liabilities News

Department Store Century 21 Shutting Down, Blames Insurers

Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic. The retailer will hold going out of …

Baupost Collects $3 Billion Wagering on PG&E’s Wildfire Claims

Baupost Group, the hedge fund run by Seth Klarman, received more than $3 billion in July from its bet on insurance claims against PG&E Corp. connected to a series of deadly California wildfires, according to people with knowledge of the …

Supreme Court Rejects Arizona Opioid Case Against Purdue, Sackler Family

The U.S. Supreme Court on Monday turned away a novel case by Arizona seeking to recover billions of dollars that the state has said that members of the Sackler family — owners of Purdue Pharma LP — funneled out of …

PG&E Faces Strict Probation Judge After Massive Kincade Fire

For the first time since a fire last month scorched 77,758 acres of northern California, PG&E Corp. returns to the courtroom of the judge whose personal crusade is to “reduce to zero” the number of wildfires caused by the utility’s …

One Wildfire Metric Threatens to Upend PG&E’s Restructuring Plan

PG&E Corp. investors looking to learn their fate may not get the answer from the bankrupt power company. Instead, the key data point could pop up within days on the website of California’s forestry service. That’s where firefighters are tracking …

California Blackouts Spread South as Fire Risk Follows the Wind

Even as winds subside in Northern California and PG&E Corp. prepares to restore electricity, blackouts are spreading south in a massive effort to keep falling power lines from igniting , . More than half a million people across the state …

J&J Recalls Lot of Baby Powder After Asbestos Trace Found

Johnson & Johnson is recalling one lot of its Johnson’s Baby Powder after tiny amounts of asbestos contamination were found in samples from a single bottle purchased online. J&J is voluntarily recalling the lot, #22318RB, and encouraging people who bought …

Philadelphia Energy Solutions Files for Bankruptcy after Refinery Fire

Philadelphia Energy Solutions (PES) filed for Chapter 11 bankruptcy protection, the company said on Monday, its second such filing in less than two years, after a fire last month prompted it to close the largest refinery on the U.S. East …

PG&E’s Power Suppliers Lose Contract Fight in Bankruptcy Court

The power generators that supply bankrupt utility giant PG&E Corp. were dealt a major blow as a judge ruled that federal regulators can’t keep their supply contracts from getting killed. Power giants including NextEra Energy Inc. and Exelon Corp. had …

GlaxoSmithKline Agrees to $3B Settlement with U.S.

GlaxoSmithKline PLC has agreed in principle with the U.S. government on a $3 billion settlement of investigations into the company’s sales and marketing practices, the drug maker said Thursday. The agreement is expected to be completed next year, and the …