Hello, everyone. This is a daily news briefing from Cheddar News.
The justice department is suing Rite aid for allegedly violating
the Controlled Substances Act and contributing to the opioid epidemic.
That lawsuit says writing quote knowingly filled
unlawful prescriptions for controlled substances with red flags
and the justice department says those prescriptions were
issued illegally and without a medical purpose.
Meanwhile, in response to the Silicon Valley Bank fallout,
Moody's is now putting six other U S banks on
watch for possible day downgrades that amid volatile funding conditions.
The credit ratings firm is now watching First Republic Bank,
Zion's Western Alliance
America um be financial and in trust financial
and the Fed.
Now looking into the collapse of the Silicon
Valley Bank as fed vice chair for supervision,
Michael Barr leading that probe which will focus on
how regulators miss red flags with the bank.
The fed says it will release the results of that review coming up in early May
and that's your
news update. I'm Baker Machado. Coming to you our studios in New York City.