Pharmacy Giants Agree To Settle Opioid Suits For $14B

Reuters reports:

CVS Health Corp, Walgreens Boots Alliance Inc, and Walmart Inc have tentatively agreed to pay about $13.8 billion to resolve thousands of U.S. state and local government lawsuits accusing the chains of mishandling opioid painkillers, according to two people familiar with the negotiations.

The proposed settlement calls for CVS to pay $5 billion over 10 years, Walgreens to pay $5.7 billion over 15 years and Walmart to pay $3.1 billion, mostly up front, according to the people.

CVS announced its portion of the deal, which includes $4.9 billion for state, county and city governments and $130 million for Native American tribes, Wednesday morning.

Read the full article.