Purdue Pharma, the maker of OxyContin, is preparing to file for bankruptcy by the end of September if it doesn't reach a settlement with the communities suing it over its role in the opioid epidemic, Reuters reports.

Why it matters: If Purdue claims bankruptcy without a payment agreement, the plaintiffs will likely receive less money than they would under the settlement Purdue pitched last month.

  • The company offered a $10–12 billion payout as part of a negotiated bankruptcy case, but some states are unhappy with the offer.

What we're watching: The judge overseeing the massive consolidated case wants 35 state attorneys general to agree to a deal, which hasn't happened yet.

  • Some attorneys general complain that under Purdue's proposal, the Sackler family, which controls the company, would pay too little.

Go deeper: Purdue Pharma reportedly offers $10 billion to settle opioids lawsuit

Go deeper

Dion Rabouin, author of Markets
29 mins ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

Kendall Baker, author of Sports
34 mins ago - Sports

A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.

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