The Next ETF Era Begins with Payments

After Solana and Hedera, another digital-asset ETF has arrived and it targets global money movement.

Ohio Supreme Court sides with pharmacies in appeal of $650 million opioid judgment

JULIE CARR SMYTH
December 10, 2024

COLUMBUS, Ohio (AP) -- The Ohio Supreme Court ruled Tuesday that the state's product liability law prohibits counties from bringing public nuisance claims against national pharmaceutical chains as they did as part of national opioid litigation, a decision that could overturn a $650 million judgment against the pharmacies.

An attorney for the counties called the decision "devastating."

Justices were largely unanimous in their interpretation of an arcane disagreement over the state law, which had emerged in a lawsuit brought by Lake and Trumbull counties outside Cleveland against CVS, Walgreens and Walmart.

The counties won their initial lawsuit -- and were awarded $650 million in damages by a federal judge in 2022 -- but the pharmacies had disputed the court's reading of the Ohio Product Liability Act, which they said protected them from such sanctions.

In an opinion written by Justice Joseph Deters, the court found that Ohio state lawmakers intended the law to prevent "all common law product liability causes of action" -- even if they don't seek compensatory damages but merely "equitable relief" for the communities.

"The plain language of the OPLA abrogates product-liability claims, including product-related public-nuisance claims seeking equitable relief," he wrote. "We are constrained to interpret the statute as written, not according to our own personal policy preferences."

Two of the Republican-dominated court's Democratic justices disagreed on that one point, while concurring on the rest of the judgment.

"Any award to abate a public nuisance like the opioid epidemic would certainly be substantial in size and scope, given that the claimed nuisance is both long-lasting and widespread," Justice Melody Stewart wrote in an opinion joined by Justice Michael Donnelly. "But just because an abatement award is of substantial size and scope does not mean it transforms it into a compensatory-damages award."

In a statement, the plaintiffs' co-liaison counsel in the national opioid litigation, Peter Weinberger, of the Cleveland-based law firm Spangenberg Shibley & Liber, lamented the decision.

"This ruling will have a devastating impact on communities and their ability to police corporate misconduct," he said. "We have used public nuisance claims across the country to obtain nearly $60 billion in opioid settlements, including nearly $1 billion in Ohio alone, and the Ohio Supreme Court's ruling undermines the very legal basis that drove this result."

But Weinberger said Tuesday's ruling would not be the end, and that communities would continue to fight "through other legal avenues."

"We remain steadfast in our commitment to holding all responsible parties to account as this litigation continues nationwide," he said.

In his 2022 ruling, U.S. District Judge Dan Polster said that the money awarded to Lake and Trump counties would be used to the fight the opioid crisis. Attorneys at the time put the total price tag at $3.3 billion for the damage done.

Lake County was to receive $306 million over 15 years. Trumbull County was to receive $344 million over the same period. Nearly $87 million was to be paid immediately to cover the first two years of payments.

A jury returned a verdict in favor of the counties in November 2021, after a six-week trial. It was then left to the judge to decide how much the counties should receive. He heard testimony the next May to determine damages.

The counties convinced the jury that the pharmacies played an outsized role in creating a public nuisance in the way they dispensed pain medication. It was the first time pharmacy companies completed a trial to defend themselves in a drug crisis that has killed a half-million Americans since 1999.

Continue Reading...

Popular

Marjorie Taylor Greene Goes Bargain Shopping, Discloses Buying These Two Stocks At 52-Week Lows

Congresswoman Marjorie Taylor Greene disclosed some new stocks recently. Unlike past trades in 2024 and 2025, the latest disclosure is rather unique.

Trump attacks ABC News correspondent Mary Bruce in angry response to three sharp questions

NEW YORK (AP) — President Donald Trump denounced ABC News' Mary Bruce as a “terrible reporter” Tuesday and threatened the network's license to broadcast after she asked him three sharp questions at the White House.

The Next Biggest Bull Run In Over 50 Years - Ad

Gold has hit all-time highs, breaking $4,000 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Venmo users have trouble sending and receiving money amid service outage

Users of the payment app Venmo experienced trouble sending and receiving money on Wednesday amid widespread social media posts about service issues.

Trump Withdraws Support For 'Wacky' Marjorie Taylor Greene In Sudden, Fiery Split: 'I Can't Take...'

President Donald Trump said he is withdrawing his endorsement of longtime ally Rep. Marjorie Taylor Greene — here's what happened.

Real-Time Finance Hits Wall Street - Ad

A new ETF built for the payments revolution is now trading. Seconds-level settlement and a 0.50% fee* make it one of the cleanest structures yet.

Scaramucci Says This One US Mistake Helped China Become a Manufacturing Superpower

Anthony Scaramucci recently highlighted what he considers a significant error by the US that enabled China to ascend as a manufacturing superpower.

Trump 'Very Seriously' Considering Australian Retirement Savings System For US Working People: 'It's A Good Plan'

President Donald Trump has revealed that his administration is actively exploring the possibility of implementing a retirement savings system similar to Australia's in the United States.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

AI, electrification, battery storage, and data centers are pushing copper and silver demand sharply higher, even as supply stays tight. This region in Nevada offers rare multi-metal potential, and a new company has secured land in a district the surging district. It's one of the cleanest timing setups in the sector right now.

Iran confirms seizure of oil tanker in the Strait of Hormuz

TEHRAN, Iran (AP) — Iran on Saturday confirmed as it traveled through the narrow Strait of Hormuz over violations including carrying an illegal consignment, state media reported.

