PanamaTimes

Saturday, Sep 07, 2024

CVS, Walgreens finalise $10bn in deals to settle opioid lawsuits

CVS, Walgreens finalise $10bn in deals to settle opioid lawsuits

The deals are among the largest in a wave of proposed and finalised settlements over opioids in recent years.

CVS and Walgreens have agreed to pay state and local governments a combined total of more than $10bn to settle lawsuits over the toll of opioids and now want to know by December 31 whether states are accepting the deals.

States announced final details Monday of settlements that the two largest pharmacy chains in the United States offered last month.

The deals are among the largest in a wave of proposed and finalised settlements over opioids in recent years totalling more than $50bn. Another big pharmacy operator, Walmart, also agreed to a settlement last month for $3.1bn.

Although lawyers involved in the cases are in line for a cut of the payments, most of the money is to be used to fight an overdose epidemic that has only deepened in recent years.

Opioids have been linked to more than 500,000 deaths in the US in the past two decades, with the most casualties in recent years. The drugs responsible for the bulk of the deaths have shifted from prescription painkillers to illicitly produced fentanyl, which is often mixed into other street drugs.

In the 2010s, state and local governments filed thousands of lawsuits seeking to hold the drug industry accountable for the crisis. Key drugmakers and distribution companies have already agreed to settlements.

Now, pharmacies, which were subject to claims that they should have realised they were filling too many opioid prescriptions, are following suit.


‘Help is on the way’


Under the separate deals, states have until the end of the year to agree to drop claims over opioids against Walgreens and CVS to receive the maximum payouts.

If there are not enough states participating, the companies can back out.

California Attorney General Rob Bonta said in a statement Monday that California could get up to $510m in the Walgreens settlement. He said the state is still assessing the terms of the CVS deal.

“To all those struggling with substance abuse disorders, to all those desperately in need of treatment and recovery options — help is on the way,” Bonta said.

Other states, including Massachusetts, New York, North Carolina, Oregon and Pennsylvania, have indicated they are accepting the terms of both settlements.

If there is sufficient sign-on from states, local governments can also sign on to get shares.

The amount awarded to governments is based on their populations and the severity of the opioid crisis there. States will get bigger amounts if more of their local governments agree.

The Walgreens payments could total up to $5.52bn over 15 years. The CVS payments could reach $4.9bn over 10 years. Additionally, the companies have announced tentative payments to Native American tribes totalling more than $250m.

Like other opioid settlements, the agreements call for governments that receive money to use it to fight the drug crisis.

Under the deals, about $1.2bn would be set aside for lawyers’ fees and legal expenses.

The companies also have agreed to monitor, report and share data about suspicious activity related to opioid prescriptions.

“CVS and Walgreens flooded our cities and towns with bottles upon bottles of pills with callous disregard for the suffering their actions caused,” Connecticut Attorney General William Tong said in a statement Monday. “Our settlement mandates significant changes to their business practices, including court-ordered monitoring to ensure the checks and balances that should have been in place all along will now be aggressively enforced.”

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
BRAZIL’S SUPREME COURT MINISTER ORDERS EXPLANATION ON X BLOCKING
Porn streamer OnlyFans paid owner $630mn in dividends
Donald Trump will not face sentencing over his 'hush money' conviction before the US presidential election on November 5, after a Manhattan judge granted his request to delay the proceeding
Return of Brazilian Artworks to Bahia
France Pilots Mobile Phone Ban in Schools
WHO-Led Study Finds No Link Between Mobile Phones and Brain Cancer
Kamala Harris is in Detroit and has a new accent again
EU Rejects Maduro’s Election Win Claim in Venezuela
Former Red Brigades Member Arrested in Argentina After 40 Years on Run
Elon Musk Accuses Brazilian Supreme Court Justice of Election Interference
Universe May Have Had a Pre-Big Bang 'Secret Life'
Ecuador's Narco Violence Threatens Scientists and Conservation Efforts
Brazilian Judge Alexandre de Moraes Blocks Elon Musk's X
Nаkеd American woman gropes security
Tsimane Tribe: Secrets to Health and Slow Ageing
OpenAI Blocks Iranian Group's ChatGPT Accounts for Election Interference
WHO Declares Mpox Global Health Emergency Again
Decline in World Records at Paris Olympics: An Analysis
EU Pressures Elon Musk Over Trump Interview
UN Reports Lowest Global Youth Unemployment Rate in 15 Years
Fatal Plane Crash Near Sao Paulo
Snoop Dogg: The Feel-Good Spirit of the Paris Olympics
McDonald's Worker Sets Restaurant On Fire Over Customer Frustration
Kamala Harris Confirmed as Democratic Candidate for US Presidential Election
Controversies at the Paris Olympics
Elon Musk Accepts Fight Challenge from Venezuelan President Nicolas Maduro
First Case of 'Virgin Birth' in Endangered Shark Species in Italy
G20 Fails to Reach Agreement on Global Billionaire Tax
Mexican Drug Lords El Mayo and El Chapo's Son Arrested in Texas
World's Hottest Day Recorded on July 21
Joe Biden Withdraws from 2024 US Presidential Race
A Week of Turmoil: Key Moments in US Politics
Global IT Outage Sparks Major Concerns
Global IT Outage Unveils Digital Vulnerabilities
Secret Service Criticized for Lack of Sniper Protection During Trump Shooting
Colombian Court Annuls Amazon Tribes’ Carbon Credit Deal
Sunita Williams Safe on ISS, to Address Earth on July 10
Biden Affirms Commitment To Presidential Race
Boeing Pleads Guilty Over 737 MAX Crashes
Beryl Storm Hits Texas, Killing 2 and Causing Major Power Outages
2024 Predicted to Be World's Hottest Year
Macron Faces New Political Challenges Despite Election Relief
Florida Man Arrested Over Attempt to Withdraw One Cent
Anger mounts at Biden’s top team after disastrous debate
Bolivian President Luis Arce Denies 'Self-Coup' Allegations
Steve Bannon Begins 4-Month Prison Sentence
Biden Warns of 'Dangerous Precedent' After Supreme Court Immunity Ruling in Trump Case
Elon Musk Accuses Kamala Harris of Misleading Post on Trump's Abortion Stance
Hunter Biden Sues Fox News Over 'Revenge Porn' Allegations
New York Times Editorial Board Urges Biden to Exit Presidential Race
×