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Oxycodone Maker Purdue Pharma Files for Bankruptcy Protection

NEW YORK – Oxycodone maker Purdue Pharma filed for bankruptcy protection Sunday night. Succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly US opioid epidemic.

Purdue’s board met Sunday evening to approve the long-expected bankruptcy filing. Which the company is pursuing to restructure under terms of a proposal to settle the widespread litigation.

Purdue, which filed for Chapter 11 protection in a federal bankruptcy court in White Plains, New York, reached a tentative deal to resolve lawsuits with 24 states and five US territories, as well as lead lawyers for more than 2,000 cities, counties and other plaintiffs, the company said.

Two dozen states remain opposed or uncommitted to the proposed settlement, setting the stage for contentious legal battles over who bears responsibility for a public health crisis that has claimed the lives of nearly 400,000 people between 1999 and 2017, according to the latest US data.

Thousands of cities and counties, along with nearly every state, have sued Purdue and, in some cases, its controlling Sackler family. The lawsuits, seeking billions of dollars in damages, claim the company and family aggressively marketed prescription painkillers while misleading doctors and patients about their addiction and overdose risks.

Purdue and the Sacklers have denied the allegations.

Opposing states, including Massachusetts, New York and Connecticut, want the Sacklers to guarantee more of their own money will go toward a settlement, and have questioned Purdue’s calculations valuing the overall deal at more than $10 billion.

The Sacklers, who would cede control of Purdue in the proposed settlement, have offered $3 billion in cash and an additional $1.5 billion or more through the eventual sale of another company they own, called Mundipharma, according to the company and people familiar with the terms. The Sacklers have declined to revise their offer.

“This is the fork in the road. There are only two ways to go from here,” said Purdue chairman Steve Miller in an interview with Reuters.

Mr Miller said Purdue plans to argue to opposing states that fighting the proposed settlement will likely result in protracted litigation, increasing legal fees and depleting value that could be steered to US communities reeling from opioid abuse. He described bankruptcy proceedings as the “best hope for finalising and implementing a global resolution to this litigation.”

Sackler family controlling Purdue

In a statement, members of the Sackler family controlling Purdue said they hoped those opposing the current settlement offer would eventually change their minds.

“It is our hope the bankruptcy reorganization process that is now underway will end our ownership of Purdue and ensure its assets are dedicated for the public benefit,” the family said.

The outcome of Purdue’s attempted bankruptcy reorganization and settlement negotiations will help determine how much money US communities receive from the company and the Sacklers to address harm from opioids. A reorganization and settlement would ultimately need to be approved by a US bankruptcy judge.

States suing the Sacklers, including several over the past week, allege the family improperly reaped billions of dollars from opioid sales despite knowledge of their harmful effects. The Sacklers, some of whom previously served on the Purdue’s board and are well-known wealthy philanthropists, have denied the allegations.

Purdue’s proposed settlement envisions it becoming a trust that would contribute to US communities, at little or no cost, tens of millions of doses of drugs the company developed to combat opioid overdoses and addiction, the company said.

Purdue values the drugs at $4.45 billion over a decade, the people familiar with the matter said. Under the proposal’s terms, the restructured Purdue would be permanently bound by so-called injunctive relief, which includes restrictions on the promotion and sale of opioids.

States opposing the settlement offer have vowed to fight attempts by Purdue and the Sacklers to use bankruptcy proceedings to contain the litigation.

New York Attorney General Letitia James

On Friday, New York Attorney General Letitia James said she uncovered roughly $1 billion in wire transfers “between the Sacklers, entities they control and different financial institutions, including those that have funnelled funds into Swiss bank accounts.”

The information, in records an unnamed financial institution produced in response to a subpoena from James’s office, detailed financial transfers involving former Purdue board member Mortimer D.A. Sackler, according to court documents her office filed.

He allegedly used shell companies “to shift Purdue money through accounts around the world and then conceal it in at least two separate multimillion-dollar real estate investments back here in New York, sanitized (until now) of any readily-detectable connections to the Sackler family,” a lawyer in James’ office said in one of the court filings.

“There is nothing newsworthy about these decade-old transfers, which were perfectly legal and appropriate in every respect,” a spokesman for Mortimer D.A. Sackler said in a statement.

“This is a cynical attempt by a hostile AG’s office to generate defamatory headlines to try to torpedo a mutually beneficial settlement that is supported by so many other states and would result in billions of dollars going to communities and individuals across the country that need help,” the statement added.

