KUAR | By Kim Souza / Talk Business & Politics
Walmart has reached a settlement in litigation relating to the national opioid epidemic totaling $3.1 billion. The settlement will effectively resolve all opioid lawsuits by state, local and tribal governments, according to the retailer.
The hefty settlement dinged Walmart’s earnings per share by $1.11 in the third quarter, helping to drive a net loss of 66 cents per share for the retail giant. The deal also comes on the heels of settlements reached by competitors Walgreens and CVS last week totaling $10 billion.
“Walmart believes the settlement framework is in the best interest of all parties and will provide significant aid to communities across the country in the fight against the opioid crisis, with aid reaching state and local governments faster than any other nationwide opioid settlement to date, subject to satisfying all settlement requirements,” the company noted in the release.
./Walmart
The Arkansas-based company is the latest retailer to agree to a settlement over the dispensing of addictive opioid medications. Walmart had previously vowed to fight the litigation.