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The three largest drug distributors in the U.S., McKesson (NYSE:MCK), Cencora (NYSE:COR), and Cardinal Health (NYSE:CAH), have agreed to pay $300M to several health plans to resolve allegations that they helped fuel the country’s opioid crisis.
According to a proposed class action settlement filed with the federal court in Cleveland, Ohio, the trio will contribute ~38.1%, 31%, and 30.9% to the final payout, respectively.
The companies didn’t admit any wrongdoing as part of the settlement, which still requires court approval to take effect.
The plaintiffs included certain third-party payors, such as the Louisiana Assessors’ Insurance Fund and Cleveland Bakers and Teamsters Health and Welfare Fund.
In recent years, drug distributors, as well as major pharma companies and pharmacy operators, have moved to settle lawsuits alleging they were to blame for America’s opioid epidemic.
In 2021, McKesson (MCK), Cencora (COR), and Cardinal Health (CAH) reached a $21B settlement with a group of state attorneys general to resolve opioid-related claims.
More on Cardinal Health, Cencora, etc.
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