Walmart reaches settlement deal for shareholder lawsuits over its handling of opioids

[October 19, 2024]  NEW YORK (AP) — Walmart said Friday 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.

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.

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.

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