Walmart reached a proposed settlement agreement about its distribution of prescribed opioids on Friday according to Security and Exchange Commission (SEC) filings.
This settlement includes three separate shareholder cases, each of which alleged Walmart did not properly oversee the dispersion and distribution of prescription opioids under the Controlled Substance Act.
The agreement is still subject to court approval.
If approved, the agreement states insurance carriers would pay $123 million, excluding litigation expenses and other legal fees, to an account. The agreement, filed on Friday, does not include any admission of liability, and Walmart “expressly” denies any wrongdoing.
“The settlement acknowledges that the directors and officers maintain they did nothing wrong. This matter was resolved to the parties’ mutual satisfaction to avoid the risk, distraction, and expense of continued litigation,” a Walmart spokesperson said in an email to The Hill.
In 2022, Walmart paid $3.1 billion to settle nationwide lawsuits regarding opioid prescriptions.
The Associated Press contributed to this report.
