stakes for the financial tools its customers rely on. If it screws up, its a big problem, he told Fast Company. ChatGPT is a platform now OpenAIs new partnership with Intuit is just the latest third-party integration for ChatGPT. In late September, OpenAI took what it called first steps toward agentic commerce with integrations for Shopify and Etsy, and went on to ink a deal with PayPal last month. OpenAI also recently introduced a developer kit that would open its hit chatbot platform to third-party appsa major shift for the chatbot that stands to remake the way that its 700 million-plus weekly users find and do things online. ChatGPTs first wave of apps included Zillow, Spotify, Canva, and Expedia, with apps from DoorDash, Peloton, Uber, and Target in the works. OpenAIs recent moves point to the companys vision of ChatGPT as an all-encompassing hub of utility that gives internet users little reason to go elsewhere. Those decisions coincide with OpenAIs seismic shift away from its complex nonprofit roots into a more traditional for-profit company, although it technically will remain under the wing of a nonprofit. We want to be able to operate and get resources in such a way that we can make our services broadly available to all of humanity, which currently requires hundreds of billions of dollars and may eventually require trillions of dollars, OpenAI CEO Sam Altman wrote in a letter about the decision to change the companys structure. We believe this is the best way for us to fulfill our mission and to get people to create massive benefits for each other with these new tools.
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E-Commerce
Like clockwork, 5 p.m. on a Sunday, flashes of unread emails and notifications for tomorrows upcoming meetings start. Your shoulders tense, your stomach knots. You have a case of the Sunday scaries. This unsettling feeling is a form of anticipatory anxiety that creeps in as the weekend draws to a close and Monday looms with the responsibilities of the week ahead. If you can relate, youre not alone: New data suggests the vast majority of workers experience this anxiety, and it also suggests some workers feel it worse than others. Adobe Acrobat surveyed over 1,000 full-time employees and found 82% experience this sense of anxiety before the workweek even begins. For Gen Z respondents, that number creeps up to 94%. It also affects women more often than men. For 31%, the Sunday scaries start before 5 p.m. even hits. Thats despite the fact that those affected spend 72 hours annually working on weekends to get ahead on the demands of the workweek. The scaries are set off by all types of reasons. Looming layoffs or signs of economic uncertainty can lead workers to feel anxious about the near future. Burnout is the main culprit for 55% of respondents, followed by high workloads (50%), project deadlines (33%) and toxic work environments (31%). Even admin-related tasks can add to the sense of dread, with organizing digital files or chasing down signatures mentioned by one in 15 respondents as triggers. The Sunday scaries can affect anyone, but some suffer worse than others, Adobe says: Remote workers, for example, report getting the scaries just a few times per year. Those back in the office report getting them once or twice a month. More than half of Fortune 100 companies now have a full-time office requirement, and research shows nearly 3 in 10 companies will demand five days a week in the office by the end of 2025. While 27% of those surveyed say their Sunday scaries have grown more intense over the past year, onsite workers are 47% more likely than remote workers to say their prework anxiety worsened over that time period. Given the gap, its unsurprising workers are willing to quit their jobs for more flexible work, with 17% quitting in the past year because of changes to their working arrangements. Its not just a feeling. For 35% of those surveyed it manifests physically in headaches, tension, and fatigue, and 42% even lose sleep. It also impacts employers with nearly half respondents (46%) reporting that their Sunday scaries lead to a lack of motivation at a time where employees are already disengaged at work. Anxiety is a normal human emotion. A big week at work or an upcoming important presentation is likely to trigger some feelings of anxiety. But if you spend every Sunday dreading the week ahead, it might require investigating further.
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E-Commerce
Meta has prevailed over an existential challenge to its business that could have forced the tech giant to spin off Instagram and WhatsApp after a judge ruled that the company does not hold a monopoly in social networking. U.S. District Judge James Boasberg issued his ruling Tuesday after the historic antitrust trial wrapped up in late May. His decision follows two separate rulings that branded Google an illegal monopoly in both search and online advertising, dealing yet another regulatory blow to the tech industry that for years enjoyed nearly unbridled growth. The Federal Trade Commission continues to insist that Meta competes with the same old rivals it has for the last decade, that the company holds a monopoly among that small set, and that it maintained that monopoly through anticompetitive acquisitions, Boasberg wrote in his ruling. Whether or not Meta enjoyed monopoly power in the past, though, the agency must show that it continues to hold such power now. The Courts verdict today determines that the FTC has not done so. Meta, the FTC had argued, has maintained a monopoly by pursuing CEO Mark Zuckerbergs strategy, expressed in 2008: It is better to buy than compete. True to that maxim, Facebook has systematically tracked potential rivals and acquired companies that it viewed as serious competitive threats. During his April testimony, Zuckerberg pushed back against the FTCs contention that Facebook bought Instagram to neutralize a threat. In his line of questioning, FTC attorney Daniel Matheson repeatedly brought up emailsmany of them more than a decade oldwritten by Zuckerberg and his associates before and after the acquisition