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Bipartisan Coalition of Attorneys General Secures Over $10 Billion in Opioid Funds from CVS and Walgreens [ [link removed] ] 12/12/2022 01:34 PM EST

FOR IMMEDIATE RELEASE

Media contact: Danna Hayes

[email protected]

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Bipartisan Coalition of Attorneys General Secures Over $10 Billion in Opioid Funds from CVS and Walgreens

"Brings total recoveries from drug industry to more than $50 billion"

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AUGUSTA- Attorney General Aaron Frey today announced that a multistate coalition of attorneys general have finalized agreements with pharmacy chains CVS and Walgreens to bring the national amount from investigations and litigation against the pharmaceutical industry for its role in the opioid crisis to more than $50 billion. Maine?s share of these new funds ? including a recent agreement with Walmart - is estimated to be a maximum of over $66 million. Under the agreements, CVS will pay $5 billion and Walgreens will pay $5.7 billion, totaling $10.7 billion. Recently the multistate coalition announced a similar settlement with Walmart for its role in the opioid crisis as a pharmacy. ?The Walmart settlement is valued at $2.7 billion, with Maine?s maximum share estimated to be $14 million. ?

?Our communities have suffered tremendously,? said Attorney General Aaron Frey. ?These pharmacies must be held to account for their role, along with opioid manufacturers and distributors, in the devastation opioids have caused in Maine and across the country. While no amount of money can ever remedy the pain experienced by so many, I?m hopeful that a settlement could mean more funds for critical treatment, prevention and recovery efforts that can make a meaningful difference in lives across the state.? ??

In addition to the financial settlement, CVS and Walgreens, along with Walmart earlier, have agreed to court-ordered injunctive relief that requires the pharmacies to monitor, report, and share data about suspicious activity related to opioid prescriptions. This court-ordered injunctive relief will help ensure a crisis like this does not happen again.?

The terms of this agreement will now go to the states for their review. Each state, including Maine, will have until the end of 2022 to join, after which the Walmart, Walgreens, and CVS agreements will go to local governments around the country for sign-on during the first quarter of 2023. Maine?s ability to achieve the maximum settlement payout will depend upon the level of participation in the settlement of certain local governments which will be eligible to receive payments. Maine will look forward to reviewing the settlement terms. Nearly all of the settlement funds must be used to remediate the opioid crisis, including prevention, harm reduction, treatment, and recovery services. ?

The payments are structured to ensure critical support in early years as well as sustained resources over time. Most of Walmart?s amount will be paid during the first year; CVS?s payments will be spread over 10 years; Walgreens' payments will be spread over 15 years. If there is sufficient sign-on by states and by local governments, payments will begin during the second half of 2023.?

The negotiations have been led by Attorneys General from North Carolina, California, Colorado, Connecticut, Delaware, Illinois, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Nebraska, New York, Ohio, Pennsylvania, Rhode Island, Tennessee, and Texas.?

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