CVS settles Florida opioid claims for $484 million

CVS Health Corp. announced Wednesday that it has settled opioid claims in Florida based on prescriptions filled in pharmacy locations in that state. Some of the claims date back more than 10 years. CVS will pay $484 million over 18 years and will no longer be a defendant in a trial set to start in April 2022. The settlement doesn't include an admission of wrongdoing, and doesn't settle other opioid-related lawsuits. CVS says it will continue to take measures to fight opioid abuse, including installation of safes in 6,800 pharmacies across 23 states and Washington D.C. intended to avoid robberies, and the rollout of more than 4,000 disposal units in stores and at police departments where customers can get rid of old medication. CVS shares were down 0.3% in Wednesday premarket trading, but have gained 37.6% over the last year. The benchmark S&P 500 index is up 17% for the last 12 months.

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