of Instagram. While acknowledging the documents, Zuckerberg has often sought to downplay the contents, saying he wrote them in the early stages of considering the acquisition and that what he wrote at the time didnt capture the full scope of his interest in the company. The FTCs complaint said Facebook also enacted policies designed to make it difficult for smaller rivals to enter the market and neutralize perceived competitive threats, just as the world shifted its attention to mobile devices from desktop computers. The social media landscape has changed so much since the FTC filed its lawsuit in 2020, Boasberg wrote, that each time the court examined Meta’s apps and competition, they changed. Two opinions to dismiss the casefiled in 2021 and 2022didn’t even mention popular social video platform TikTok. Today, it holds center stage as Meta’s fiercest rival. Quoting the Greek philosopher Heraclitus, that no man can ever step into the same river twice, Boasberg said the same is true for the online world of social media as well. The landscape that existed only five years ago, when the Federal Trade Commission brought this antitrust suit, has changed markedly. While it once might have made sense to partition apps into separate markets of social networking and social media, that wall has since broken down, he wrote. Facebook bought Instagramthen a scrappy photo-sharing app with no ads and a small cult followingin 2012. The $1 billion cash and stock purchase price was eye-popping at the time, though the deals value fell to $750 million after Facebooks stock price dipped following its initial public offering in May 2012. Instagram was the first company Facebook bought and kept running as a separate app. Up until then, Facebook was known for smaller acqui-hiresa type of popular Silicon Valley deal in which a company purchases a startup as a way to hire its talented workers, then shuts the acquired company down. Two years later, it did it again with the messaging app WhatsApp, which it purchased for $22 billion. WhatsApp and Instagram helped Facebook move its business from desktop computers to mobile devices, and to remain popular with younger generations as rivals like Snapchat (which it also tried, but failed, to buy) and TikTok emerged. However, the FTC has a narrow definition of Metas competitive market, excluding companies like TikTok, YouTube, and Apples messaging service from being considered rivals to Instagram and WhatsApp. Meta did not immediately respond to a message for comment. By Barbara Ortutay, AP technology writer
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E-Commerce
The most closely watched earnings report of the quarter is tomorrow. Thats when AI chipmaking giant Nvidia will announce its third-quarter results. Ahead of those results, Nvidia shares are currently down in Tuesday trading. But NVDA shares arent the only chip stock that is falling today. Heres which other chip companies are seeing significant stock price declines today, and the likely reason why. Chip stocks fall across the board As of the time of this writing, major chipmaking giants and the companies that supply them are seeing their share prices fall. These include: Advanced Micro Devices, Inc. (Nasdaq: AMD): down 5.6% Arm Holdings plc (Nasdaq: ARM): down 3.9% ASML Holding N.V. (Nasdaq: ASML): down 2.2% Broadcom Inc. (Nasdaq: AVGO): down 1.7% Intel Corporation (Nasdaq: INTC): down 2.8% Micron Technology, Inc. (Nasdaq: MU): down 5.1% NVIDIA Corporation (Nasdaq: NVDA): down 2.8% QUALCOMM Incorporated (Nasdaq: QCOM): down 2.6% Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM): down 2.6% The fall in chip stocks is part of a broader decline across multiple markets today. Currently, the S&P 500 is down 0.87%, the Dow is down 1%, and the tech-heavy Nasdaq is down 1.3%. Perhaps the most significant driver behind today’s market falls is the growing fear that the tech sector is in an AI bubble, and that if that bubble pops, it could send shockwaves not just through the stock markets but also through the economy. The impact of an AI bubble popping in the broader economy is part of the reason even non-AI-related stocks are down today. In addition to chip companies, other major tech players are also seeing their shares sink this morning, especially those that have a considerable amount of exposure to AI, including Microsoft Corporation (Nasdaq: MSFT), down 2.5%; Amazon.com, Inc. (Nasdaq: AMZN), down 3.2%; Alphabet Inc. (Nasdaq: GOOG), down 1%; and Meta Platforms, Inc. (Nasdaq: META), down 2.4%. Tech giants with more limited AI exposure, such as Apple, are trading relatively flat. Currently, shares in Apple Inc. (Nasdaq: AAPL) are up about a tenth of a percent. Why are chip stocks in particular focus? Chip stocks are being scrutinized by investors today for one key reason: AI chip giant Nvidia announces its third-quarter earnings for fiscal 2026 tomorrow. As Fast Company previously reported, investor expectations for those earnings are high. Nvidia previously forecast revenue of between $52.9 billion and $55 billion for the quarter. But investor consensus estimates show that most investors expect Nvidia to come in on the high end of that spectrum. A series of consensus estimates shows that investors expect Nvidia to report revenue between $54.8 billion and $55.2 billion. But, a little more than 24 hours before Nvidia reveals if it’s met investors expectations, Wall Street seems to be getting the jitters, as investors and the media increasingly question whether the AI bubble is about to burst. It is likely that if Nvidia doesn’t hit the lofty expectations many expect, it will be taken as a sign that an AI bubble is upon us. The sell-off in chip stocks this morning is likely due to investors taking some profits in case Nvidia misses its estimates. Given that Nvidia acts as a bellwether for other chip companies and the AI sector as a whole, it is no surprise that investor jitters ahead of Nvidias earnings are spilling over to the stocks of other chipmaking companies.
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E-Commerce
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