The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
She is suing the nation's largest drug store chains, including them as defendants in the state's lawsuit against 10 drugmakers and three wholesale drug distributors.
"Walgreens and CVS joined the race to sell as many opioids as possible, including by failing to institute safeguards and by marketing opioids to their vast networks of retail pharmacy stores and in-store pharmacists," according to the complaint filed late Friday in Florida state court. It said the drug store giants "should have known that the quantity of opioids being distributed in Florida far exceeds the medical need of Florida residents."
The Florida lawsuit accuses the drug stores and pharmaceutical distributors like Cardinal Health, Amerisource Bergen and McKesson of playing as big a role in the proliferation of opioid addiction as drug manufacturers like OxyContin maker Purdue Pharmaceuticals and Johnson & Johnson's Janssen Pharmaceuticals unit, which produces fentanyl, a synthetic opioid 50 times stronger than heroin.
"What's interesting about bringing CVS and Walgreens in is that some say they're so far down the chain of responsibility when it comes to the opioid crisis," said Abbe Gluck, faculty director of the Solomon Center for Health Law and Policy at Yale Law School.
CVS Health called its addition to the Florida lawsuit "without merit," adding that the company is committed to "the highest standards of ethics and business practices, including complying with all federal and state laws governing the dispensing of controlled substance prescriptions."
Walgreens declined to comment on the pending litigation.
Both pharmacy chains have already been sued as part of the massive multidistrict litigation in federal court, which has brought together hundreds of state and local lawsuits before federal Judge Dan Aaron Polster in Ohio. While the judge has pushed for a global settlement to resolve all of the cases, he has also allowed a parallel track of so-called bellwether cases to proceed toward trial.
So far, the court has not ruled out any of the defendants in the an bellwether case. Last month a magistrate judge rejected motions from the drug distributors and pharmacies to dismiss the charges against them, allowing the lawsuit to move forward. A bellwether trial is a sort of test case that is used to shape the process for similar cases.
While the landmark tobacco litigation of the 1990s only targeted the cigarette makers, legal analysts say Florida and other plaintiffs in the case are targeting the distributors and pharmacies, in part, because they have deep pockets.
Florida's complaint specifically notes that all together, "the distributor defendants generated revenue of more than $750 billion in 2017."
"If you look at CVS' annual revenues and Walgreens annual revenues — they're over $100 billion a year. If you look at Purdue's annual revenue, that's the main manufacturer, they're only the 30s," said Gluck. "So [the attorneys general] are also thinking about who can afford to pay these settlements. You want to bring in the big guns."
It took the better part of a decade to reach the $200 billion master settlement agreement in the 1990s tobacco lawsuits. Polster is pushing to reach a global settlement in the opioid cases much sooner than that, within several months rather than years.