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Expand chart
Data: Investing.com; Chart: Axios Visuals

Three of the four defendants agreeing to pay $260 million to settle opioid litigation with two Ohio counties have seen their stock prices plummet, as the settlement leaves 2,700 more local governments still suing over the distributors' roles in the addiction crisis.

Why it matters: The deal could serve as a template that would put the companies on the hook for $47 billion in damages to all 2,700 counties serving as plaintiffs in the lawsuits, depending on what happens in individual representative "bellwether trials" that will shape negotiations.

Yes, but: While the stock prices of Cardinal Health, McKesson and AmerisourceBergen expectedly fell by around 3% on Monday, Teva's stock jumped, rising as much as 18% during the day and ending 8.7% higher.

What's happening: Teva announced it had agreed to a separate settlement to resolve complaints against the company from a group of attorneys general from states around the country for its role in helping to fuel the opioid crisis.

  • Under the deal, Teva would donate $23 billion in opioid addiction treatment drugs and pay $250 million over 10 years.
  • Neither settlement includes an admission of liability from Teva.

Go deeper

Ben Geman, author of Generate
50 mins ago - Politics & Policy

Biden to sign major climate orders, setting up clash with oil industry

Illustration: Aïda Amer/Axios

President Biden will sign new executive actions today that provide the clearest signs yet of his climate plans — elevating the issue to a national security priority and kicking off an intense battle with the oil industry,

Driving the news: One move will freeze issuance of new oil-and-gas leases on public lands and waters "to the extent possible," per a White House summary.

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

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

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.