Walmart said it has reached a proposed settlement pact related to three lawsuits filed by shareholders on behalf of the company over the handling of prescription opioids.
According to the terms of the settlement that were disclosed in a regulatory filing, insurance carriers will pay Walmart $123 million, excluding any attorneys’ fees and expenses awarded by the court to the plaintiffs’ counsel. Walmart would also maintain certain corporate governance practices for at least five years, according to the filing.
Related: McKinsey Poised to Pay at Least $500 Million in DOJ Opioid Probe
The settlement doesn’t include any admission of liability by Walmart. It’s subject to court approval.
Three Walmart shareholders filed lawsuits the Delaware Court of Chancery, alleging current and former directors and officers breached their fiduciary duties by failing to adequately oversee the company’s distribution and dispensing of prescription opioids.
Related: Baltimore Latest to Settle With Teva, Walgreens Ahead of Opioid Trial
In 2022, Walmart agreed to pay $3.1 billion to settle lawsuits nationwide over the impact of prescriptions its pharmacies filled for powerful prescription opioid painkillers.
Was this article valuable?
Here are more articles you may enjoy.
LA Fires Push Insurers’ 2025 Disaster Losses to $107 Billion 
‘Door Knocker’ Roofers Were Everywhere. NC Farm Bureau Saw an Opportunity 
Marijuana’s Move to Schedule III: What it Really Means for Cannabis Insurance 
Tesla Drivers Are Buying Escape Tools and Cars to Avoid Getting Trapped Inside 
Want to stay up to date?
Get the latest insurance news
sent straight to your inbox.