Walmart has reached a proposed settlement in a series of lawsuits filed by shareholders concerning the company’s management of prescription opioids, with insurance carriers set to pay $123 million, excluding legal fees. The settlement, which is pending court approval, does not involve any admission of liability by Walmart and requires the company to maintain specific corporate governance practices for the next five years. Shareholders accused Walmart’s directors and officers of failing to properly oversee the distribution of opioids, alleging breaches of fiduciary duty. This settlement comes in the wake of Walmart’s previous agreement to pay $3.1 billion to resolve related nationwide lawsuits.
