He earned a master’s degree in philosophy from Cambridge University in 1976 and a law degree from Georgetown in 1979. He then clerked for Lawrence A. Whipple, a U.S. District Court judge in New Jersey.

Mr. Hanly’s marriage in the mid-1980s to Joyce Roquemore ended in divorce. He is survived by two sons, Paul J. Hanly III and Burton J. Hanly; a daughter, Edith D. Hanly; a brother, John K. Hanly; and a sister, Margo Mullady.

He began his legal career as a national trial counsel and settlement counsel to Turner & Newall, a British asbestos company, one of the world’s largest, in its product-liability cases. The company was purchased by an American firm, Federal-Mogul, in 1998, after which it was overwhelmed with asbestos claims and filed for bankruptcy in 2001.

Mr. Hanly and Ms. Conroy spent much of their time steeped in negotiations with plaintiffs’ lawyers. They soon switched to representing plaintiffs themselves.

“We recognized over time that that was more important to us,” Ms. Conroy said, “to make sure victims were compensated for what happened.”

Jan Hoffman contributed reporting.

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Biden Dips Into U.S. Vaccine Supply to Send 20 Million Doses Abroad

WASHINGTON — President Biden, heeding widespread calls to step up his response to the pandemic’s surge abroad, said on Monday that his administration would send 20 million doses of federally authorized coronavirus vaccine overseas in June — the first time he has pledged to give away doses that could be used in the United States.

The donation is another step toward what Mr. Biden promised would be an “entirely new effort” to increase vaccine supplies and vastly expand manufacturing capacity, most of it in the United States. He also put Jeffrey Zients, the White House coronavirus response coordinator, in charge of developing a global strategy.

“We know America will never be fully safe until the pandemic that’s raging globally is under control,” Mr. Biden said in a brief appearance at the White House. “No ocean’s wide enough, no wall’s high enough, to keep us safe.”

With new cases and deaths plummeting as vaccination rates rise in the United States, the epicenter of the crisis has moved to India and other nations. A growing and bipartisan chorus of diplomats, health experts and business leaders has been pushing the president to do more to end what the AIDS activist Asia Russell calls “vaccine apartheid.”

There is a huge disconnect growing where, in some countries with the highest vaccination rates, there appears to be a mind-set that the pandemic is over, while others are experiencing huge waves of infection,” Dr. Tedros said.

Variants like B.1.617, first discovered in India and recently designated a variant of concern by the W.H.O., are contributing to the spread of infections and worry many researchers.

Dr. Tedros called for well-supplied nations to send more of their vaccine allocations to harder-hit countries, and for vaccine developers and manufacturers to hasten delivery of hundreds of millions of doses to Covax, an international initiative dedicated to equitable distribution of the vaccine, noting an appeal by Henrietta Fore, UNICEF’s executive director.

Mr. Biden took office vowing to restore the United States as a leader in global public health, and he has taken certain steps to do so: rejoining the World Health Organization, pledging $4 billion to an international vaccine effort and providing financial support to help Biological E, a vaccine manufacturer in India, produce at least one billion doses of coronavirus vaccines by the end of 2022.

To broaden supply further, Mr. Biden recently announced he would support waiving intellectual property protections for coronavirus vaccines. But activists say simply supporting the waiver is not enough; Mr. Biden must create the conditions for pharmaceutical companies to transfer their intellectual property to vaccine makers overseas, they argue. They view his efforts as piecemeal.

“We’re after 100 days into the administration, and what Biden should be delivering is a global battle plan against vaccine apartheid, and the announcement today is lines on a Post-it note,” Ms. Russell said, adding, “There must be a global strategy led by the U.S. that’s based on technology transfer, on forcing pharma to come to the table to share the recipe.”

assert that a fix is already at hand as they aggressively expand production lines and contract with counterparts around the world to yield billions of additional doses.

An open letter to the president, made public last week by a bipartisan group including business leaders, diplomats and a former defense secretary, argued that such a waiver “would make little difference and could do harm.”

While global health activists are strongly in favor of the waiver, some said they welcomed the views of the business community. They see clear parallels to their work fighting the global AIDS epidemic.

