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Victims of opioid crisis confront owners of OxyContin maker Purdue Pharma | CNN

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Victims of opioid abuse and their households on Thursday confronted family members behind OxyContin maker Purdue Pharma, recounting their immeasurable loss and ache attributable to the extremely addictive painkillers.

The emotional listening to got here in the future after a US chapter decide authorized a settlement that requires Purdue Pharma and the Sackler households to pay out as a lot as $6 billion to states, particular person claimants and for opioid disaster abatement.

“I’m outraged that you simply haven’t owned as much as the disaster that you simply’ve created,” stated Kay Scarpone, whose son, Joseph Scarpone, a former Marine, was misplaced to habit when he was 25.

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The 26 audio system on the Zoom listening to got here from 19 states, legal professional Arik Preis stated within the court docket.

“You’ll be judged by better powers than this justice system and this chapter court docket,” stated Ryan Hampton, who has been in restoration from a decade-long opioid habit.

“Irrespective of how a lot cash you pay in a settlement or what number of hundreds of thousands your loved ones has spent on their popularity, the legacy of the Sackler household can by no means be modified. You’ll be remembered as what you might be for destroying generations of promise.”

Kristy Nelson performed a recording of the harrowing 911 name she made when she discovered her son useless in his room after an overdose in 2009.

Nelson known as Dr. Richard Sackler – who was a director, co-chairman and president of Purdue Pharma at instances between 1990 via 2018 – the scum of the earth.

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“You and your loved ones are not any higher than the heroin sellers on the road nook. The one distinction is you put on a go well with and tie, and deal your heroin in a tablet out of your fancy high-rise places of work or your mansions all through the world,” Nelson stated.

Wendy Olsen, a Wisconsin resident, spoke about her aged father’s habit to Oxycontin after surgical procedure at a hospital – an habit he’s struggled to shake regardless of being a medical physician and a retired US Military veteran.

“It’s essential to me that our testimonial turns into public information to emphasise the truth that this evil tablet conquered not solely a US Military veteran, however a medical physician who was woefully unarmed to guard himself,” Olsen stated.

“He’s proud to inform me simply yesterday that the drug reps tried pushing Oxycontin on his pediatric observe within the 90s. However he refused. A minimum of then he refused. That’s how depraved and highly effective your merchandise’ maintain was … Sackler (household), on every certainly one of us, it doesn’t matter what standing, class or rank.”

Olsen’s son, Danny, briefly gave his perspective on caring for his 88-year-old grandfather.

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“What number of grandkids have you learnt have handled a beloved grandparent in withdrawal?” he requested.

Members of the Sackler households have been required to attend the digital listening to. They weren’t allowed to reply when typically offended and tearful households spoke of shattered lives, suicides, careers misplaced, and the haunting cry of a new child in withdrawal.

When the listening to began Thursday morning, the decide affirmed that David Sackler and Theresa Sackler have been on the video convention, with Richard Sackler on the cellphone and watching the video.

The brand new settlement, reached earlier this month after eight states and the District of Columbia appealed a earlier deal, doesn’t present safety to the Sackler households from any prison legal responsibility.

“No settlement will ever come near addressing the magnitude of struggling and hurt attributable to Purdue and the Sackler household,” Connecticut Legal professional Common William Tong stated in a press release Wednesday.

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“However in reaching this $6 billion settlement we acknowledged that we couldn’t stall this course of perpetually for victims and our sister states.”

Tong stated Thursday’s listening to will give “victims and survivors the chance to talk on to the Sacklers and share the injury and destruction they’ve brought on.”

“We aren’t accomplished combating for justice in opposition to the habit trade,” Tong stated.

As a part of the deal, the Sackler households will permit any establishment or group nationwide to take away the Sackler identify from bodily amenities and tutorial, medical, and cultural packages, scholarships and endowments as long as the Sacklers are notified first and public statements saying the identify elimination don’t “disparage” the household.

In a pre-drafted assertion, the Sackler households stated they have been “happy to have reached a settlement with extra states that can permit very substantial extra sources to achieve folks and communities in want.”

