CVS Health has announced that it has agreed in principle to a $5 billion payout "designed to substantially resolve all opioid lawsuits and claims against the company" in the U.S.
The Woonsocket, Rhode Island company would pay the funds over 10 years under a deal that, if accepted, would make it the first major pharmacy chain to reach a nationwide settlement of lawsuits over how it handled prescriptions for powerful and addictive prescription opioid painkillers that are linked to an overdose epidemic.
"We are pleased to resolve these longstanding claims and putting them behind us is in the best interest of all parties, as well as our customers, colleagues and shareholders," Thomas Moriarty, Chief Policy Officer and General Counsel of CVS Health, said in a statement. "We are committed to working with states, municipalities and tribes, and will continue our own important initiatives to help reduce the illegitimate use of prescription opioids."
CVS HEALTH CORP.
CVS Health added the agreement "would fully resolve claims dating back a decade or more," but it is "not an admission of any liability or wrongdoing."
CVS, WALMART, WALGREENS AGREE TO $13.8 BILLION OPIOID SETTLEMENT: REPORT