Purdue, meanwhile, plans to ask a bankruptcy judge to halt active litigation so it can negotiate a final settlement, the people said. But the company is preparing for states to argue their lawsuits cannot be halted by a Chapter 11 filing because their legal actions were brought to enforce public health and safety laws — exempting them from the usual bankruptcy rules that would stop their complaints.

Another thorny legal question involves the Sacklers and under what circumstances Purdue could use bankruptcy law in an attempt to also halt lawsuits against them.

Those legal skirmishes could take some time to develop, as Purdue initially must seek court approval to continue paying employees and address routine operating expenses.

Source: Reuters

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Marine Le Pen’s National Rally Wins the First Round in France 2024 Election

Marine Le Pen's far-right National Rally (RN) party scored historic gains in France

Exit polls in France showed that Marine Le Pen’s right-wing National Rally (RN) party made huge gains to win the first round of election on Sunday. However, the final outcome will depend on how people trade votes in the days before next week’s run-off.

Exit polls from Ipsos, Ifop, OpinionWay, and Elabe showed that the RN got about 34% of the vote. This was a big loss for President Emmanuel Macron, who called the early election after his party lost badly in the European Parliament elections earlier this month.

The National Rally (RN) easily won more votes than its opponents on the left and center, including Macron’s Together group, whose bloc was predicted to get 20.5% to 23% of the vote. Exit polls showed that the New Popular Front (NFP), a hastily put together left-wing alliance, would get about 29% of the vote.

The results of the exit polls matched what people said in polls before the election, which made Le Pen’s fans very happy. But they didn’t say for sure if the anti-immigrant, anti-EU National Rally (RN) will be able to “cohabit” with the pro-EU Macron in a government after the runoff election next Sunday.

Voters in France Angry at Macron

Many French people have looked down on the National Rally (RN) for a long time, but now it is closer to power than it has ever been. A party known for racism and antisemitism has tried to clean up its image, and it has worked. Voters are angry at Macron, the high cost of living, and rising concerns about immigration.

Fans of Marine Le Pen waved French flags and sang the Marseillaise in the northern French district of Henin-Beaumont. The crowd cheered as Le Pen said, “The French have shown they are ready to turn the page on a power that is disrespectful and destructive.”

The National Rally’s chances of taking power next week will rest on what political deals its opponents make in the next few days. Right-wing and left-wing parties used to work together to keep the National Rally (RN) out of power, but the “republican front,” which refers to this group, is less stable than ever.

If no candidate gets 50% of the vote in the first round, the top two candidates and anyone else with 12.5% of the registered voters immediately move on to the second round. The district goes to the person who gets the most votes in the runoff.

France is likely to have a record number of three-way runoffs because so many people voted on Sunday. Experts say that these are much better for the National Rally (RN) than two-way games. Almost right away on Sunday night, the horse trade began.

Macron asked people to support candidates who are “clearly republican and democratic.” Based on what he has said recently, this would rule out candidates from the National Rally (RN) and the hard-left France Unbowed (LFI) party. Leaders on the far left and the center left both asked their third-placed candidates to drop out.

Minority government

Jean-Luc Melenchon, leader of France Unbowed, said, “Our rule is simple and clear: not a single more vote for the National Rally.” But the center-right Republicans party, which split before the vote when some of its members joined the RN, didn’t say anything.

The president of the RN party, Jordan Bardella, who is 28 years old, said he was ready to be prime minister if his party gets a majority of seats. He has said he won’t try to make a minority government, and neither Macron nor the communist NFP will work with him.

“I will be a “cohabitation” Prime Minister, respectful of the constitution and of the office of President of the Republic, but uncompromising about the policies we will implement,” he said.

A few thousand anti-RN protesters met in Paris’s Republique square on Sunday night for a rally of the leftist alliance. The mood was gloomy.

Niya Khaldi, a 33-year-old teacher, said that the RN’s good results made her feel “disgust, sadness, and fear.”

“This is not how I normally act,” she said. “I think I came to reassure myself, to not feel alone.”

Election Runoff

The result on Sunday didn’t have much of an effect on the market. In early Asia-Pacific trade, the euro gained about 0.23%. Fiona Cincotta, a senior markets expert at City Index in London, said she was glad the outcome “didn’t come as a surprise.”

“Le Pen had a slightly smaller margin than some of the polls had pointed to, which may have helped the euro a little bit higher on the open,” she noted. “Now everyone is waiting for July 7 to see if the second round supports a clear majority or not. So it does feel like we’re on the edge of something.”

