Walmart announced on Friday that it has come to a proposed settlement regarding three lawsuits brought by shareholders concerning the company’s management of prescription opioids.
The settlement details, shared in a regulatory document, reveal that Walmart will receive $123 million from its insurance providers. This sum is exclusive of any legal fees or costs that the court may allocate to the attorneys representing the plaintiffs. Additionally, Walmart has committed to upholding specific corporate governance measures for a minimum of five years as part of the agreement.
It’s important to note that this settlement does not signify any admission of wrongdoing by Walmart and is pending approval from the court.
The lawsuits were filed in the Delaware Court of Chancery by three Walmart shareholders. They accused current and former members of the company’s leadership of failing to adequately supervise the distribution and dispensing of opioid prescriptions, which they claim constitutes a breach of fiduciary duty.
In a related matter from 2022, Walmart settled lawsuits across the nation by agreeing to pay $3.1 billion regarding the consequences of the prescription opioids that its pharmacies distributed.