Walgreens Announces $683M Opioid Settlement With Florida

Walgreens Boots Alliance Inc WBA has reached a $683 million settlement with Florida to resolve claims that the pharmacy chain exacerbated an opioid epidemic in the state.
The settlement includes $620 million to be paid to Florida over 18 years, plus $63 million for legal fees.
The settlement ends a trial that began on April 11, after Walgreens decided not to join a combined $878 million settlement with four other healthcare companies, including CVS Health Corp CVS, writes Reuters.
Walgreens did not admit to wrongdoing as part of the settlement.
Also Read: Why Walgreens Boots Alliance Shares Are Plunging Today
"I am glad that we have been able to end this monumental litigation and move past the courtroom," Florida Attorney General Ashley Moody said on Thursday during a press conference.
Florida's settlement with Walgreens came days after Washington state reached a $518 million opioid settlement with drug distributors AmerisourceBergen Corp ABC, Cardinal Health Inc CAH, and McKesson Corporation MCK.
Price Action: WBA shares are down 2.20% at $43.48 during the market session on the last check Thursday.
Photo by Diamond Rehab Thailand via Pixaby