As itll currencies continue to disrupt the payment space governments are waking up to the risks christiane managed to catch up with matthew roz a walk to get his view one the future of regulation in the thin tech space so much constance if it in just 27 minutes can we do it just watch lets go to 1st striken more than 10 years by the United Auto Workers union leads our global report today as 46000. 00 workers a General Motors bring production to will halt at 55. 00 plants across the United States the current contract between workers represented by the u. A. W. And bosses at g. M. Expired saturday night and the decision to x. To a not to extend the previous agreement and extend instead strike was made by a unanimous vote of u. A. W. Regional leaders u. A. W. Workers are determined to draw the wine on wages Health InsuranceCost Increases and management exploitation of temp positions that action by u. A. W. Workers does not affect their status under existing collective bargaining agreements with the other 2 of the famed big 3 u. S. Automakers ford and chrysler g. M. Workers so any gains despite describe the work mood among workers youll hear another know. You say we. Gave. Our to keep this Company Running and now this company is making record profits theyre making now off our labor they dont want to even give any bag what they want to take and thats not right this after betrayed. Experts say both sides will feel pain from a long strike u. A. W. Workers have a strike fund of 850000000. 00 from which they will receive 250. 00 in weekly strike wages meanwhile Industry Experts say g. M. Will lose about 50000000. 00 each day the strike goes on General Motors stock fell more than 3 and a half percent in monday morning trading. And there was a dramatic though expected turn in the legal drama surrounding part Purdue Pharma the corporate career creator of oxycontin the drug experts place at the center of the u. S. Opioid abuse addiction an overdose crisis on sunday night Purdue Pharma filed for chapter 11 bankruptcy protection to shield the staggering profits for more than 2600 pending suits still pending over produce role in creating and pushing the miraculously profitable drug a. P. Reporter Jeff Mulvihill kahn commented on the legal state of play. But now what happens is up to a bankruptcy judge. One of the major issues remaining for the bankruptcy judge sort out will be whether there are lawsuits against cleaners the family that owns the company can move ahead and state courts. Produce chapter 11 filing includes an endorsement by their Corporate Board of the roughly 12000000000. 00 settlement between perdue and a coalition of at least 10 state attorneys general and a number of local and trouble governments that was announced last week however attorneys general from a majority of u. S. States have vocally declined to join that statement one of those declining agees Latisha James of new york on friday said her office has discovered roughly 1000000000 dollars in wire transfers by the cyclers produce founding family as james said in a statement quote while the sackler is continue to lowball victims and skirt they were responsible settlement we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct. And joining us now to give us the latest installment of this Corporate Legal drama is molly barrows contributor at americas lawyer molly welcome back where does this bankruptcy filing leave her due when it comes to the upcoming opioid trials. Well it looks like a Bankruptcy Court is going to be the ultimate deciding factor in that decision however as part of that more than 10000000000. 00 Settlement Agreement in principle that produce has announced the company has indeed filed for chapter 11 bankruptcy and that filing typically would remove pretty from test trial scheduled for next month for example in ohio but in those particular trials produce and the only plane after those cases so those trials will continue against other pharmaceutical companies and distributors now in general some lawsuits are allowed to go forward against companies who have filed for bankruptcy if the case is close to being resolved or if it will help determine how much a plaintiff is worth but normally when they file for bankruptcy theres a freeze in litigation against. The company whats called an automatic stay while assets and debt are assessed and then claims are negotiated which brings us to a big concern that some have over this deal and that the value of produce assets and the sale of its global drunk company they think its over estimated and there were the settlement money may not come in which is why some state attorneys general opposed the settlement because they also want the company to admit wrongdoing which is something that they dont do in this agreement and they also want to hold members of the Sackler Family financially accountable tourney generals have filed against them in particular so that is of course family as you know that controls pretty you made billions out the opioid sales and thats part of the reason why the settlement deal is only supported by about half the states that are suing purdue daniel right and so we we know the. Attorneys general that do not want to be part of this agreement have stated staked out their their position very well and the question is whether produce will be what will be out of some of these lawsuits but whether theyre out of all of them does the do so does the revelation of these sort of wire transfers from james your new York Attorney general desire to change the standing of those other cases that were already moving forward where do they stand after that and could could that cause the underlying agreement here the produce was pursuing to fall apart. Absolutely now how it would affect those other cases