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“The households have constantly affirmed that settlement is by far the easiest way to assist resolve a severe and complicated public well being disaster. Whereas the households have acted lawfully in all respects, they sincerely remorse that OxyContin, a prescription medication that continues to assist folks affected by persistent ache, unexpectedly grew to become a part of an opioid disaster that has introduced grief and loss to far too many households and communities,” it added.

In a press release to CNN final week, Purdue Pharma additionally stated they have been happy with the settlement.

US Chapter Decide Robert Drain tentatively authorized a $6 billion settlement reached final week between Purdue Pharma and the Sackler households with eight states and the District of Columbia.

Drain learn his choice Wednesday throughout a listening to to approve the events’ movement to approve the settlement phrases.

That is an incremental step however there is no such thing as a set finish date for Purdue Pharma’s chapter case.

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The last word decision is contingent on the conclusion of the case that also hinges largely on a battle over broad legal responsibility safety for the Sacklers and entities associated to the Sacklers and Purdue Pharma included within the final model of the reorganization plan overturned by a decide. That problem and others nonetheless should be litigated.

CLARIFICATION: This story has been up to date to clarify that Sackler relations may nonetheless be topic to prison legal responsibility.

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Iran begins funeral procession for president after helicopter crash

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Iran begins funeral procession for president after helicopter crash

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Iran has begun a three-day funeral procession for late president Ebrahim Raisi, who died in a helicopter crash at the weekend, as the country’s leaders sought to project stability following the disaster.

Large crowds gathered as the procession started on Tuesday in the north-western city of Tabriz, the largest city near the site of the crash, which took place in a remote and mountainous region where rescue teams took about 20 hours to find Raisi’s body.

Also among the eight victims was the country’s foreign minister, Hossein Amirabdollahian.

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Raisi’s body will be transported from Tabriz to the holy city of Qom, the base for senior Shia Muslim clergy, on Tuesday, before being taken to Tehran. The government has declared a public holiday on Wednesday for the ceremony in the capital. 

“Iran will create another historic epic in the funeral,” said Interior Minister Ahmad Vahidi on Tuesday. “There will be no disruption in the country’s affairs with the martyrdom of the revered president.” 

Iran’s Supreme Leader, Ayatollah Ali Khamenei, will lead the religious ceremony in Tehran on Wednesday before Raisi’s body is taken to his home area, the Khorassan region in the north-east.

The late president will then be buried on Thursday in the holy city of Mashhad, where the eighth Imam of Shia Muslims, Reza, is interred — the largest pilgrimage destination in the country.

Shia Muslims mark Raisi’s passing on Tuesday © Tauseef Mustafa/AFP/Getty Images

In keeping with Iran’s constitution, Khamenei has appointed first vice-president Mohammad Mokhber as the head of the executive branch until elections are held on June 28.

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Presidential candidates will begin registering next Tuesday, and those who pass the strict vetting process will be allowed to campaign for two weeks before polling day.

Mokhber’s major decisions will be made in co-ordination with the heads of parliament and the judiciary until a new president is elected. The judiciary has warned Iranians that any “spread of lies” or “insults” about Raisi and his death will be dealt with severely. 

Meanwhile, the new Assembly of Experts, which will be responsible for appointing the next leader when Khamenei dies, held a previously scheduled meeting on Tuesday.

Raisi — elected one more time for the assembly in the March election — was considered a strong candidate to become the assembly’s new head and potentially the next supreme leader.

The clerical members elected Mohammad-Ali Movahedi Kermani, a senior conservative cleric, as the body’s new head for the next two years.

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The death of Raisi, 63, has come at a difficult time for Iran. The economy is struggling in the face of US sanctions, while the country is part of heightened tensions in the Middle East. A years-long shadow war between Iran and Israel has burst into the open following Hamas’s October 7 attack on Israel.

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One voted Biden. One picked Trump. It's a tale of two counties in pivotal Wisconsin

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One voted Biden. One picked Trump. It's a tale of two counties in pivotal Wisconsin

Located less than an hour outside Madison, Wisc., Columbia county has both city commuters and people in more rural, small towns. Portage, with a population of around 10,000, is the largest town in the county.

