Theranos reportedly settles $140M Walgreens suit for less than $30M

Enlarge / Founder & CEO of Theranos, Elizabeth Holmes. (credit: Getty | Gilbert Carrasquillo)

Theranos told its investors that it has reached a tentative settlement with former business partner Walgreens and will pay out less than $30 million in the agreement, The Wall Street Journal reports.

The drugstore giant filed a searing lawsuit late last year against the beleaguered blood-testing company. Walgreens was seeking $140 million-presumed to be the amount it invested in a 2012 deal with Theranos to host blood-testing 'Wellness Centers' in its stores. In court filings, Walgreens alleged that Theranos had broken all its promises and "failed to meet the most basic quality standards and legal requirements" of their partnership.

Today's reported settlement is not final, and the terms could change. But if they do not, it would mean that Walgreens will be out more than $100 million from their dealings with Theranos.

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