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Walmart, CVS, Walgreens reach $13B opioid settlement


 Walmart, CVS, Walgreens

Walgreens Boots Alliance Inc., CVS Health Corp., and Walmart Inc. tentatively agreed to pay over $13 billion to resolve thousands of state and local government lawsuits accusing the pharmacy owners of mishandling opioid painkillers, according to the companies and people familiar with the matter.

The proposed settlement—possibly one of the last huge accords spawned by over five years of litigation over the highly addictive painkillers—calls for CVS to pay $4.9 billion, Walgreens to pay nearly $5 billion, and Walmart to pay up to $3 billion to resolve the municipalities’ suits, according to the CVS and Walgreens officials, and others sources.

Walgreens, in a filing with the US Exchange Commission and US Securities, said its payments will be spread out over 15 years and include nearly $154 million for the Native American tribes and over $750 million in legal fees.

CVS officials confirmed their portion of the settlement and noted they paying an additional $130 million to resolve opioid claims brought by the tribes. The payouts will be spread over 10 years, CVS announced in a statement.

A Walmart spokesperson declined to comment on the world’s largest retailer’s potential share of the settlement.

The accords will not be finalized until enough counties, states, and cities agree to them.

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