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Author Archives: Bloomberg

Fyre Festival $100 Million lawsuit targets investors behind the scenes

Before the now-infamous Fyre Festival collapsed a few weeks back, the company behind it—maker of a mobile phone app you can use to hire entertainers for your club, concert, or party—said it was worth $90 million, according to a document obtained by Bloomberg News. ...

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Puerto Rico collapse shows debts seen as ironclad may not be

People carry a large Puerto Rican flag as they protest looming austerity measures amid an economic crisis and demand an audit on the island's debt to identify those responsible, in San Juan, Puerto Rico, Monday, May 1, 2017. Puerto Rico is preparing to cut public employee benefits, increase tax revenue, hike water rates and privatize government operations, among other things. (AP Photo/Danica Coto)

Puerto Rico’s decision to use a U.S. court to escape from its debts cast few ripples in the state and local bond market, where prices rose Wednesday. But the action – once inconceivable for a territory that didn’t have authority ...

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House passes Obamacare repeal in razor-thin GOP victory

President Donald Trump hosts a reception for House and Senate leaders in the the State Dining Room of the White House in Washington, Monday, Jan. 23, 2017. (AP Photo/Susan Walsh)

House Republicans mustered just enough votes to pass their health-care bill Thursday, salvaging what at times appeared to be a doomed mission to repeal and partially replace Obamacare under intense pressure from President Donald Trump to produce legislative accomplishments. The ...

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J&J, Bayer cleared of responsibility in first Xarelto trial

Johnson & Johnson and Bayer AG aren’t responsible for a Xarelto user’s internal bleeding, a jury found in the first trial over the blood-thinning drug. J&J and Bayer didn’t defectively design Xarelto and didn’t mislead a Louisiana man and his ...

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White House unveils opening bid for ‘biggest tax cut’

Treasury Secretary Steven Mnuchin, right, joined by National Economic Director Gary Cohn, center, and White House press secretary Sean Spicer speaks in the briefing room of the White House in Washington, Wednesday, April 26, 2017. President Donald Trump is proposing dramatically reducing the taxes paid by corporations big and small in an overhaul his administration says will spur economic growth and bring jobs and prosperity to the middle class. (AP Photo/Carolyn Kaster)

The White House made its opening bid for what officials called the “biggest tax cut” in U.S. history –  with cuts that would benefit businesses, the middle class and certain high-earning individuals – but left unanswered questions about whether the ...

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Pentagon sees Lockheed F-35 deliveries falling behind

Lockheed Martin Corp.'s F-35 Joint Strike Fighter is pictured in this undated company photo. (Lockheed Martin Corp./via Bloomberg)

The Pentagon’s contract management agency forecasts Lockheed Martin Corp. will deliver 57 of its F-35 jets this year, nine fewer than the company plans. The No. 1 defense contractor “did not meet contract requirements in 2014, 2015 or 2016,” and ...

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J&J, Bayer accused of hiding blockbuster blood thinner’s dangers

Joseph Boudreaux says taking Johnson & Johnson’s blood-thinning drug Xarelto was one of the biggest mistakes of his life. While Xarelto was supposed to help cut his stroke risk, Boudreaux says it instead caused internal bleeding that required a week-long ...

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US, Md., other states block Ocwen from acquiring new mortgages

U.S. and state officials, including in Maryland, sued Ocwen Financial Corp., a processor of consumer mortgage payments, for allegedly making widespread errors and illegally foreclosing. North Carolina’s bank regulator said fixing some of the company’s problems could put it out ...

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Gorsuch full of questions in first Supreme Court argument

FILE - In this Jan. 31, 2017 file photo, Supreme Court Justice nominee Neil Gorsuch speaks in the East Room of the White House in Washington. (AP Photo/Carolyn Kaster, File)

Justice Neil Gorsuch didn’t wait long to start making his presence felt at the U.S. Supreme Court. Hearing arguments in his first case Monday – a procedural dispute involving the rights of federal employees who lose their jobs – Gorsuch ...

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