(RTTNews) - Walmart (WMT) disclosed in a regulatory filing that it has reached a proposed settlement agreement related to three lawsuits filed by shareholders on behalf of the company over the distribution and dispensing of prescription opioids.
Three Walmart shareholders filed lawsuits in the Delaware Court of Chancery alleging that certain current and former directors and officers breached their fiduciary duties by failing to adequately oversee Company's handling of prescription opioids.
According to terms of settlement, insurance carriers will pay Walmart $123 million, excluding attorneys' fees and expenses awarded by court to plaintiffs' counsel.
Walmart would also maintain certain corporate governance practices for at least five years, according to the filing. The settlement does not include any admission of liability, and the defendants expressly deny any wrongdoing.
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