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

Legal and financial troubles continue to mount for two prominent opioid manufacturers.

The big picture: The prospect of multibillion-dollar settlements — which are still a long way from being hashed out — is bringing painkiller companies that were once immensely wealthy to their knees.

What's happening: As part of its bankruptcy proceedings, Purdue Pharma launched a $24 million ad campaign to tell people how they can file claims against the company if they or family members were hurt or killed by Purdue's prescription opioids, AP reports.

  • Bankruptcy may finally be a reality for Mallinckrodt's business that sells generic oxycodone and hydrocodone pills, according to the Wall Street Journal. Mallinckrodt's branded drug business, which includes the controversial Acthar Gel, would not be affected.

Go deeper: Opioid company founder gets 5.5-year prison sentence

Go deeper

Updated 51 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging. Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. Education: The dangerous instability of school re-openings.
  4. World: Australian city to exit one of world's longest lockdowns — In photos: Coronavirus restrictions grow across Europe
  5. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure
  6. Nonprofit: Rockefeller Foundation commits $1 billion for COVID-19 recovery
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Bond investors see brighter days

Illustration: Sarah Grillo/Axios

U.S. government bonds could breakout further after yields on the benchmark 10-year Treasury note ticked up to their highest since early June last week.

But, but, but: Strategists say this move is about an improving outlook for economic growth rather than just inflation.

Erica Pandey, author of @Work
4 hours ago - Economy & Business

The dangerous instability of school re-openings

Illustration: Eniola Odetunde/Axios

Schools across the country have flip-flopped between in-person and remote learning — and that instability is taking a toll on students' ability to learn and their mental health.

The big picture: While companies were able to set long timelines for their return, schools — under immense political and social strain — had to rush to figure out how to reopen. The cobbled-together approach has hurt students, parents and teachers alike.

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