Monday, February 6, 2023
HomeMarketWalmart's Opioid Settlement Now Covers 50 States

Walmart’s Opioid Settlement Now Covers 50 States

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Walmart
has reached agreements with all 50 states to settle a series of opioid-related lawsuits, the company said on Tuesday.

In November,
Walmart
(ticker:
WMT
) said it had agreed to a $3.1 billion nationwide settlement to resolve the suits filed against the retailer by multiple local and state governments. Walmart has now reached agreements with all 50 states, as well as the District of Columbia, Puerto Rico, and three other U.S. territories.

The settlement will take effect if a sufficient number of cities and counties also join, the company said.

The agreements “are intended to resolve substantially all opioids-related lawsuits brought by state and local governments against Walmart,” the company said in a press release.

Many of these suits hinged on Walmart’s role in distributing opioids at the height of the addiction epidemic. One suit, filed by the Department of Justice, claimed that Walmart’s pharmacies “unlawfully” distributed opioids at the height of the addiction epidemic. The Justice Department lawsuit further argued that Walmart’s pharmacies didn’t appropriately report “suspicious” opioid orders.

When it announced the settlement agreement, Walmart said the company “strongly disputes” the allegations and that the settlement didn’t include any admission of liability.

Shares of Walmart were up 1%, to $144.11 on Tuesday. The
S&P 500
was up 0.3%.

Write to Sabrina Escobar at sabrina.escobar@barrons.com

Credit: marketwatch.com

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