“It shows an unprecedented willingness of pharma and its allies in the private sector to admit what all of us having been saying for months — the private sector alone cannot and will not ensure global vaccine access,” James Krellenstein, a founder of PrEP4All, a nonprofit aimed at ensuring universal access to H.I.V. prevention and treatment, wrote in an email on Sunday. “It really shifts the burden to the Biden administration,” he added.

The organizer of the open letter, Hank Greenberg, the chairman of Starr Companies and former chairman of American International Group, the insurance industry giant, said in an interview on Monday that Mr. Biden’s announcement did not go far enough.

Mr. Greenberg, 96, a veteran of World War II, said he was inspired to write after a former chief executive of an A.I.G. subsidiary who later became the ambassador from the Philippines to the United States told him he was not able to get vaccinated. Like Mr. Biden, he used language that evoked the war effort.

“If we don’t do it,” he asked, “who will?”

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Why Vaccinating the World Against Covid-19 Will Be Hard

In delivering vaccines, pharmaceutical companies aided by monumental government investments have given humanity a miraculous shot at liberation from the worst pandemic in a century.

But wealthy countries have captured an overwhelming share of the benefit. Only 0.3 percent of the vaccine doses administered globally have been given in the 29 poorest countries, home to about 9 percent of the world’s population.

Vaccine manufacturers assert that a fix is already at hand as they aggressively expand production lines and contract with counterparts around the world to yield billions of additional doses. Each month, 400 million to 500 million doses of the vaccines from Moderna, Pfizer and Johnson & Johnson are now being produced, according to an American official with knowledge of global supply.

But the world is nowhere close to having enough. About 11 billion shots are needed to vaccinate 70 percent of the world’s population, the rough threshold needed for herd immunity, researchers at Duke University estimate. Yet, so far, only a small fraction of that has been produced. While global production is difficult to measure, the analytics firm Airfinity estimates the total so far at 1.7 billion doses.

dangerous new variants emerge, requiring booster shots and reformulated vaccines, demand could dramatically increase, intensifying the imperative for every country to lock up supply for its own people.

The only way around the zero-sum competition for doses is to greatly expand the global supply of vaccines. On that point, nearly everyone agrees.

But what is the fastest way to make that happen? On that question, divisions remain stark, undermining collective efforts to end the pandemic.

Some health experts argue that the only way to avert catastrophe is to force drug giants to relax their grip on their secrets and enlist many more manufacturers in making vaccines. In place of the existing arrangement — in which drug companies set up partnerships on their terms, while setting the prices of their vaccines — world leaders could compel or persuade the industry to cooperate with more companies to yield additional doses at rates affordable to poor countries.

Those advocating such intervention have focused on two primary approaches: waiving patents to allow many more manufacturers to copy existing vaccines, and requiring the pharmaceutical companies to transfer their technology — that is, help other manufacturers learn to replicate their products.

more than 100 countries in asking the W.T.O. to partially set aside vaccine patents.

But the European Union has signaled its intent to oppose waivers and support only voluntary tech transfers, essentially taking the same position as the pharmaceutical industry, whose aggressive lobbying has heavily shaped the rules in its favor.

Some experts warn that revoking intellectual property rules could disrupt the industry, slowing its efforts to deliver vaccines — like reorganizing the fire department amid an inferno.

“We need them to scale up and deliver,” said Simon J. Evenett, an expert on trade and economic development at the University of St. Gallen in Switzerland. “We have this huge production ramp up. Nothing should get in the way to threaten it.”

Others counter that trusting the pharmaceutical industry to provide the world with vaccines helped create the current chasm between vaccine haves and have-nots.

The world should not put poorer countries “in this position of essentially having to go begging, or waiting for donations of small amounts of vaccine,” said Dr. Chris Beyrer, senior scientific liaison to the Covid-19 Prevention Network. “The model of charity is, I think, an unacceptable model.”

halting vaccine exports a month ago. Now, as a wave of death ravages the largely unvaccinated Indian population, the government is drawing fire at home for having let go of doses.

poses universal risks by allowing variants to take hold, forcing the world into an endless cycle of pharmaceutical catch-up.

