Business News

The Supreme Court rejects a nationwide opioid settlement with OxyContin maker Purdue Pharma

WASHINGTON (AP) — The Supreme Court has rejected a nationwide settlement with OxyContin maker Purdue Pharma that would’ve shielded Sackler family members who own the company from civil lawsuits over the toll of opioids but also would’ve provided billions of dollars to combat the epidemic. The justices Thursday blocked an agreement hammered out with state and local governments and victims. The Sacklers would’ve contributed up to $6 billion and relinquished ownership of the company but kept billions more. The agreement provided that the Connecticut-based company would emerge from bankruptcy as a different entity, with its profits used for treatment and prevention. The high court had put the settlement on hold last summer, after the Biden administration objected.

The Supreme Court strips the SEC of a critical enforcement tool in fraud cases

WASHINGTON (AP) — The Supreme Court has stripped the Securities and Exchange Commission of a major tool in fighting securities fraud in a decision that also could have far-reaching effects on other regulatory agencies. The justices ruled Thursday in a 6-3 vote that people accused by the SEC of fraud have the right to a jury trial in federal court. The court says the in-house proceedings the SEC has used in some civil fraud complaints violate the Constitution. The justices ruled in the case of a Houston hedge fund manager. The case is among several this term in which conservative and business interests are urging the court to rein in federal regulators.

Supreme Court halts enforcement of the EPA’s plan to limit downwind pollution from power plants

WASHINGTON (AP) — The Supreme Court is putting the Environmental Protection Agency’s air pollution-fighting “good neighbor” plan on hold while legal challenges continue. It’s the conservative-led high court’s latest blow to federal regulations. The justices Thursday rejected arguments by the Biden administration and Democratic-controlled states the plan was cutting air pollution and saving lives in 11 states. The regulation will remain on hold while the federal appeals court in Washington considers a challenge to the plan from industry and Republican-led states. The rule is intended to restrict smokestack emissions from power plants and other industrial sources that burden downwind areas with smog-causing pollution. Energy-producing states Ohio, Indiana and West Virginia challenged it.

Supreme Court blocks enforcement of EPA’s ‘good neighbor’ rule on downwind pollution

WASHINGTON (AP) — The Environmental Protection Agency won’t be able to enforce a key rule limiting air pollution in nearly a dozen states while separate legal challenges proceed around the country. That’s the result of a Supreme Court decision Thursday. The EPA’s “good neighbor” rule is intended to restrict smokestack emissions from power plants and other industrial sources that burden downwind areas with smog-causing pollution. Three energy-producing states — Ohio, Indiana and West Virginia — challenged the rule, along with the steel industry and other groups, calling it costly and ineffective. The rule is on hold in a dozen other states because of the court challenges.

The Supreme Court allows emergency abortions in Idaho for now in a limited ruling

WASHINGTON (AP) — The Supreme Court has cleared the way for Idaho hospitals to provide emergency abortions for now in a procedural ruling that leaves key questions unanswered. Thursday’s ruling could mean the issue ends up before the conservative-majority court again soon. The ruling came after an opinion was briefly posted on the court’s website accidently and quickly taken down, but not before it was obtained by Bloomberg News. The Biden administration had argued doctors must be allowed to provide emergency abortions when a pregnant patient’s health is at serious risk. But Idaho said its law does allow abortions to save the life of a pregnant woman and federal law doesn’t require wider exceptions.

Prospect of low-priced Chinese EVs reaching US from Mexico poses threat to automakers

WASHINGTON (AP) — America’s auto industry has grown concerned that Chinese carmakers may be preparing to set up shop in Mexico to exploit North American trade rules. The Chinese could then send ultra-low-priced electric vehicles streaming into the United States, devastating the U.S. auto industry, which envisions American EVs as the core of their business in the coming decades. To defuse the threat, the U.S. does have a range of options that it might be forced to deploy. Whatever steps the U.S. government might take, though, would likely face legal challenges from companies that want to import the Chinese EVs.

US economic growth for last quarter is revised up slightly to a 1.4% annual rate

WASHINGTON (AP) — The American economy expanded at a 1.4% annual pace from January through March, the slowest quarterly growth since spring 2022, the government said in a slight upgrade from its previous estimate. Consumer spending grew at just a 1.5% rate, down from an initial estimate of 2%, in a sign that high interest rates may be taking a toll on the economy. The first quarter’s GDP growth marked a sharp pullback from a strong 3.4% pace during the final three months of 2023. Still, the report showed that the January-March slowdown was caused mainly by two factors — a surge in imports and a drop in business inventories — that don’t necessarily reflect the underlying health of the economy.

The Supreme Court rules for Biden administration in a social media dispute with conservative states

WASHINGTON (AP) — The Supreme Court has sided with the Biden administration in a dispute with Republican-led states over how far the federal government can go to combat controversial social media posts on topics including COVID-19 and election security. The justices in a 6-3 vote on Wednesday threw out lower-court rulings that favored Louisiana, Missouri and other parties in their claims that federal officials leaned on the social media platforms to unconstitutionally squelch conservative points of view. Justice Amy Coney Barrett wrote for the court that the states and other parties did not have the legal right to sue.

IRS delays in resolving identity theft cases are ‘unconscionable,’ an independent watchdog says

WASHINGTON (AP) — An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday’s report states that now it takes 22 months to resolve these cases.

Walgreens to take a hard look at underperforming stores, could shutter hundreds more

Walgreens is finalizing a plan to fix its business that could result in the closure of hundreds of additional stores in the next three years. CEO Tim Wentworth told analysts Thursday morning that “changes are imminent” for about 25% of the company’s stores, which he said were underperforming. The drugstore chain currently runs more than 8,600 in the United States. Wentworth said the company’s plan could include the closing of a “significant portion” of those 2,100 stores. Company shares tumbled as quarterly results missed expectations and the retailer trimmed its annual profit forecast.