Yahoo Finance's Alexis Keenan joins the Live show to discuss the three legal stories to watch for.
- Welcome back to "Yahoo Finance Live." Judges across the country are now being asked to put newly enacted abortion laws on hold in the wake of the federal abortion ban. Yahoo Finance's legal reporter, Alexis Keenan, joins us now to discuss that and two other stories in the courtroom happening today. Let's take this first one. Lots of fallout here.
- This is a big one. So lawsuits just piling up across the United States to challenge these abortion bans that are state by state at this point after Roe v Wade was overturned. You have in Texas the Texas Supreme Court overruling a lower court on a 1925 law that the state had in place that really went after providers who were providing abortions. And that law, though, despite it being now overruled, and that means it can go into effect, Texas has trigger laws that are about to take effect. So it will be moot at some point.
Also, Ohio's Supreme Court taking a similar measure. That court denied a pro-choice group's request for an injunction to block a six week ban that state has in place. So those two states saying, nope, the overturning of Roe is going to stand and we are going to implement these state laws and they are enforceable.
Now, on the other hand, you have judges temporarily blocking these bans. You have in Kentucky, Louisiana, Utah, Idaho, those judges deciding the other way, that the states are not going to be able to enforce their measures that are trying to limit abortion quite yet until it's decided more thoroughly by the courts.
You have hearings that are taking place in Kentucky tomorrow, you also have hearings later this week in Louisiana. Also more lawsuits in Wisconsin, West Virginia, Oklahoma, and Mississippi. So a pretty big mess for women across this country trying to figure out if they need these services, how they're going to get them if they are in one of these states that's really playing ping pong with the laws.
- And it sounds like it's going to take years for this to play out in the courts. And also, we have a Scandinavian Airlines filing for chapter 11 bankruptcy protection. What's up with SAS now? Haven't seen an airline bankruptcy in quite some time.
- Right. So Scandinavian Air, they're traded on the Stockholm Exchange. And they are taking advantage, at least for the US capabilities, they're taking advantage of the United States Bankruptcy laws, favorable, of course, for corporations to be able to reorganize. So they have officially announced that they are filing for this protection. And they said that they needed it earlier than expected due to a pilot strike that was happening yesterday. And so, they said that really sped up the need. They said they are in advanced discussions to get $700 million in debtor in possession financing that they're going to need to stay afloat.
But, look, this is a long time airline that's been in place since 1946. And they have a lot of firsts. They were the first to have a female commercial airline pilot, they were the first to introduce electronic booking systems. So we'll see if they are able to turn it around here. Stock down today about 10%. Year-to-date, about 60%.
- First to file bankruptcy in the current market downturn. So, also, you're tracking the Theranos Sunny Balwani fraud trial. That is nearing a conclusion.
- Maybe. The saga continues. Are we going to see another movie, another great documentary from Alexis Keenan here, a part two, perhaps?
- Part two. Part deux. Maybe. Or maybe just an appended conclusion so this can finally be wrapped up, this saga that took place in Silicon Valley. Of course, we followed closely the trial of Elizabeth Holmes who spearheaded Theranos, the blood testing company that ended up having to dissolve, essentially, because of Elizabeth Holmes operation of that company. A lot of omissions, purported lies, Elizabeth Holmes convicted in January on four counts of defrauding investors.
Now, Balwani, her counterpart, he was a COO and President of Theranos. He's also standing a separate trial. He's charged with 12 counts of fraud, altogether 10 of those are wire fraud counts, and two of those are conspiracy to commit wire fraud. He went through a 13 week trial, so the jury has been deliberating now for about a week, but we could get a decision any minute. And if we do, we'll certainly bring it onto the air.
- I know you will be watching that for us. And, by the way, that was the sixth thing that we've learned today, having done two of these three things you learn today segment. So thank you for that, Yahoo Finance's Alexis Keenan.