individually im not sure if those individual judges would have to rule on that as far as the overriding determination of whether or not this settlement will be approved by the Court Whether or not the bankruptcy filing will be approved by the court when you have revelations like that im sure that is going to come into play if the attorneys are doing their jobs and want to bring those issues up to say hey you know we had some concerns that they perhaps more being entirely forthright about all of their holdings and their assets and then you have wire transfers like this which you know maybe theyll have a better explanation for it but in the meantime its certainly adds credence to their doubts that thats why. Some of these attorneys general did not want to get involved in that particular Settlement Agreement but it is so very complicated because pretty you isnt the only one thats basically being sued and these thousands of cases that are being filed from across the country so produce. Ideally if you will for produce or typically in a legal case like this where a company has filed for bankruptcy they would be eliminated if their settlement is finalized but again its such a complex case theres no guarantee that that would happen even if the settlement is finalized and especially in light of what youre talking about with those transfers but the federal case in cleveland is going to go forward thats against other drug manufacturers distributors pharmacies its still pending thats where all those lawsuits many in fact have been consolidated in that multi district litigation the judge in that case has also been pushing for a settlement so money can go directly to communities that need it for drug addiction related issues and treatment so he certified a plan that would allow every municipality nation to share the proceeds if a settlement is reached so in the meantime there is a lot riding on purdue. With this getting a settlement approved as well as their bankruptcy filing approved because this federal trial these 2 bellwether cases are scheduled to start in mid october with these 2 counties in ohio and right now it doesnt look like theyll be a part of that trial if it goes if there are deals approved. Still a lot more to this story molly barrows legal journalist and contributor americas lawyer thanks for your insight. All right thank you and in Oil Market News production was immediately cut in half one who yemeni militias successfully attach the cries oil field and cake processing facility using drones brant crude oil was up by almost 20 percent in one day trading on the news a 50 percent fall in saudi oil productivity would take roughly 5700000. 00 barrels or 5 percent of Global Supply off the market Industry Experts say it could be weeks before the saudis are able to restore. Production to targeted levels but even more concerning the tech the attacks make it clear that the saudis relatively under resourced regional adversaries can easily inflict major pain with inexpensive means the incident could also change fundamental risk assessments for the long rumored initial Public Offering of stock in saudi aramco widely expected to become the biggest i. P. O. Ever of all who the rebels from yemen directly claim responsibility for the attacks the Trump Administration made efforts to shift blame toward iran. And joining us now to help us get a handle on the explosive situation or market is Todd Bubba Horwitz shes strategist trading welcome back bubba and i noted the bump in brant crude in the intro here but more broadly just give us a sketch how are prices going on this news and are they likely to keep rising. You know look at the end of the day 1st of all you cut her short squeeze because of course there was a lot of people trying to sell oil into this and all the sudden we have this news which creates all this fear and panic and pushed at one point last night or was up over 8. 00 a barrel but from a Bigger Picture youre seeing the action is not all that bowlers because what we talk about is a formation which is known as backwardation todays oil october oil is trading 3. 00 over february or oil so prices are getting cheaper to go in the future which means that everybody expects this situation to resolve itself and then oil resume what it was a year for which is actually had a lower and this could help the around go deal because of course it puts the price of Oil Much Higher which makes their value i or maybe maybe they set their own drones and who knows interesting so the way this plays out is that your colleagues. In the markets seem to think that in the long term the oil will be there theyll be the supply but in the in the medium term increase in the price actually helps. Well i think so i mean look theyre going there to break them valuation so we know that theyre going to back into production and certainly you can probably do it a lot faster than a couple weeks but if they dragged it out and held the prices are the reason they didnt go last year was because prices were too low so they didnt want to put it out as an i. P. O. Yet well now theyve got the high prices to go along with it again this formation is not polish by any means i doesnt mean it cant change to be bullish but there is still a go a lot of oil and a global slowdown the economy throughout the world and and that is not going to change because saudi arabias and i would compare this very much to what happened in the cattle markets a couple of weeks ago when the tyson fires came in and they had to wipe out and cattle went down limit twice in a row before resuming going back there and i think this is very much of the same thing its an overreaction by traders by investors and the people that got quite short that were forced to panic and cover higher right and speaking of