Latest news with #BerkeleyResearchGroup
Bloomberg
4 days ago
- Business
- Bloomberg
Container Store Brings on Adviser to Address Inventory Struggles
The Container Store is working with Berkeley Research Group as the retail store wrestles with flagging earnings, according to people familiar with the situation. Months after a January exit from bankruptcy, the closely held chain continues to grapple with issues including inventory that's missing the mark on customer taste and pricing that often remains at odds with consumer demand, said the people. The popular seller of closet organizers and storage bins is still burning through cash, they said, asking not to be identified discussing a private matter.
Hindustan Times
6 days ago
- Business
- Hindustan Times
The Political Race for Fewer Cures
America is leading the world into a new era of medical cures and biologic treatments, and the benefits to human health promise to be staggering. Yet why is America's political class—first Democrats and now Republicans—working hard to delay and maybe forestall this progress? Democrats have done much harm already with their Inflation Reduction Act price controls, as research and venture funding have declined. Now comes President Trump, who last week threatened drug companies with price controls or worse if they don't cut prices as he wants. Mr. Trump's excuse is that other countries are 'free riding' on American innovation. His solution: Demand manufacturers give Americans their 'most-favored nation' (MFN) price—i.e., the lowest in other developed countries like Canada and the U.K. If drug makers refuse, he may yank their drug approvals, harass them with lawsuits and more. 'If you refuse to step up, we will deploy every tool in our arsenal to protect American families from continued abusive drug pricing practices,' Mr. Trump wrote to 17 large drug makers on Thursday. *** It's true that countries with government-run health systems like Canada, the U.K. and France pay less for drugs than Medicare and U.S. private insurers do. But the price disparities Mr. Trump cites don't include all the discounts that U.S. manufacturers provide insurers, hospitals, pharmacies and the feds. A Berkeley Research Group study last year found that drug makers received about 50% on a dollar of revenue for every drug they sold in the U.S. The rest was paid out in fees and discounts to intermediaries and the government. Some discounts are passed onto Americans through lower insurance premiums, though some boost hospital and insurer profits. Medicare and Medicaid spent $181 billion on prescription drugs in 2023 versus $662 billion for hospitals. Patient out-of-pocket spending on prescription drugs accounts for about 1% of U.S. healthcare spending. Drugs aren't the main driver of healthcare premiums, patient costs or government spending. Manufacturers benefit for a few years from patent protection after medicines launch, but then they face stiff competition from follow-on medicines and generics. Prices typically fall by more than half after patent protection ends. Sales of AbbVie's auto-immune blockbuster Humira have shrunk by more than half since its patent monopoly ended in 2023. Unbranded generics in the U.S. make up 90% of all prescriptions and cost one-third less than in other economically developed countries, according to RAND. Generics also make up a much larger share of prescriptions in the U.S. than in other countries. That's because higher manufacturer list prices provide an incentive to develop biosimilars and generics. This market competition can reduce prices more than government price controls while providing an incentive for drug makers to continue to innovate. Mr. Trump's order would do the opposite by discouraging development of generics and new breakthrough treatments. Mr. Trump claimed last week that drug manufacturers receive 'generous research subsidies.' Not true. Universities do, and some of their research can lead to future drugs. But the pharmaceutical industry spent $141 billion on research and development in 2022, nearly 40 times as much as the National Institutes of Health did on research directly related to drug development. Browbeating companies, as Mr. Trump is doing, could spur them to move more intellectual property to China, where Xi Jinping is rolling out the red carpet. And it will likely result in fewer new drugs developed and sold in the U.S., especially in riskier research fields like neurologic and rare genetic diseases. If drug makers refuse Mr. Trump's MFN price, he has directed his Attorney General and Federal Trade Commission to take antitrust 'enforcement action.' Mr. Trump also ordered his Food and Drug Administration Commissioner Marty Makary to modify or revoke approvals 'for those drugs that maybe be unsafe, ineffective, or improperly marketed.' Translation: Nice medicine you have there. Terrible if something happened to it. *** It's not clear what legal authority Mr. Trump plans to invoke to do any of this, and it would presumably need a rule-making that could be challenged in court. His plan appears to usurp Congress's power over commerce and violate the Supreme Court's major questions doctrine. It may also violate due process and property and contractual rights. Mr. Trump had a chance to include drug prices in his trade negotiations with other countries. But he failed to do so with Europe and Japan. Instead he is now going to import foreign price controls to punish U.S. companies—and the Americans who will get fewer cures as a result.
