CVS and Walgreens agree to $10 billion in tentative deals on opioid cases. Walmart will also [View all]
Source: CNN
CNN — CVS and Walgreens have tentatively agreed to pay a combined $10 billion to settle lawsuits brought by states and local governments alleging the retailers mishandled prescriptions of opioid painkillers.
Walmart has also tentatively agreed to pay $3 billion to settle a similar lawsuits, Bloomberg reported, citing sources familiar with the matter. The agreement wouldn’t be finalized until enough states, counties and cities agree to the terms, the outlet said. CNN has reached out to Walmart for comment.
CVS said if the settlement is reached, it would pay the states nearly $5 billion over 10 years beginning in 2023. Walgreens said would also pay about $5 billion in remediation payments over the course of 15 years.
“We believe this is in the best interest of the company and our stakeholders at this time, and allows our pharmacists, dedicated healthcare professionals who live and work in the communities they serve, to continue playing a critical role in providing education and resources to help combat opioid misuse and abuse,” Walgreens said. CVS also said it is looking to curb opioid abuse.
Read more: https://www.cnn.com/2022/11/02/us/cvs-walgreens-walmart-opioid-settlement
Article updated.
Full headline: CVS and Walgreens agree to $10 billion in tentative deals on opioid cases. Walmart will also reportedly settle
Original article and headline -
CNN -- CVS has tentatively agreed to pay $5 billion to settle lawsuits brought by states and local governments alleging the retailers mishandled prescriptions of opioid painkillers. Two other major retailers - Walgreens and Walmart - have tentatively agreed to pay billions of dollars to settle similar lawsuits, according to reports from Bloomberg and Reuters.
The deal calls for Walgreens to pay at least $4 billion and Walmart to pay $3 billion, Bloomberg reported, citing sources familiar with the matter. The agreement wouldn't be finalized until enough states, counties and cities agree to the terms, Bloomberg said. CNN has reached out to the companies for comment. CVS said if the settlement is reached, it would pay the states over 10 years beginning in 2023.
As the US marks National Prescription Drug Take Back Day, people who started using opioids as children share their stories to help children and parents get educated about the risks of drug abuse. "We are pleased to resolve these longstanding claims and putting them behind us is in the best interest of all parties, as well as our customers, colleagues and shareholders," said Thomas Moriarty, CVS' general counsel, in a statement.
"We are committed to working with states, municipalities and tribes, and will continue our own important initiatives to help reduce the illegitimate use of prescription opioids." US states, cities and counties have filed more than 3,000 lawsuits against opioid manufacturers, distributors and pharmacies, accusing them of downplaying the addiction risk and failing to stop pills from being diverted for illegal use.
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