“It needs to be global leaders functioning as a unit, to say that vaccine is a form of global security,” said Dr. Rebecca Weintraub, a global health expert at Harvard Medical School. She suggested that the G7, the group of leading economies, could lead such a campaign and finance it when the members convene in England next month.

Pfizer expects to sell $26 billion worth of Covid vaccines this year; Moderna forecasts that its sales of Covid vaccines will exceed $19 billion for 2021.

History also challenges industry claims that blanket global patent rights are a requirement for the creation of new medicines. Until the mid-1990s, drug makers could patent their products only in the wealthiest markets, while negotiating licenses that allowed companies in other parts of the world to make generic versions.

Even in that era, drug companies continued to innovate. And they continued to prosper even with the later waivers on H.I.V. drugs.

“At the time, it rattled a lot of people, like ‘How could you do that? It’s going to destroy the pharmaceutical industry,’” recalled Dr. Anthony S. Fauci, President Biden’s chief medical adviser for the pandemic. “It didn’t destroy them at all. They continue to make billions of dollars.”

Leaders in the wealthiest Western nations have endorsed more equitable distribution of vaccines for this latest scourge. But the imperative to ensure ample supplies for their own nations has won out as the virus killed hundreds of thousands of their own people, devastated economies, and sowed despair.

The drug companies have also promised more support for poorer nations. AstraZeneca’s vaccine has been the primary supply for Covax, and the company says it has sold its doses at a nonprofit price.

stumbled, falling short of production targets. And producing the new class of mRNA vaccines, like those from Pfizer-BioNTech and Moderna, is complicated.

Where pharmaceutical companies have struck deals with partners, the pace of production has frequently disappointed.

“Even with voluntary licensing and technology transfer, it’s not easy to make complex vaccines,” said Dr. Krishna Udayakumar, director of the Duke Global Health Innovation Center.

Much of the global capacity for vaccine manufacturing is already being used to produce other lifesaving inoculations, he added.

But other health experts accuse major pharmaceutical companies of exaggerating the manufacturing challenges to protect their monopoly power, and implying that developing countries lack the acumen to master sophisticated techniques is “an offensive and a racist notion,” said Matthew Kavanagh, director of the Global Health Policy and Politics Initiative at Georgetown University.

With no clear path forward, Ms. Okonjo-Iweala, the W.T.O. director-general, expressed hope that the Indian and South African patent-waiver proposal can be a starting point for dialogue.

“I believe we can come to a pragmatic outcome,” she said. “The disparity is just too much.”

Peter S. Goodman reported from London, Apoorva Mandavilli from New York, Rebecca Robbins from Bellingham, Wash., and Matina Stevis-Gridneff from Brussels. Noah Weiland contributed reporting from New York.

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What Would It Take to Vaccinate the World Against Covid?

In delivering vaccines, pharmaceutical companies aided by monumental government investments have given humanity a miraculous shot at liberation from the worst pandemic in a century.

But wealthy countries have captured an overwhelming share of the benefit. Only 0.3 percent of the vaccine doses administered globally have been given in the 29 poorest countries, home to about 9 percent of the world’s population.

Vaccine manufacturers assert that a fix is already at hand as they aggressively expand production lines and contract with counterparts around the world to yield billions of additional doses. Each month, 400 million to 500 million doses of the vaccines from Moderna, Pfizer and Johnson & Johnson are now being produced, according to an American official with knowledge of global supply.

But the world is nowhere close to having enough. About 11 billion shots are needed to vaccinate 70 percent of the world’s population, the rough threshold needed for herd immunity, researchers at Duke University estimate. Yet, so far, only a small fraction of that has been produced. While global production is difficult to measure, the analytics firm Airfinity estimates the total so far at 1.7 billion doses.

more than 100 countries in asking the W.T.O. to partially set aside vaccine patents.

But the European Union has signaled its intent to oppose waivers and support only voluntary tech transfers, essentially taking the same position as the pharmaceutical industry, whose aggressive lobbying has heavily shaped the rules in its favor.

