Your Daily Dose of Financial News

Demolition of an old house

OxyContin maker Purdue Pharm is prepping for a possible bankruptcy filing “as it seeks to contain liability from hundreds of lawsuits alleging it fueled the nation’s opioid epidemic.” Officially, the company went on the record saying it has “ample liquidity” – WSJ and Bloomberg and MarketWatch

San Francisco federal judge Charles Breyer took the rare step yesterday of kicking the market manipulation case against a former Barclays Forex trader mid-trial, after the prosecution rested but before the jury rendered a verdict, “a decision that will prevent federal prosecutors from filing an appeal” – NYTimes and Law360

Meanwhile, across the pond, the UK’s Serious Fraud Office wrapped up its case with closing arguments against three former Barclays traders “on trial for allegedly rigging a key European interest rate benchmark,” in which prosecutors asserted that the traders “used the bank’s ‘privileged position’ to make money for its swaps traders” – Law360

Incarcerated since late November, former Nissan auto exec Carlos Ghosn finally managed to convince a Japanese court to release him on bail yesterday. The court set bail at $9 million, but Ghosn remains jailed because of an appeal from the prosecutor’s office – NYTimes and WSJ and Bloomberg

An update on the state of Meng Wanzhou, the Huawei executive (and founder’s daughter) out on bail in Canada while awaiting potential extradition to the United States on fraud charges – NYTimes

With Huawei in mind, let’s consider Bloomberg’s take on the reports that the US and China are nearing a trade deal—specifically, the position that such a deal wouldn’t end the larger trade war between the two countries – Bloomberg

Fidelity Investments is facing “more scrutiny over fees in charges some mutual funds for using its platform to access retirement plan customers”—this time at the hands of Massachusetts Secretary of the Commonwealth – Bloomberg

Corelle Brands—the owner of Pyrex, CorningWare, and other major brands—is adding Instant Brands, the maker of the Instant Pot sensation, to its stable – NYTimes

AT&T, which has been throwing around its weight in the past week as part of its $85.4 billion acquisition of Time Warner, has pushed out HBO chief exec Richard Plepler and taken on former NBC and Showtime exec Robert Greenblatt to head up HBO, cable channels, and Warner Media’s planned streaming service – NYTimes and WSJ

A bit of 80s power ballad mixed with a tribute to a Canadian comic legend? Works for me, thank you – Twitter


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