Some pollsters thought the RN would win the most seats in the National Assembly, but Elabe was the only one who thought the party would win all 289 seats in the run-off. Seat projections made after the first round of voting are often very wrong, and this race is no exception.

On Sunday night, Reuters reported there were no final results for the whole country yet, but they were due in the next few hours. In France, exit polls have usually been very accurate.

Voter turnout was high compared to previous parliamentary elections. This shows how passionate people are about politics after Macron made the shocking and politically risky decision to call a vote in parliament.

Mathieu Gallard, research head at Ipsos France, said that at 1500 GMT, nearly 60% of voters had turned out, up from 39.42% two years earlier. This was the highest comparable turnout since the 1986 legislative vote. It wasn’t clear when the official number of people who voted would be changed.

 

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Pakistan Seeks US Support for Counter-Terrorism Operation Azm-e-Istehkam

Pakistan

(CTN News) – Pakistan’s Ambassador to the United States, Masood Khan, has urged Washington to provide Pakistan with sophisticated small arms and communication equipment to ensure the success of Operation Azm-e-Istehkam, a newly approved counter-terrorism initiative in the country.

The federal government recently approved the reinvigorated national counter-terrorism drive, which comprises three components: doctrinal, societal, and operational.

Ambassador Khan noted that work on the first two phases has already begun, with the third phase set to be implemented soon.

Addressing US policymakers, scholars, and corporate leaders at the Wilson Center in Washington, Khan emphasized the importance of strong security links, enhanced intelligence cooperation, and the resumption of sales of advanced military platforms between Pakistan and the US.

He argued that this is crucial for regional security and countering the rising tide of terrorism, which also threatens the interests of the US and its allies.

“Pakistan has launched Azm-i-Istehkam […] to oppose and dismantle terrorist networks. For that, we need sophisticated small arms and communication equipment,” said Ambassador Khan.

Pakistan–United States relations

The ambassador observed that the prospects of Pakistan-United States relations were bright, stating that the two countries “share values, our security and economic interests are interwoven, and it is the aspiration of our two peoples that strengthens our ties.”

He invited US investors and businesses to explore Pakistan’s potential in terms of demographic dividend, technological advancements, and market opportunities.

Khan also suggested that the US should consider Pakistan as a partner in its diplomatic efforts in Kabul and collaborate on counterterrorism and the rights of women and girls in Afghanistan.

He stressed that the bilateral relationship should be based on ground realities and not be hindered by a few issues.

“We should not base our engagement on the incongruity of expectations.

Our ties should be anchored in ground realities, even as we aim for stronger security and economic partnerships. Secondly, one or two issues should not hold the entire relationship hostage,” said the ambassador.

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China Urges Taiwanese to Visit Mainland ‘Without Worry’ Despite Execution Threat

China Urges Taiwanese to Visit Mainland Without Worry Despite Threats

China has reassured Taiwanese citizens that they can visit the mainland “without the slightest worry”, despite Taiwan raising its travel alert to the second-highest level in response to Beijing’s new judicial guidelines targeting supporters of Taiwanese independence.

Last week, China published guidelines that could impose the death penalty for “particularly serious” cases involving “diehard” advocates of Taiwanese independence.

In response, Taiwan’s government urged the public to avoid “unnecessary travel” to mainland China and Hong Kong, and raised its travel warning to the “orange” level.

However, Zhu Fenglian, a spokeswoman for a Chinese body overseeing Taiwan affairs, stated that the new directives are “aimed solely at the very small number of supporters of ‘Taiwan independence’, who are engaged in malicious acts and utterances”.

She emphasized that “the vast majority of Taiwan compatriots involved in cross-strait exchanges and cooperation do not need to have the slightest worry when they come to or leave mainland China”.

“They can arrive in high spirits and leave fully satisfied with their stay,” Zhu added.

What’s Behind The China-Taiwan Tensions?

The tensions stem from the longstanding dispute over Taiwan’s status. Mainland China claims Taiwan as part of its territory and has refused to rule out using force to bring the democratic island under its control, while Taiwan sees itself as a sovereign state.

Beijing has not conducted top-level communications with Taipei since 2016, when the Democratic Progressive Party’s Tsai Ing-wen became Taiwan’s leader. China has since branded her successor, President Lai Ching-te, a “dangerous separatist”.

“The DPP authorities have fabricated excuses to deceive the people on the island and incite confrontation and opposition,” Zhu said in her statement.
Despite the political tensions, many Taiwanese continue to travel to mainland China for work, study, or business.

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