Some experts warn that revoking intellectual property rules could disrupt the industry, slowing its efforts to deliver vaccines — like reorganizing the fire department amid an inferno.

“We need them to scale up and deliver,” said Simon J. Evenett, an expert on trade and economic development at the University of St. Gallen in Switzerland. “We have this huge production ramp up. Nothing should get in the way to threaten it.”

Others counter that trusting the pharmaceutical industry to provide the world with vaccines helped create the current chasm between vaccine haves and have-nots.

The world should not put poorer countries “in this position of essentially having to go begging, or waiting for donations of small amounts of vaccine,” said Dr. Chris Beyrer, senior scientific liaison to the Covid-19 Prevention Network. “The model of charity is, I think, an unacceptable model.”

Pfizer expects to sell $26 billion worth of Covid vaccines this year; Moderna forecasts that its sales of Covid vaccines will exceed $19 billion for 2021.

History also challenges industry claims that blanket global patent rights are a requirement for the creation of new medicines. Until the mid-1990s, drug makers could patent their products only in the wealthiest markets, while negotiating licenses that allowed companies in other parts of the world to make generic versions.

Even in that era, drug companies continued to innovate. And they continued to prosper even with the later waivers on H.I.V. drugs.

“At the time, it rattled a lot of people, like ‘How could you do that? It’s going to destroy the pharmaceutical industry,’” recalled Dr. Anthony S. Fauci, President Biden’s chief medical adviser for the pandemic. “It didn’t destroy them at all. They continue to make billions of dollars.”

Leaders in the wealthiest Western nations have endorsed more equitable distribution of vaccines for this latest scourge. But the imperative to ensure ample supplies for their own nations has won out as the virus killed hundreds of thousands of their own people, devastated economies, and sowed despair.

The drug companies have also promised more support for poorer nations. AstraZeneca’s vaccine has been the primary supply for Covax, and the company says it has sold its doses at a nonprofit price.

stumbled, falling short of production targets. And producing the new class of mRNA vaccines, like those from Pfizer-BioNTech and Moderna, is complicated.

Where pharmaceutical companies have struck deals with partners, the pace of production has frequently disappointed.

“Even with voluntary licensing and technology transfer, it’s not easy to make complex vaccines,” said Dr. Krishna Udayakumar, director of the Duke Global Health Innovation Center.

Much of the global capacity for vaccine manufacturing is already being used to produce other lifesaving inoculations, he added.

But other health experts accuse major pharmaceutical companies of exaggerating the manufacturing challenges to protect their monopoly power, and implying that developing countries lack the acumen to master sophisticated techniques is “an offensive and a racist notion,” said Matthew Kavanagh, director of the Global Health Policy and Politics Initiative at Georgetown University.

With no clear path forward, Ms. Okonjo-Iweala, the W.T.O. director-general, expressed hope that the Indian and South African patent-waiver proposal can be a starting point for dialogue.

“I believe we can come to a pragmatic outcome,” she said. “The disparity is just too much.”

Peter S. Goodman reported from London, Apoorva Mandavilli from New York, Rebecca Robbins from Bellingham, Wash., and Matina Stevis-Gridneff from Brussels. Noah Weiland contributed reporting from New York.

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A Nun and a Doctor, She’s One of Europe’s Longstanding Vaccine Skeptics

MONTSERRAT, Spain — Sister Teresa Forcades came to public notice years ago for her unflinching liberal views: an outspoken Roman Catholic nun whose pronouncements ran counter to the church’s positions on same-sex marriage and abortion.

She became a fixture on Spanish television, appearing in her nun’s habit to advocate independence for her native region of Catalonia, and to debate other hot-button topics, including vaccines. She had trained as a doctor, partly in the United States and argued that vaccinations might one day pose a danger to a free society.

Now a decade later, with the coronavirus having swept the world, she believes that day is here. She is warning against the use of coronavirus vaccines, even as scientists and elected leaders worry that anti-vaccine sentiment could threaten Europe’s recovery from the pandemic.

“It’s always important that criticism is possible, to have dissenting voices,” she said of her views, which center as much on her doubts about the vaccines as her right to question them in public. “The answer cannot be that in the time of a crisis, society cannot allow the criticism — it’s precisely then that we need it.”

killed more than three million people and ravaged global economies.

