STOCKS | Walmart Settles Federal Opioid Lawsuit for $50 Million

Walmart agreed to pay $50 million to resolve allegations that its pharmacies violated the Controlled Substances Act by dispensing invalid opioid and other controlled-substance prescriptions. According to Sina Finance, the U.S. Department of Justice and the Drug Enforcement Administration announced the settlement on August 28, and the claims were allegations only, with no finding of liability. The Delaware federal district court has filed a joint stipulation of dismissal. Walmart said in a regulatory filing that the expense was not material, noting net profit of about $11.79 billion for the six months ended July 31. The settlement also includes a memorandum of understanding with the DEA covering future controlled-substance dispensing practices, including a hotline for employees and patients, monitoring of pharmacy dispensing patterns, and a process for evaluating suspected illegal prescribers. Walmart did not admit wrongdoing, and the settlement does not cover federal opioid cases against manufacturers, wholesalers, or other chain pharmacies.