CBS News
28-05-2025
- Business
- CBS News
Firm in Baltimore Archdiocese bankruptcy case says stolen data was deleted after cyber breach
A financial advisory firm working on multiple church bankruptcy cases, including the Baltimore Archdiocese, said it has not found evidence that data stolen in a cybersecurity breach has appeared online. In a letter dated Friday, Timothy Karcher, a partner at Proskauer Rose LLP, stated on behalf of Berkeley Research Group LLC that the company made a payment to the "threat actor" and obtained a "destruction log" along with an assurance that the data had been deleted. The firm said the FBI is also investigating the breach, and has not found evidence that the perpetrators sought out data related to the 12 bankruptcy cases that relate to sexual abuse. BRG reports cyberattack When BRG announced the breach, the company said it impacted at least ten bankruptcy proceedings involving dioceses and archdioceses nationwide, including Baltimore, Albany, Rochester, and Utica, New York, and several in California. BRG said the number of potential people exposed was unclear. The DOJ requested additional details from BRG regarding the breach and the company's response to it. They asked for the case name, number, and district for each confirmed individual involved, as well as any other suspected cases. The DOJ also inquired whether potential victims had been informed and sought an explanation for the nearly two-month delay between BRG discovering the breach on March 2 and notifying the U.S. Trustee Program on April 28. In Friday's letter, BRG said it remains committed to providing updates about the scope of the crime. "While it has been mistakenly suggested that BRG believed that filing the Incident Notice would be its only post-Incident communication with stakeholders, nothing could be further from the truth. BRG has appeared, through counsel, at a number of status conferences in the Subject Cases and will do so at several more status conferences scheduled in the coming weeks," the letter reads. The company said that after the attack, it retained a cyber counsel team at Octillo Law, and an incident response team at Booz Allen Hamilton to investigate the attack, and help mitigate harm. BRG added that it will continue to provide information to the Office of the United States Trustee and the parties impacted as the investigation goes on and more information becomes available. The FBI's investigation may restrict BRG from sharing information that could compromise the investigation, Karcher wrote. Baltimore Archdiocese sex abuse case In 2023, the Maryland Attorney General reported evidence that over 600 children were abused by at least 165 priests, teachers, and other employees under the supervision of the Baltimore Archdiocese. After the Child Victims Act, which eliminated the statute of limitations for survivors of child sexual abuse, was signed into law, victims filed a lawsuit alleging that the Baltimore Archdiocese is responsible for more than 1,000 claims of sexual assault — but has attempted to avoid compensating victims. Although the Child Victims Act initially allowed survivors to seek up to $890,000 per abuse claim, the Child Victims Act, passed in April by the Maryland General Assembly, lowered that limit. Starting June 1, 2025, compensation for sexual abuse claims will be capped at $400,000 for public institutions and $700,000 for private ones.