In the world of vaccine skeptics, Sister Teresa, who was born in 1966 to a nurse and a commercial agent, is hard to categorize. She acknowledges that some vaccines are beneficial, but opposes making them mandatory. Her misgivings about coronavirus vaccines largely stem from her view that pharmaceutical companies are not to be trusted, and the clinical trials were rushed.

She draws credibility from her nun’s habit and medical training, which has made her especially appealing to conspiracy theorists and far right groups that seek to undermine public confidence in vaccines by spreading half truths that are sometimes mixed with facts, nuanced and delivered by people with credentials that give their voice the imprimatur of authority.

José M. Martín-Moreno, a professor of preventive medicine and public health in Spain who has been critical of Sister Teresa, said she cloaks her challenges to prevailing scientific wisdom under the guise of scientific debate and her right to criticize.

blood clots in a small number of people who received the AstraZeneca and Johnson & Johnson vaccines has led some governments to pause or limit both shots — and to increased vaccine hesitancy.

In the Spanish capital, Madrid, in the days after the government raised the age threshold for the AstraZeneca shot over concerns about its effectiveness, only a third of people showed up for their vaccine appointments, officials said. The country is at the start of what appears to be a fourth wave of infections.

Despite her relative isolation in the convent, Sister Teresa’s message is increasingly reaching people across Spain.

A 120,000-member group in Spain known for far-right conspiracies often spreads her controversial advice about coronavirus treatments on the Telegram messaging app. Another popular group that even denies the existence of the pandemic recently praised a Facebook video in which she questioned the safety of coronavirus vaccines.

Sister Teresa, though staunchly leftist, doesn’t distance herself from right-wing followers, calling her distrust of some vaccines a “transversal question able to reach a wide spectrum of people.”

patent dispute between African governments and drugmakers over AIDS medication.

“I was in shock,” she said in the interview, because she had believed that pharmaceutical companies work for the good of humanity.

a pandemic. Governments began discussing a mass vaccination campaign, and which corporations they might work with.

Sister Teresa spoke out against those efforts in an online video that received 1.2 million views and was translated into eight languages before Vimeo, the video-streaming platform, removed the channel where it was posted.

In the 55-minute broadcast, she appeared in nun’s habit and introduced herself as a physician. At first, she echoed established science, saying that the virus was less deadly than past flu outbreaks. Then she took a turn into conspiracy theory.

mistakenly mixed two strains of flu in a laboratory, resulting in the deaths of test animals. Baxter, which later produced a swine flu vaccine, said that no one had been hurt, but experts said at the time that they were troubled by the mistake.

But in her mind, a lab mistake became something more sinister and suspicious: Sister Teresa, in the video, alleged without evidence that Baxter might have been trying to manufacture new viruses with the aim of profiting from potential vaccines, especially if their use became mandatory.

“How is it possible that they could force me to take a vaccine that I don’t want?” she said.

secret contracts, at prices many times what they should be,” she said of companies producing the coronavirus vaccines.

Dr. Martín-Moreno, who has worked with the World Health Organization, shares her concerns about the contracts. He said that some frustration about the AstraZeneca coronavirus vaccine trials — whose results have been widely questioned for having used outdated information, among other issues — was merited.

But he added that Sister Teresa has gone too far and that her fame had become dangerous.

Sister Teresa argues that she poses no danger, and that her questions about vaccines, posed long before the pandemic, had simply come before their time.

The thought sometimes frustrated her, she said in an email. “But then I remember Jesus and some of the saints I love and I feel in good company.”

Leire Ariz Sarasketa contributed reporting from Madrid.

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Pfizer-BioNTech Vaccine Package Defects Prompt Hong Kong Halt

Hong Kong on Wednesday suspended use of the Pfizer-BioNTech vaccine after packaging defects ranging from cracked containers to loose caps were discovered in one batch of doses, in a major blow to a city already struggling in its campaign to inoculate its seven million residents against Covid-19.

