News Wrap: Bankruptcy court will approve Purdue Pharma’s opioid settlement

Amna Nawaz:

In the day's other headlines: A federal judge says he will approve Purdue Pharma's latest deal to settle thousands of opioid-related lawsuits.

The agreement would require the Sackler family to contribute up to $7 billion over 15 years to state and local governments, plus those directly harmed in the opioid crisis. They'd also have to give up control of the company. This would replace a prior agreement that was rejected by the Supreme Court last year because it protected the Sacklers from future lawsuits.

The deal is one of the largest of its kind and comes more than two decades after the first legal actions were filed against Purdue. The judge says he will explain his decision at a Tuesday.

Republican lawmakers in Indiana are canceling plans to meet next month to redraw their state's congressional maps. The president of the state's Senate said today there isn't enough support among members to carry out such a redistricting. This comes after months of pressure from the White House, which included two visits by Vice President J.D. Vance.

And it's seen as a major blow to the Trump administration's broader efforts to create new maps that would favor Republicans in next year's midterm elections.

The city of Charlotte, North Carolina, is bracing for an expected surge of federal agents, as President Trump looks to expand his immigration crackdown on the nation's cities. A county sheriff said this week that U.S. Customs and Border Protection agents could be deployed to the state's largest city as soon as tomorrow.

Few details about the operation are known and local authorities have not been asked to assist. Today, city leaders urged residents to be ready and to stay calm.

Susan Rodriguez-McDowell:

Whatever occurs in the coming days, we must meet the moment peacefully, reduce panic, and remember that due process will be back. There will come a time when this regime ends and justice and due process will become the order of the day again.

Amna Nawaz:

President Trump has insisted these immigration operations are needed in Democratic-run cities to fight crime and carry out his mass deportation agenda. Charlotte has been on the Trump administration's radar since the fatal stabbing in August of a Ukrainian refugee on a light-rail train. The attacker, who is a U.S. citizen, has been charged with murder.

The FAA is easing flight restrictions at 40 U.S. airports as the nation's air system gets back on its feet following the record-setting U.S. government shutdown. The agency says the current mandate of a 6 percent cut to flights nationwide is being trimmed to 3 percent starting tomorrow morning.

In a statement, the FAA said — quote — "The decision reflects improvements in air traffic controller staffing levels and a continued decline in staffing-trigger events."

Separately, the Trump administration is officially dropping plans to make airlines compensate passengers for flight delays caused by carriers. The announcement formally puts an end to a Biden era proposal that would have guaranteed fliers up to $300 for domestic delays of at least three hours and more for longer delays.

Today's action follows an announcement by the Transportation Department in September, which said the rules led to — quote — "unnecessary regulatory burdens" for airlines. Passengers are still entitled to refunds if their flights are canceled and they choose not to rebook.

President Trump signed an executive order today that would get rid of tariffs on a range of products. This includes tropical fruits, beef, coffee, and dozens of other commodities. It's the latest rollback to President Trump's aggressive global tariffs and comes as consumer prices remain a primary concern for U.S. voters.

Separately, Switzerland and the White House say they have reached a framework trade deal following a sustained effort by Swiss officials to bring down steep U.S. tariffs. As part of the deal, Switzerland will invest $200 billion in the U.S. through 2028, and the U.S. will cut tariffs on most Swiss goods to 15 percent, matching the European Union's rate.

In August, Trump hiked tariffs on Switzerland to 39 percent, the highest on any Western country. Swiss officials welcomed the deal, but acknowledged that it will take several weeks to take effect.

Guy Parmelin (through interpreter):

This agreement is a great relief for our economy. The additional U.S. tariffs have already caused considerable damage and affected almost 40 percent of our exports. The memorandum of understanding now stabilizes the conditions for access to the U.S. market.

Amna Nawaz:

The deal leaves tariffs on certain items in place, like Swiss watches, coffee, and one of Switzerland's most famous exports, cheese.

The country is currently hosting the World Cheese Awards, where Swiss cheeses make up about a fifth of the entries. A Swiss Gruyere beat out more than 5,000 other cheeses from 46 countries to win the top prize.

The CEO of Walmart is stepping down early next year. Doug McMillon may not be a household name, but he's played an outsized role in the U.S. economy as head of the nation's largest retailer for more than a decade. He will be replaced by the company's U.S. operations chief, John Furner.

In the meantime, on Wall Street, stocks ended the week mixed. The Dow Jones industrial average lost around 300 points on the day. The Nasdaq managed a slight gain of about 30 points. The S&P 500 ended Friday's session virtually flat.

And Shohei Ohtani is adding to his legendary resume, winning his fourth MVP Award in the last five years. He's also making news for how he celebrated the win, which was broadcast live.

Man:

The National League MVP is Shohei Ohtani.

Amna Nawaz:

In a sweet and slightly awkward moment, Ohtani leans in to embrace his wife and dog with his beloved pup Decoy getting the kiss. Ohtani now trails only Barry Bonds, who won seven MVP trophies.

On the American League side, Yankee slugger Aaron Judge nabbed his third MVP Award. He too joins elite company. Fellow Yankees Joe DiMaggio, Yogi Berra, and Mickey Mantle were also three-time winners.

Still to come on the "News Hour": David Brooks and Kimberly Atkins Stohr weigh in on the end of the longest ever government shutdown; design pioneer David Kelley offers his Brief But Spectacular take on everyone's capacity for creativity; and Ken Burns' latest PBS documentary looks at the beginnings of our nation's democracy in "The American Revolution."