Steve Grzanich has the business news of the day with the Wintrust Business Minute.

Suburban-based Abbott Laboratories has been ordered to pay nearly $500 million in a case involving its baby formula. The jury award came in a lawsuit that alleged Abbott’s premature infant formula causes a potentially fatal bowel disease. A jury made the award in a St. Louis case. It’s one of more than 1,000 similar cases against Abbott and other formula makers. Responding after the verdict, Abbott says it strongly disagrees and “will pursue all avenues to get the erroneous decision overturned.”

Also, Chicago-based McDonald’s missed expected revenue and earnings in the second quarter and sales declined for the first time since 2020. Listen for more below: