Walmart Reaches Deal To End Shareholder Lawsuits Over Opioids

Walmart has announced that it has reached a proposed settlement agreement related to three lawsuits filed by shareholders over the company’s handling of prescription opioids, Anne D’Innocenzio reported for the Associated Press (AP).

The lawsuits alleged that current and former directors and officers breached their fiduciary duties by failing to adequately oversee the company’s distribution and dispensing of prescription opioids. I Photo: Mike Mozart Flickr

According to the terms of the settlement 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 will also maintain certain corporate governance practices for at least five years. The settlement does not include any admission of liability by Walmart and is subject to court approval.

The lawsuits, filed by three Walmart shareholders in the Delaware Court of Chancery, alleged that 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 nationwide lawsuits regarding the impact of opioid prescriptions filled by its pharmacies.