Nvidia, Dell, Coinbase, Gorilla Technology And Archer Aviation: Why These 5 Stocks Are On Investors' Radars Today

U.S. stocks closed lower on Monday, with the Dow slipping 1.2% to 46,590.24, the S&P 500 easing 0.92% to 6,672.41, and the Nasdaq dipping 0.84% to 22,708.07. These are the top stocks that gained the attention of retail traders and investors through the day:

The Repeatable Strategy Behind 20+ Early Memecoin Wins (Revealed) - Ad

Few analysts have been able to consistently spot strong memecoin setups, but our team has developed a repeatable framework that has helped them identify high-momentum plays early. Now they've uncovered a new project showing similar characteristics, and they want you to see the full breakdown yourself.

Barrick's Breakup Rumors, North America Versus The World

Barrick Mining (NYSE: B) may split into two companies, one focused on North America and another on Africa and Asia.

Here's why everyone's talking about a 'K-shaped' economy

WASHINGTON (AP) — From corporate executives to Wall Street analysts to Federal Reserve officials, references to the “K-shaped economy” are rapidly proliferating.

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

What to know about the apartment tower fire in Hong Kong

HONG KONG (AP) — Hong Kong firefighters were making a final push to try and find any survivors from the city's , going apartment-to-apartment in the high-rise complex in an exhaustive search.

The Smart Money Copper Trade - Ad

Quebec discovery. Strong grades. Roads and hydro in place. Funding secured for a busy drill calendar. Each assay can build scale and tighten the window for early entries as EVs and data centers pull harder on copper. Do not wait.

Why Is Sigma Lithium Stock Gaining Friday?

Sigma Lithium posts Q3 revenue of $28.5M, EPS loss narrows to 10 cents, as sales volumes rise 21% and lithium prices jump 33% Q/Q.

Scrapyard workers recount horrific scene after UPS plane crash destroyed their Kentucky business

LOUISVILLE, Ky. (AP) — Supervisor Adam Bowman was loading metal onto a truck at a scrapyard just south of the Louisville, Kentucky, airport when he heard what he first thought was a transformer explosion and quickly realized was more horrific.

They've Done It 20+ Times-Now They've Found a New Memecoin to Watch - Ad

Our analysts have built one of the most reliable track records in the memecoin space by recognizing early momentum signals many traders overlook. Their newest pick shows several of the same early indicators found in past standout performers. Get the details before this story spreads.

Meta Allegedly Concealed Evidence Of Social Media Harm, According To Court Filings: Report

Meta Platforms Inc. allegedly hid evidence of social media harm by shutting down a study on Facebook and Instagram's impact on mental health.

$270,000 Drug. One Competitor. Billion-Dollar Market. - Ad

Phase 3 trial targets recurrent pericarditis with an oral therapy that could disrupt the only approved treatment. And their heart failure program launches in 2026.

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

Sweden promises action against illegal sex doll sales

BERLIN (AP) — The Swedish government promised on Friday to fight the sale of childlike sex dolls online after instances of such commerce had been reported earlier in the country.

What's Going On With Home Depot Shares Monday?

Home Depot, Inc. (NYSE:HD) shares are bouncing around Monday ahead of earnings later this week. Here's what you need to know.

The Next ETF Era Begins with Payments - Ad

After Solana and Hedera, another digital-asset ETF has arrived and it targets global money movement.

Latest opioid settlement plan with OxyContin maker Purdue and Sackler family getting few objections

NEW YORK (AP) — Lawyers representing OxyContin maker Purdue Pharma, branches of the Sackler family that own it, cities, states, counties, Native American tribes, people with addiction and others across the U.S. are expected to deliver a nearly unanimous message for a bankruptcy court judge Friday: Approve a plan to settle thousands of opioid-related lawsuits against the company.

Elizabeth Warren Warns Trump Making A 'Tremendous Mistake' By Selling Federal Student Loans To Wall Street: 'I'm Fighting Back'

Sen. Elizabeth Warren (D-Mass.) criticized President Donald Trump's plans to sell federal student loans to private companies, warning that the move could create windfall gains for Wall Street, at the expense of taxpayers and average working Americans.

The Next Biggest Bull Run In Over 50 Years - Ad

Gold has hit all-time highs, breaking $4,000 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

Trump Hints At Tax Cut, John Bolton Warns Of Peace Prize Ambitions And More: This Week in Politics

Trump hints at major income tax cuts, while political tensions rise over military orders, Russia policy, and government shutdown threats.

Nvidia, Palo Alto, Coreweave, Broadcom And AMD: Why These 5 Stocks Are On Investors' Radars Today

U.S. stocks advanced on Wednesday as Nvidia's results reignited enthusiasm for AI plays. The Nasdaq climbed 0.59% to 22,564.22.

Real-Time Finance Hits Wall Street - Ad

A new ETF built for the payments revolution is now trading. Seconds-level settlement and a 0.50% fee* make it one of the cleanest structures yet.

Donald Trump Administration's Unprecedented Investment In Private Firms Raises Eyebrows

President Trump administration has invested over $10 billion of taxpayer funds in private companies deemed crucial to national security.

IRS boosts contribution limits for 401(k) retirement plan savers

Americans will be allowed to contribute more of their money to 401(k) and similar retirement saving plans next year.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

AI, electrification, battery storage, and data centers are pushing copper and silver demand sharply higher, even as supply stays tight. This region in Nevada offers rare multi-metal potential, and a new company has secured land in a district the surging district. It's one of the cleanest timing setups in the sector right now.

Meta alerts young Australians to download their data before a social media ban

MELBOURNE, Australia (AP) — Technology giant on Thursday began sending thousands of young Australians a two-week warning to downland their digital histories and delete their accounts from Facebook, Instagram and Threads before a world-first on accounts of children younger than 16 takes effect.

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright technicaltrading.org
Privacy Policy | Terms of Service