CVS, Walgreens To Pay More Than $10 Billion To Settle Opioid Lawsuits

CVS and Walgreens have agreed to pay more than $10 billion in a landmark settlement to resolve opioid-crisis lawsuits brought by states, cities and other governments. From a report: The two largest U.S. drugstore chains said they reached a framework to settle the collection of lawsuits brought by governments and Native American tribes blaming pharmacies for helping fuel the nation's opioid epidemic. Under the proposed deal, CVS would pay $4.9 billion to states and municipalities and $130 million to tribes over the next 10 years starting in 2023. The company said the agreement isn't an admission of guilt and that it would continue to defend against any litigation that the settlement doesn't resolve. Walgreens said it has offered to pay up to $4.79 billion to states over 15 years and about $155 million to tribes. It also expects to pay up to $753.5 million in attorneys fees over six years. The company said the settlement wasn't an admission of wrongdoing. Each state, local government and tribe still must decide whether to participate in the settlement. Plaintiffs' attorneys appointed to lead the negotiations said they encouraged governments and tribes to join the settlement, which they said holds the pharmacies accountable. CVS Chief Executive Karen Lynch, on a call with analysts, said the settlement is in the "best interests of all parties and helps put a decades-old issue behind us." CVS has been in a separate legal battle with its insurers over whether they should cover some of the liability the company faces for the opioid lawsuits.

Read more of this story at Slashdot.