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Opioid Litigation

All articles tagged with #opioid litigation

business2 years ago

Rite Aid's Bankruptcy Filing Amid Sales Slump and Opioid Litigation

Rite Aid, the drugstore chain, has filed for Chapter 11 bankruptcy protection as it faces slowing sales, mounting debt, and numerous lawsuits related to the opioid epidemic. The company plans to restructure by evaluating its retail footprint and closing underperforming locations. Lenders have agreed to provide $3.45 billion in new funding to support the restructuring efforts. Rite Aid's revenue fell to $5.6 billion in its most recent quarter, and it expects to lose between $650 million and $680 million for the full year. The company has appointed a new CEO and chief restructuring officer to lead the turnaround. Drugstores like Rite Aid have been struggling as consumers increasingly turn to online retailers and larger competitors like CVS and Walgreens. Rite Aid is also facing legal challenges alleging its role in fueling the opioid crisis.

via CNBC|
#bankruptcy#business#declining-sales
legal2 years ago

Opioid Special Master's 'Reply All' Mishap Leads to Call for Resignation

Lawyers for two pharmacy benefit managers are seeking to disqualify special master David R. Cohen in the opioid litigation case after he mistakenly sent a "reply all" email with private notes to himself. The email, which referred to the pharmacy benefit managers as "PBMs" and plaintiffs as "Ps," raised concerns about Cohen's impartiality. Cohen defended himself, stating that the comments were in response to assertions made by the pharmacy benefit managers and that he would still allow the addition of third parties. The incident highlights the importance of exercising caution when responding to emails and the potential consequences of email mishaps in legal proceedings.

via Above the Law|
#disqualification#email-mishap#impartiality
business2 years ago

Walgreens slashes jobs, closes Illinois distribution center

Walgreens is cutting almost 400 jobs at an e-commerce shipping center in Edwardsville, Illinois, as part of its ongoing efforts to streamline operations and deal with a challenging operating environment. The company has been hit by legal settlements from opioid-related litigation, resulting in a net loss of $2.9 billion for the first nine months of its fiscal year. The Edwardsville distribution center will close later this summer, with drugstores taking over its customer order fulfillment. Walgreens also recently announced plans to close 150 stores in the US and 300 locations in the UK.

via NBC Chicago|
#business#distribution-center#e-commerce