Purdue Pharma Creditors Coming for the Sacklers

Purdue Pharma’s creditors will sue members of the Sackler family. Creditors claims say the Sacklers moved billions of dollars into offshore trusts improperly.

Last month, the Supreme Court canceled a $6 billion bankruptcy settlement. The settlement aimed to resolve claims related to the opioid crisis. The Supreme Court’s decision has revived the legal struggle of the Sackler family.

Purdue Pharma voiced support for the creditors' lawsuit. They filed in the New York bankruptcy court. The official committee of unsecured creditors also asked the court for permission to sue.

The outcome may hold the Sackler family accountable for their actions.

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Consumer Credit Surges

In May, total consumer credit increased by $11.3 billion, surpassing the $8 billion expected by economists. This rise follows a $6.5 billion gain in the previous month.

Credit card debt, soared by a 6.3% annual rate. Auto and student loans, grew by a 1.4% rate, showing less volatility.

The Atlanta Fed’s GDPNow gauge projects a 1.5% growth rate for the second quarter. This is down from earlier estimates above 3%.

In the first quarter, the economy grew at a 1.4% rate.

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Boeing to Plead Guilty Over 737 Max Crashes

Boeing will plead guilty to fraud conspiracy for deceiving the FAA about the 737 Max, which led to two crashes in 2018 and 2019. These crashes killed 346 people.

The plea deal requires Boeing to pay $243.6 million in fines. The company must also invest $455 million in safety and compliance improvements.

Families of the victims oppose the deal. They seek a public trial to uncover the full extent of Boeing's misconduct.

Boeing's criminal conviction could affect its government contracts, but they are negotiating to mitigate this risk. A federal judge will decide whether to accept the plea deal by July 19.

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NASA Completes Yearlong Mars Habitat Simulation on Earth

Four NASA volunteers,Kelly Haston, Anca Selariu, Ross Brockwell, and Nathan Jones, lived in a simulated 3-D printed Mars habitat for 378.

They emerged from the Johnson Space Center in Houston this weekend. The mission aimed to study conditions for future Mars operations.

The focus areas of the study were simulated spacewalks, growing vegetables, resource management, and communication delays.

Two more missions like this are planned for the coming years.

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