Health officials called the halt a precaution, saying that none of the defective vials had been administered to patients and that they had found no health risks. But if the suspension persists, the Chinese territory may not have enough shots to protect its population while the coronavirus continues to spread. Hong Kong officials were counting on 7.5 million doses of the vaccine, developed by Pfizer of the United States and BioNTech of Germany, to help fill their needs.

The discovery has also unleashed a hunt for the origin of the defects, as well as questions about whether more might be out there. The doses were manufactured at BioNTech’s facilities in Germany, while a Chinese company called Fosun Pharma was in charge of transporting, storing and distributing the shots in Hong Kong.

“I’m confused as to why this is being reported for the first time in Hong Kong and we haven’t heard about it elsewhere,” said Benjamin Cowling, the division head of epidemiology and biostatistics at the University of Hong Kong.

poll of 2,733 residents showed that only 39 percent of Hong Kong residents were willing to take a Covid-19 vaccine.

“There are some important risks here that this will further undermine confidence in the vaccines that are available,” said Karen Grépin, an associate professor at the School of Public Health at the University of Hong Kong, who got the BioNTech shot on March 12.

Professor Grépin said that many Hong Kong residents had been waiting to see what the early stages of the rollout would look like before deciding on taking a vaccine.

The suspension sent a ripple of uncertainty through the city’s clinics and medical offices, as vaccinations shuddered to a halt.

rounded up for quarantine.

It is unclear how soon concerns about the Pfizer-BioNTech vaccine will be cleared up or how quickly Hong Kong can make up for the shortfall. The city has also ordered 7.5 million vaccine doses from the British-Swedish company AstraZeneca, which are set to arrive in the second quarter. The company has not yet applied for approval of its vaccine in Hong Kong.

However quickly the problem is resolved, confusion has been sown.

Ruby Callaghan Brown, 32, and her husband arrived at a vaccination center on the eastern side of Hong Kong Island at 7:45 a.m. on Wednesday, 15 minutes before it opened. A staff member shooed them away, saying all vaccinations had been stopped and that an announcement was coming.

Then they read online that the center had reopened, so they returned. They were about to submit their paperwork when they were told once again that vaccinations were suspended.

They waited 45 minutes before leaving. “I thought, ‘I’m just going to sit here until they change their mind,’” she said.

Elsie Chen contributed research.

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Purdue Pharma Offers Plan to End Sackler Control and Mounting Lawsuits

In a filing that signifies the beginning of the end of the country’s most notorious manufacturer of prescription opioids, Purdue Pharma submitted its bankruptcy restructuring plan just before midnight on Monday. The blueprint requires members of the billionaire Sackler family to relinquish control of the company and transforms it into a new corporation with revenue directed exclusively toward abating the addiction epidemic that its signature painkiller, OxyContin, helped create.

The plan, more than 300 pages long, is the company’s formal bid to end thousands of lawsuits and includes a pledge from the Sacklers to pay $4.275 billion from their personal fortune — $1.3 billion more than their original offer — to reimburse states, municipalities, tribes and other plaintiffs for costs associated with the epidemic.

If the plan is approved by a majority of the company’s creditors and Judge Robert D. Drain of federal bankruptcy court in White Plains, N.Y., payments will start pouring into three buckets: one to compensate individual plaintiffs, like families whose relatives overdosed or guardians of infants born with neonatal abstinence syndrome, as well as hospitals and insurers; another for tribes; and the third — and largest — for state and local governments, which have been devastated by the costs of a drug epidemic that has only worsened during the Covid-19 pandemic.

“With drug overdoses still at record levels, it is past time to put Purdue’s assets to work addressing the crisis,” said Steve Miller, chairman of Purdue’s board of directors, in a statement. “We are confident this plan achieves that critical goal. ”

filed for bankruptcy protection in 2019.

pleaded guilty to federal criminal charges in November for defrauding health agencies and violating anti-kickback laws.

Individual members of the Sackler family agreed to pay the federal government $225 million in civil penalties, but said in a statement that they had “acted ethically and lawfully.” Although the Sacklers were not charged criminally, the Justice Department reserved the right to pursue criminal charges later.

recent public health principles that were signed by at least two dozen major medical, drug policy and academic institutions and that include attention to drug prevention, youth education, racial equity and transparency.

