$147.5 MILLION OPIOID SETTLEMENT WITH WEST VIRGINIA REACHED BY CVS AND WALMART

Walmart Inc. (WMT.N) and CVS Health Corp. (CVS.N) have agreed to pay $147.5 million to resolve allegations made by West Virginia about their alleged contributions to the state's opioid problem. 

According to the state, Walmart and CVS agreed to pay a combined total of almost $65 million and $82.5 million, respectively. 

On September 26, West Virginia was ready to begin its trial against the two businesses and Walgreens Boots Alliance (WBA.O). 

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The state claimed that the drugstore chains' purportedly inadequate regulation of prescription drugs sold in the state was to blame for the fatal opioid crisis. 

A new trial date of June 2023 has been set since Walgreens has not settled.

Due to the problem, more than 3,300 lawsuits have been brought against medicine manufacturers, distributors, and pharmacies.