CVS and Walgreens Agree to Reach Over $10B Opioid Settlement

CVS and Walgreens have reached a more than $10 billion settlement agreement that will resolve thousands of lawsuits from U.S. states, local governments and tribes who accused the companies of mishandling opioid painkillers.

CVS Health has agreed to pay approximately $5 billion over the next ten years starting in 2023, depending on the number of governmental entities that agree to join the settlement.

Under the settlement framework, Walgreens expects to dole out approximately $4.79 billion in remediation payments to the settling states and up to $154.5 million in remediation payments to participating tribes, both to be paid out over 15 years.

The companies did not admit to any liability or wrongdoing.