The plan will be voted on by tens of thousands of parties. Confirmation hearings will ensue, and a conclusion is expected in a few months. From the start of the bankruptcy proceedings 18 months ago, leaders of a major bloc of municipalities signaled their support, as did 24 states.

Lloyd B. Miller, who represents numerous tribes including the Navajo Nation, said his clients were on board.

“It’s critical that more opioid treatment funding starts flowing into tribal communities, all the more so given the extraordinary devastation tribes have suffered during the Covid pandemic,” he said.

But since 2019, when Purdue filed for bankruptcy, 24 other states — some controlled by Democrats, others by Republicans — and the District of Columbia have opposed the move, noting that Purdue has continued to profit from its OxyContin sales.

Maura Healey, the attorney general of Massachusetts, who was the first to sue individual members of the Sackler family, contended that under this plan, the Sackler payments would come from their investment returns rather than from principal.

“The Sacklers became billionaires by causing a national tragedy,” Ms. Healey said in a statement. “They shouldn’t be allowed to get away with it by paying a fraction of their investment returns over the next nine years and walking away richer than they are today.”

Attorneys general for the opposing states said that although the plan was an improvement over earlier proposals, they still found it disappointing for several reasons. Among those, they said, the plan should be amended to establish “a prompt and orderly wind-down of the company that does not excessively entangle it with states and other creditors.”

Two branches of the Sackler family — heirs of two of the brothers who founded the company — said: “Today marks an important step toward providing help to those who suffer from addiction, and we hope this proposed resolution will signal the beginning of a far-reaching effort to deliver assistance where it is needed.”

The eldest brother, Dr. Arthur Sackler, sold his shares before OxyContin was introduced and his relatives are not part of the litigation.

A forensic audit of the Sacklers’ finances, commissioned by Purdue in the course of the bankruptcy investigations, determined that from 2008 to 2017 the family earned more than $10 billion from the company. Lawyers for the family said that the full amount was not liquid: More than half went toward taxes and investments in businesses that will be sold as part of the bankruptcy agreement.

Although states and other blocs of creditors have vociferously objected to elements of the plan for 18 months, many factors seem to favor the likelihood of approval: the duration of the litigation, the exorbitant cost to all parties, the urgency of the worsening opioid crisis and the overall depletion of public health resources by the coronavirus pandemic.

The new company would continue to sell OxyContin, a painkiller that is still approved by the Food and Drug Administration under limited circumstances. But it would diversify its products to include generics and a drug to treat attention deficit hyperactivity disorder, as well as set aside new drugs to reverse overdoses and treat addiction, to be distributed on a nonprofit basis as a public health initiative.

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The S.E.C. Is Increasingly Making E.S.G. a Priority

Allison Herren Lee was named acting chair of the Securities and Exchange Commission in January, and since then she has been active, especially when it comes to environmental, social and governance, or E.S.G., issues. The agency has issued a flurry of notices that such disclosures will be priorities this year. Today, Ms. Lee, who was appointed as a commissioner by President Donald Trump in 2019, is speaking at the Center for American Progress, where she will call for input on additional E.S.G. transparency, according to prepared remarks seen by DealBook.

The supposed distinction between what’s good and what’s profitable is diminishing, Ms. Lee will argue in the speech, saying that “acting in pursuit of the public interest and acting to maximize the bottom line” are complementary. The S.E.C.’s job is to meet investor demand for data on a range of corporate activities, and Ms. Lee’s planned remarks suggest that greater transparency on E.S.G. issues won’t be optional for much longer. “That demand is not being met by the current voluntary framework,” she will say. “Human capital, human rights, climate change — these issues are fundamental to our markets, and investors want to and can help drive sustainable solutions on these issues.”

  • Ms. Lee will also argue that “political spending disclosure is inextricably linked to E.S.G. issues,” based on research showing that many companies have made climate pledges while donating to candidates with contradictory voting records. The same goes for racial justice initiatives, she will say.

