Kroger inks $1.4B settlement deal for opioid lawsuits
Grocery giant Kroger has inked a $1.4 billion deal to settle claims that its pharmacies exacerbated the opioid crisis.
The company announced Friday that it has agreed to pay up to $1.2 billion to states and subdivisions and $36 million to Native American tribes over the course of 11 years, plus another $177 million for legal fees. The first payments begin this December.
“As a result, included in our financial results is a $1.4 billion charge related to the settlement resulting in a loss per share of $1.54 this quarter,” CFO Gary Millerchip said Friday on the company’s quarterly earnings call, per an AlphaSense transcript.
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