CVS Health reaches $484M opioid settlement with Florida

Healthcare services company CVS Health Corp. (CVS) announced Wednesday that it has entered into an agreement with the State of Florida to resolve claims dating back more than a decade related to prescriptions for opioid medications that were filled at Florida CVS Pharmacy locations.

Under the agreement the company will settle all opioid claims against it by Florida for $484 million, to be paid over a period of 18 years. As a result, CVS Pharmacy will no longer be a defendant in Florida’s opioid lawsuit that is scheduled for trial in April 2022.

The settlement amount is expected to be used by the State of Florida to support its efforts to combat opioid addiction and abuse. However, the settlement with the State of Florida includes no admission of wrongdoing. Nasdaq