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Located less than an hour outside Madison, Wisc., Columbia county has both city commuters and people in more rural, small towns. Portage, with a population of around 10,000, is the largest town in the county.

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On a recent Tuesday morning in Portage, Wis., Sharon Wade tended to her craft and antique furnishing shop. Standing in front of a wall lined with color-coded paints, she helped a friend find the correct tools to spruce up an old dresser.

“You’re going to be fine, Sandy! I promise you,” Wade laughed, as she unwrapped a new paintbrush. “You know you can call me if you need to.”

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Her store sits within Columbia County, a county less than an hour outside of Madison. Despite some loyal customers, Wade said business has slowed over the past year.

“It’s been difficult to see people come in, that were regulars before that bought, and now they just come in to look,” she said, addressing rising prices in town. “I don’t blame them, you get in that situation where you have to buy things that you need, not necessarily what you want.”

Protecting her business drives her vote. After supporting former President Barack Obama in both 2008 and 2012, she then backed former President Donald Trump twice in 2016 and 2020. Now, she plans to vote for President Biden, arguing Trump’s legal woes are a deal breaker for her.

Sharon Wade runs a store in downtown Portage, Wisc., that specializes in antique and vintage furnishings, and handcrafted gifts.

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Sharon Wade runs a store in downtown Portage, Wisc., that specializes in antique and vintage furnishings, and handcrafted gifts.

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“I just feel like there’s so much going on with his life that how can he focus on our country,” she said. “We need someone who’s going to be dedicated to what’s happening for us.”

Wade’s voting history mirrors Columbia County – known as a pivot county – one of several in the state that voted twice for Obama and then flipped to Trump in 2016.

In 2020, Trump won Columbia by just under two percentage points. But in neighboring Sauk County, he lost by about the same margin.

Both counties – made up of mid-size towns and rural areas outside the capital city – may be potential indicators of which candidate could win the state this year. But less than six months out, many voters remain divided and polarized, leaving little room for outliers to make up their minds.

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Jen Gamblethomas sat in a coffee shop in Baraboo, the largest town in Sauk County.

“I think that everybody that I know knows who they’re voting for,” said Gamblethomas, a Democrat who works with a local veterinarian in town.

“People have solidified what their values are and what they’d like to see happen,” she added. “I think everybody’s holding true to where they stand.”

Mark Kolloway sat a few tables away from Gamblethomas. The real estate investor supports Trump and actually moved from Illinois to Wisconsin in part because of the split nature of the state.

“I like the fairness of it,” he said. “At least here, it’s a flip of a coin.”

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A statewide ground game

Both the Biden and Trump teams are working alongside the state-wide parties to put staff on the ground in Wisconsin. But in a state that Biden won by just under 21,000 votes four years ago and Trump carried in 2016 by nearly the same margin, its political nature is not lost on either party.

“Wisconsin is the land of the nail-biter,” explained Ben Wikler, the chair of the state’s Democratic Party.

Wikler has seen the state through a series of major wins, including Biden’s victory in 2020. And he’s keen on delivering Biden’s message this year with what he’s calling “surround sound,” with both in-person and online outreach.

“Regardless of who’s going to win in a county and by how much, the real question is how many voters are out there that we have not connected with yet,” he said. “That is work that we can only really do by showing up and talking to people and meeting them where they are and listening to them. And you have to do that far out from Election Day.”

Brian Schimming, the chair of the Wisconsin Republican Party, said pivot counties like Columbia and Sauk are his party’s targets this year. Like Democrats, he’s keen on reaching out to new and nonvoters who could make a difference in a competitive county and state. That said, first-time voters in Wisconsin overwhelmingly voted for Biden four years ago – aligning with national trends.

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“It’s a major – if not the major opportunity for us,” he explained. “If I can get them to vote early, that is also good. So we’re trying some things around here that might not necessarily be expected of Republicans.”

Schimming’s emphasis on early voting is a shift that the RNC has taken over the past year, a notable move given Trump’s previous comments disparaging it, though Trump has recently pivoted on the subject and begun promoting early voting on social media.

