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HomeMarketWalmart reaches $3 bln settlement for opioid lawsuits

Walmart reaches $3 bln settlement for opioid lawsuits

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Walmart Inc.
WMT,
-2.94%
said Tuesday it agreed to a $3.1 billion nationwide opioid settlement framework. The settlement is designed to resolve “substantially all opioid lawsuits and potential lawsuits” by state, local, and tribal governments, the company said. “Walmart believes the settlement framework is in the best interest of all parties and will provide significant aid to communities across the country in the fight against the opioid crisis, with aid reaching state and local governments faster than any other nationwide opioid settlement to date, subject to satisfying all settlement requirements,” Walmart said. Walmart said the settlement framework does not include any admission of liability. The retailer said it’s been working to address the opioid crisis by educating pharmacists, reducing the amount of opioids dispensed and protecting against diversion and theft. On Nov. 2, CVS Health
CVS,
-0.39%
and Walgreen Co.
WBA,
-0.59%
each announced plans to pay about $5 billion in opioid settlements without admitting guilt. Shares of Walmart are up 6.8% in premarket trades after the company issued a better-than-expected profit outlook.

Credit: marketwatch.com

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