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CVS & Walgreens To Pay $10.7 Billion In Multistate Settlements Over Opioid Crisis

cvs-&-walgreens-to-pay-$10.7-billion-in-multistate-settlements-over-opioid-crisis

CVS & Walgreens To Pay $10.7 Billion In Multistate Settlements Over Opioid Crisis

New York Attorney General Letitia James’ office announced two multistate settlements totaling $10.7 billion with CVS and Walgreens for their roles in the opioid crisis. 

Attorney General James co-led a group of attorneys general in negotiating settlements between the two pharmacies, which will provide $10.7 billion to relief to communities nationwide that were heavily affected by the opioid crisis that has killed hundreds of thousands of Americans over the years. 

CVS agreed to pay $5 billion, and Walgreens will pay $5.7 billion. As part of the deal, $458,210,563 of the settlement would be secured by Attorney General James to combat the opioid crisis in New York. 

“In New York and across the nation, communities continue to mourn family, friends, and loved ones lost to the opioid crisis.

“Though we cannot reverse the devastation, my fellow attorneys general and I are committed to holding those who allowed this epidemic to run rampant through our country to account. We have now recovered $2.5 billion for New York from opioids manufacturers and distributors, and with those funds we will continue to support and expand abatement, treatment, and prevention efforts statewide,” Attorney General James said in a statement. 

Also announced today were court-ordered requirements for CVS and Walgreens stores that must abide by strict oversight to identify and prevent fraudulent prescriptions. 

CVS will spread the payments out over ten years, while Walgreens agreed to 15 years. The first payments will begin in the second half of 2023.

Both CVS and Walgreens shares on US equity exchanges had a muted response to the news. 

Attorney General James added that her office and 16 other state attorneys general were able to secure a $3.1 billion settlement from Walmart last month for the retailer’s role in the opioid crisis, as well as securing hundreds of millions of dollars from the pharmaceutical companies that were responsible for making synthetic opioids.  

Tyler Durden
Mon, 12/12/2022 – 13:40

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