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11/15/2022, 2:15 PM (Source: TeleTrader)
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Walmart offers to settle $3.1B opioid lawsuits

Retail giant Walmart Inc. announced on Tuesday it has agreed to resolve all ongoing and potential lawsuits relating to the impact of its pharmacies' prescription of opioid painkillers, with the $3.1 billion plan coming into force upon government approval.

The settlement, struck with a group of US general attorneys, is set to include all legal actions by the state and local government brought against the company for allegedly contributing to the rise of opioid use in the US, but will not be made final before authorization by 43 US states. While stating that the decision was made to help combat the nationwide opioid crisis, Walmart stressed that it "strongly disputes the allegations in these matters, and this settlement framework does not include any admission of liability."

Walmart released its third quarter earnings report today that saw the company's revenue beat expectations, arriving at $152.8 billion year over year, but with operating income more than halved for the same time period.

Baha Breaking News (BBN) / MX