“If I’m able to go talk… five, eight, 10% of Republicans in this state [into] voting early – like up to two weeks early,” Schimming explained, “I can then take the resources I save because I got those people to go vote and spend them on those swing voters or the new voters.”

Local organizers are pushing the issues

A plastic Christmas tree standing at least 10 feet tall and decked out with red, white and blue ornaments graces the front entrance of a repurposed bank in Rock Springs, Wisc., population 300. The walls are lined with campaign posters, and a sign reading “God Bless America” is hung on the original, heavy bank vault door.

The bank serves as the headquarters for the Republican Party of Sauk County, which has made it a tradition to gather every Thursday at 9 am for coffee.

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A family member of the Republican Party of Sauk County offered up the refurbished bank in Rock Springs to serve as the group’s headquarters.

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A family member of the Republican Party of Sauk County offered up the refurbished bank in Rock Springs to serve as the group’s headquarters.

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“Sauk County is a national bellwether,” said County Chairman Jerry Helmer as a dozen people sat around tables in the bank. “It’s not red, it’s not blue, it’s purple.”

Sauk has been somewhat of a bellwether since 2008, correctly voting for the winning presidential candidate since President Obama’s first run.

“I see that the Republicans are more excited and more wound up than I have ever seen them,” he added.

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Members of the group said the election is in part a referendum on Biden’s policies, notably his handling of issues like immigration and the economy, topics the county party brings up with voters.

“People now have seen the alternative. They’ve seen what Biden has done. They’ve seen what the Democrats are doing. They’ve seen the impact,” said member Gordon Statz.

“To me, Joe Biden is doing more campaigning for Trump than Trump is for himself,” he added.

Gordon Statz, a retired quality manager at an automotive company, is the treasurer of the Republican Party of Sauk County. He said he feels optimistic about former President Trump’s chances this fall.

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Gordon Statz, a retired quality manager at an automotive company, is the treasurer of the Republican Party of Sauk County. He said he feels optimistic about former President Trump’s chances this fall.

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Democrats in the county say they too know the stakes. When organizer Judy Brey goes out canvassing, she hears many of the same issues from voters that the Republican organizers also raised.

“The border and immigration and cost of living. Over and over and over again,” she said, sipping coffee around a table with a few members of the Sauk County Democrats. “They say our president is doing nothing about it. I’m not going to vote for him.”

“But that’s what our job is,” Susan Knower, the chair of the group, cut in. “Those low-information voters, those are the ones that we have to make sure that we’re contacting,” she added.

The group said they’re hoping to engage with voters over a handful of top issues, notably protecting access to abortion — a topic that Knower argued can bring in more women and younger voters.

Democrats have been successful in highlighting the issue in recent off-year elections. Just last spring Wisconsin voters turned out in record numbers for a state supreme court race where safeguarding reproductive rights was a top priority of the winning candidate.

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That said, Knower is worried about low levels of Democratic enthusiasm. Though she doesn’t expect large swaths of Sauk voters to flip to Trump, she’s concerned that Biden’s record has not resonated with his potential supporters.

Susan Knower, the chair of the Democratic Party of Sauk County, said the party needs to engage with voters around protecting abortion access and make a concerted effort to highlight President Biden’s policy wins.

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Susan Knower, the chair of the Democratic Party of Sauk County, said the party needs to engage with voters around protecting abortion access and make a concerted effort to highlight President Biden’s policy wins.

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“People don’t know that,” she explained, pointing to the president’s infrastructure bill and his work capping drug prices.

“Also if you’re not thrilled about Biden, you will be way less thrilled about another Trump administration,” she added. “And so you cannot sit home. And that’s got to be our message.”

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Uncertain voters in an uncertain county

Politics was not on Marissa Flick’s mind while she ate lunch with her family at a diner in Baraboo. Sitting there with her 18-month-old son, she laughed off the idea of another Biden-Trump rematch.

“I’m not voting for that reason alone,” Flick said, who also works as a caretaker for her sister. “I feel like there shouldn’t be 80-year-old men running our country.”