This is not an interim priority. Ms. Lee is acting chief, but based on recent statements by Gary Gensler, President Biden’s choice to lead the S.E.C., she’s laying the groundwork for more action rather than throwing down the gauntlet. In his confirmation hearing this month, Mr. Gensler said that investors increasingly wanted companies to disclose risks associated with climate change, diversity, political spending and other E.S.G. issues.

Not everyone at the S.E.C. is on board. Hester Peirce and Elad Roisman, fellow commissioners also appointed by Mr. Trump, recently protested the “steady flow” of climate and E.S.G. notices. They issued a public statement, asking, “Do these announcements represent a change from current commission practices or a continuation of the status quo with a new public relations twist?”

Speaker Nancy Pelosi and Representative Alexandria Ocasio-Cortez suggested, to varying degrees, that the governor of New York consider resigning over allegations of sexual harassment. He has rejected those calls and is considering running for a fourth term.

The U.S. is considering new ways to protect itself against cyberattacks. Efforts by China and Russia to breach government and corporate computer networks — and the failure of American intelligence to detect them — have spurred discussions about ways to organize U.S. cyberdefenses, including more partnerships with private companies.

Credit Suisse is accused of continuing to help Americans evade taxes. The Swiss bank aided clients in hiding assets, seven years after it promised U.S. federal prosecutors that it would stop doing so, according to a whistle-blower report. That puts the firm at risk of a fresh investigation and more financial penalties. The bank said it was cooperating with the authorities.

A veteran Democratic official is poised to join the Biden administration. Gene Sperling, an economic wonk who served in the Clinton and Obama administrations, is likely to oversee the implementation of the $1.9 trillion stimulus plan, Politico reports.

Stripe is now Silicon Valley’s most valuable start-up. The payments processor has raised funding from investors like Sequoia and Fidelity at a $95 billion valuation. Stripe plans to use the money to expand in Europe, including in its founders’ home country, Ireland.

chief counsel of the cryptocurrency exchange Coinbase before joining the O.C.C. But his enthusiasm isn’t based on Bitcoin’s success as much as on his personal struggles, he told DealBook.

Mr. Brooks borrowed his way out of an ailing town. He grew up in Pueblo, Colo., a steel center that lost its purpose in the 1980s. His father took his own life when Mr. Brooks was 14, and he and his mother had little. In high school, he waited tables and took out loans for school, for a car and eventually for a home. Now, he’s betting that blockchain can help the underbanked do the same more easily.

“Unlocking credit availability allows people to move up the ladder,” Mr. Brooks said. Nearly 50 million Americans don’t have credit scores, but many are creditworthy. Traditional rating systems aren’t equipped for nuanced assessments that might include things like rent, Netflix bills or income from gig work. For many, the inability to borrow limits opportunities to achieve financial security.

Finding solutions to financial inclusion that are immune to politics is key, noted Mr. Brooks, a Trump administration appointee. Credit, he argues, lets people bet on themselves regardless of which party is making policy, and the current system excludes many worthy borrowers. “Let’s let more people climb ladders,” Mr. Brooks said.


— Howard Lindzon, an investor, entrepreneur and market commentator, speaking to The Times’s Erin Griffith on the booms (or bubbles) in everything from trading cards to Bitcoin, SPACs and so-called meme stocks.


new data from the Harris Poll, revealed exclusively in DealBook.

A year of living in fear created unlikely heroes. For the past year or so, the Harris Poll has monitored public sentiment in weekly surveys of more than 114,000 people. At the height of the emergency, more than half of respondents were afraid of dying from the virus and a similar share were afraid of losing their jobs. “Only in the past month, with vaccines rising and hospitalizations and deaths declining, is fear abating,” the report noted.

The Times’s Opinion podcast “Sway,” the economist Mariana Mazzucato told Kara Swisher that the traditional narrative has holes in it.

“Do you have any idea where the innovation in places like Silicon Valley came from?” asked Ms. Mazzucato, the founder of University College London’s Institute for Innovation and Public Purpose. She ticked off technologies like the internet and GPS: “We wouldn’t have any smart product without all the smart technology, which was government-financed.”

Listen to the conversation here.

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