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Mallinckrodt offices in New Jersey. Photo: Salwan Georges/The Washington Post via Getty Images

Mallinckrodt is floating a $1.6 billion proposal to settle allegations that it fueled the opioid crisis by pushing its painkillers. The drug company would make payments in the eight years after its generics business, which sells oxycodone and hydrocodone pills, emerges from bankruptcy.

Why it matters: The attorneys general from 47 states and territories, as well as the plaintiffs in the global opioid lawsuit, are supporting the deal, Mallinckrodt said. Mallinckrodt's brand-name drug business will not be affected, but its generics bankruptcy marks the third opioids bankruptcy, after Purdue Pharma and Insys Therapeutics.

Go deeper

Ben Geman, author of Generate
18 mins ago - Energy & Environment

Exxon says it's well-positioned amid investor pressure

Illustration: Aïda Amer/Axios

ExxonMobil said Wednesday that its oil-and-gas development plans will create good returns even at modest oil prices as the company looks to win back investor confidence after several rocky years.

Driving the news: The company, just ahead of an investor presentation this morning, said its investments are designed to generate returns of over 30% and touted its spending reductions.

34 mins ago - Technology

Google says goodbye to individual user tracking

Illustration: Sarah Grillo / Axios

Google made clear Wednesday that after it finished phasing out third-party cookies over the next year or so, it won't introduce other forms of identifiers to track individuals as they browse across the web.

Why it matters: The move comes amid increased scrutiny over the way tech giants use consumer data to reinforce their dominance, particularly around personalized advertising.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.