reactions what have been the official reactions from saudi arabia which is a opec member of course and the defacto leader in effect with russia in managing Global Energy supply would have any official reactions from opec members opas opec as a group and russia to this incident. Well you know actually i havent heard much about that but i can say this that to me opec is nothing more than a phony organization that manipulated the price and for years held the United States hostage with the oil price and now that we are our own producers and actually were a net exporter and today were the biggest producer in the world to me opec is a worthless organization that does nothing but try to manipulate price to bring in more profits and more money and i put no stock in what they say i dont care what they say i will never even listen to one of the meanings especially now that they cannot hold busy the United States hostage thats a hard take why thats why you bring bubba here also Global Global town crier and u. S. President donald trump reacted to the attack among the other people reacting he says on twitter we know the culprit in this attack and then he makes this remarkable statement that the u. S. Is quote waiting to hear from the kingdom not being saudi arabia as to who they believe was the cause of this attack and one under what terms we would proceed now that seems like the strangest pronunciation of america 1st that ive heard yet did he really mean to say that the u. S. Is waiting for the saudi monarchy to tell the commander in chief where and how to deploy u. S. Forces. Well i think that basically what hes saying is that hed like to know what their views are i know how this all happened and where it came from i mean certainly you know it isnt that it is not clear that it was iran i dont know if it was or wasnt so i guess i think youd like to hear what their views are and word all came from and i think that of course i believe that President Trump and United States is always ready to react and take care of business but they do not want to overreact to react too quickly in case theres more to the story which based on that we havent really heard that it is 100 percent around yet there may be a lot more of the story before its all said and done right and bob as far as the outlook here i think you kind of got to this earlier you said in the futures markets oil is already going down and there seems to be the. The wisdom in the markets can reduce all this information to a prediction in the form of a price so it sounds like your you and your colleagues think that this will not escalate into into greater military confrontation based on the futures here. It can but again based on the prices today when 1 february for example is 3. 00 cheaper than october oil that is backwards that is known as a formation call backwardation which does not necessarily that means that price should be going lower now they could go higher but longer but just look back at july 24th team we had the exact same information some very similar action or a one got cut in half by 50 percent now im not looking for a 50 percent but i am looking for once this resolves for all to go significantly lower from here interesting expert insight from Todd Horowitz chief strategist about trading thanks as always thanks dan. Time now for a quick pause for the promotional cause but stay tuned because just on the other side of the break as currencies continue to disrupt the payment space governments are beginning to take notice kristie i managed to catch up with matthew ross block to get his view of the future bring elation in the film takes place and as we go to break here are the market numbers at the close. They all see themselves as dying swans in their dreams. But only one in the senate will make it to the told. Theyre ready to give. As for the chance to die on stage if its. Not even broken we can determine. For generations that the. Ballet sweats it is. You know world of big parts. And conspiracy its time to wake up to dig deeper to hit the stories that made stream media refuses to tell more than ever we need to be smart we need to stop slamming the door. And shouting past each other its time for Critical Thinking its time to fight for the middle for the truth the time is now for watching closely watching the hawks. Welcome back the United StatesJustice Department has charged 3 members of j. P. Morgans Precious Metals trading team with running an 8 year scheme to manipulate markets and defraud customers michael know at a managing director at morgan and the head of global Precious Metals of the firm was charged along with 2 others greg smith and christopher jordan both of whom were once titled as j. P. Morgan executive directors the indictment claims that traders were engaged in quote widespread spoofing market manipulation and fraud while on the morgan Metals Trading team which along with a h. S. B. C. Largely controls the global flow of sir silver and gold trades the 3 allegedly would place deceptive orders for gold silver platinum and palladium futures and then cancel them before final execution and in attempt to quote create liquidity and drive prices toward orders they wanted to execute on the other on the opposite side. The market in the past year 2 other former members of j. P. Metal trading team have pleaded guilty to similar charges. And chinas industrial output grew at its slowest rate in 17 and a half years as an ongoing trade war between washington and beijing rages on industrial output saw growth of just 4. 4 percent in august a year over year the slowest growth rate recorded since february of 2022002 in july industrial growth was only 4. 8 percent Chinese Premier League tried to temper concern over the economic slowdown saying it is very difficult for chinas eco