Flick explained her mother advised her to vote for Biden in the 2020 race. This time, despite taking issue with some of Trump’s rhetoric, particularly on immigration, she feels disconnected from the whole race.

“I don’t really know what to look for,” she said. “Every time you see a video of someone, they’re always just bashing the other side, not saying … what they’re going to do to make the country better.”

The door isn’t fully closed, Flick said, explaining if someone provided her with good enough reasons, she would consider backing Biden again.

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Kathleen Jahn, an artist in Portage who specializes in watercolor and pastel painting, said she’s not sure who she’ll vote for this election cycle.

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Kathleen Jahn, an artist in Portage who specializes in watercolor and pastel painting, said she’s not sure who she’ll vote for this election cycle.

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Back in Columbia County, local artist Kathleen Jahn is manning an art market in downtown Portage.

“Nobody’s grabbing my heart,” she said, standing near her section of the store which featured knitted items and framed watercolor paintings.

Despite supporting some of Trump’s policies, Jahn doesn’t trust him anymore. At the same time, she isn’t fully sold on Biden.

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“He’s got a lot of good ideas. And he wants to help a lot of the people. But I think sometimes he’s not doing it in the correct way,” she said.

As a swing voter in a swing county in a swing state, she has a rule.

“I personally, when I get together with people, say we’re here to enjoy ourselves. We will not talk about politics or religion,” she explained, letting out a laugh as she added, “Sorry!”

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Corporate Japan’s $77bn in property gains offer target for activists

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Corporate Japan’s $77bn in property gains offer target for activists

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Japanese companies outside the real estate sector generated more than $77bn in paper profits last year from their non-core property portfolios, increasing pressure on them as investors demand asset sales to unlock value. 

The paper profits were spread across more than 250 companies in industries ranging from food production and glass manufacturing to advertising and financial services — many of them businesses that built property empires in the 1980s and have never needed to sell them.

The calculation of their 2023 gains by analysts at Goldman Sachs has emerged ahead of the June annual meeting season — the 10-day stint at the end of next month during which more than 2,000 listed companies meet shareholders.

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Legal and banking advisers said the season would probably generate more friction than previous years, in part because of pressure on companies from the Tokyo Stock Exchange to focus on capital efficiency and valuations.

The glut of unrealised property gains last year follows 10 years in which prices of Japanese commercial property and condominiums have risen, and where, unlike London, New York and Hong Kong, remote working has not taken hold and Tokyo office vacancies remain low post-pandemic.

Actual real estate companies, such as Mitsubishi Estate and Tokyo Tatemono, have performed strongly, with shares for the sector up more than 20 per cent since January.

But Goldman’s Japan equity strategist, Bruce Kirk, said companies were under pressure from shareholders to justify their non-core businesses, and the vast property portfolios looked anomalous. 

Bankers who have advised Japanese companies on dealing with activists said that where investors once saw the property portfolios as a peculiarity, their existence now painted a target on companies and made them vulnerable to shareholder campaigns.

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Goldman’s report focused on about 250 companies in the Topix index that were not real estate specialists but had business segments operating their real estate assets. 

Accounting changes made in 2010 obliged companies to disclose the book value of properties held for investment or rental, along with an estimate of market value. The difference between those two figures produces an annual reckoning of unrealised gains or losses on the property, which in many cases is office space.

Between them, those companies declared $77bn of paper gains in 2023 — not far off the $89bn of paper gains declared by the Japanese real estate industry itself.

Recent high-profile activist fund engagements with Japanese companies, including Elliott Management’s tussle with Dai Nippon Printing, have focused on non-core property assets.

“The potential value unlock from undervalued non-core real estate provides investors with yet another pressure point to focus on during their discussions with Japanese corporate management,” said Kirk.

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He added there was likely to be some debate around the definition of core versus non-core, and his screening of companies with large non-core real estate portfolios deliberately omitted Japan’s railway companies, which hold significant properties around their stations.

“The corporate governance momentum is definitely on the side of investors at the moment,” said Kirk. “This could encourage a lot more scrutiny of the reasons why non-real estate companies have such extensive portfolios of real estate assets during this year’s AGM season.”

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