CVS Health Corp.
CVS,
said Wednesday it has reached an agreement in principle to pay about $5 billion over the next 10 years to settle opioid lawsuits and claims made by states, political subdivisions and counties and cities and tribes in the U.S. The payments will start in 2023. The company said it is not admitting liability or wrongdoing, but that the settlement will fully cover claims dating back a decade or more. “We are committed to working with states, municipalities and tribes, and will continue our own important initiatives to help reduce the illegitimate use of prescription opioids,” said Thomas Moriarty, chief policy officer and general counsel at CVS. The stock was up 1.5% premarket after the news.