CBS News
08-05-2025
- Business
- CBS News
Baltimore and New York archdiocese abuse survivors possibly exposed in cyber incident
The names and information of victims of sexual abuse by members of the Catholic Archdiocese of Baltimore may have been compromised by a cybersecurity breach in early March, according to court documents filed in U.S. Bankruptcy Court. The breach affects at least ten bankruptcy proceedings involving dioceses and archdioceses nationwide, including Baltimore, Albany, Rochester, and Utica, New York, and several in California. Berkeley Research Group (BRG), a financial advisory firm working on multiple church bankruptcy cases, notified federal trustees on April 28 about a data breach it discovered on March 2, according to a letter from the Department of Justice. "Although such a large-scale data breach would be of concern to the United States Trustee in any bankruptcy case, that the breach occurred in archdiocesan and diocesan cases-where the claims information of sexual abuse survivors is the most sensitive and confidential of all information very concerning," Nan Roberts Eitel, Associate General Counsel for Chapter 11 Practice at the Justice Department wrote in the letter. DOJ seeks more information on cyber incident In the letter, the DOJ made requests for information relating to the cyber incident. The requests included the case name, number, and district of each known affected case and other suspected cases, whether the creditors had been notified of the incident in each case, and why BRG delayed two months between discovering the breach on March 2 and notifying the U.S. Trustee Program on April 28. Where does the Baltimore Archdiocese sex abuse case stand? In 2023, the Maryland Attorney General found evidence that at least 165 priests, teachers, and employees under the church's supervision abused more than 600 children. A lawsuit filed after the passage of the Child Victims Act, which removed the statute of limitations for child sexual abuse survivors, alleges that the church is responsible for more than 1000 claims of sexual assault - but is attempting to avoid compensating victims. While the Child Victims Act allows survivors to receive a payout of $890,000 for each claim of abuse, the lawsuit claims the Archdiocese of Baltimore is using the doctrine of charitable immunity to prevent having to directly pay survivors. Adding to the turbulence is a recent change to the Child Victims Act passed by the Maryland General Assembly in April, which limits the financial compensation to $400,000 for abuse claims involving public institutions and $700,000 for claims against private institutions. The compensation limits apply to any claims filed on or after June 1, 2025. Victims of abuse by the Archdiocese of Baltimore who file claims after June 1 will only be able to receive up to $400,000, nearly half of the previous payout cap.
Yahoo
28-02-2025
- Business
- Yahoo
New study reveals blue state's fast-food minimum wage hike jeopardized thousands of jobs
Fast-food job losses in California spiked after passage of the $20 minimum wage for some workers, according to a new study. A Berkeley Research Group study discovered not only were there 10,700 jobs lost between June 2023 and June 2024 in the sector, according to Bureau of Labor Statistics data. But prices at the establishments soared by 14.5% after the new minimum wage became law. "California fast food restaurants also increased automation and technology adoption to offset rising labor costs," the study released Feb. 18 stated. "Therefore, it should not be surprising that the number of employees per restaurant is declining. Blue City Mayor Embraces Government Efficiency In New Memo To City Employees "Californians are bearing the cost of the minimum wage increase through fewer available jobs and higher food cost," it added. The study also debunked notions that the minimum-wage legislation created jobs, according to the California Globe. Read On The Fox News App The study noted that the authors were "retained" by Save Local Restaurants but said the research was conducted independently. Chef Andrew Gruel, a California-based restaurateur, told Fox News Digital he saw early on that there could be negative consequences for the service industry. "I railed about this months ago," he said, adding that while the early economic effects were being touted, he suggested there would be losses. Martina Navratilova Takes Shot At Gavin Newsom Over California's Trans-athlete Policy Gruel also offered advice to businesses struggling to keep up with the minimum wage requirement. "Cut your menu size, outsource a lot of kitchen labor and utilize AI for back office management," Gruel said. Social Media Blasts 'Gaslighting' Gavin Newsom After He Announces New Podcast The minimum wage for workers was $16 before the $20 minimum wage for fast-food workers became law in April 2024. Gov. Gavin Newsom said in September 2023 the increase would help workers earn more as the cost-of-living rises. "Fast food workers in CA will now be paid the highest minimum wage of any state in the country. I just signed a bill that will ensure these workers receive the fair pay they deserve," he tweeted at the time. However, the report also cautioned that it may also result in people getting paid less overall and "accelerate automation." "If large enough, the combination of job eliminations and reductions could leave workers earning less income as a result of (the) $20 minimum wage," the report stated. "For example, even if no jobs are eliminated (a dubious assumption given the BLS data discussed above), a 20% reduction in hours worked with no overtime increases would erase the financial gains from the 25% hourly wage increase, leaving workers with the same or even less total income," it continued. The California Fast Food Council may consider increasing the minimum wage to $20.70, according to Restaurant Business article source: New study reveals blue state's fast-food minimum wage hike jeopardized thousands of jobs
