Walmart
Walmart has struck a $123 million deal to settle three shareholder lawsuits over the retail giant’s distribution of prescription opioids.
The agreement was revealed Friday in a filing with the Securities and Exchange Commission, the Wall Street Journal reported.
It followed a $3.1 billion nationwide settlement Walmart reached with state governments in 2022 over its alleged role in fueling opioid addictions.
The shareholder lawsuits accused current and former company directors and officers of breaching their fiduciary duties by failing to adequately oversee the company’s distribution of the pain medicines.
Under the settlement agreement, which is subject to court approval, Walmart’s insurers will cover the cost, which includes legal fees and expenses incurred by the plaintiffs.
Walmart also agreed to “maintain certain corporate governance practices for a period of at least five years.”
“The settlement does not include any admission of liability, and the defendants expressly deny any wrongdoing,” according to the SEC filing.
Walmart stock closed at $81.31 on Friday up 0.5% for the day and up more than 53% since the start of the year.
