Benzinga | Sep 28, 2021 01:05PM EDT

AmerisourceBergen, Cardinal Health, McKesson Press Release Confirms Settlement With Cherokee Nation, Will Pay $75M Over 6.5 Years To Resolve Opioid-Related Claims

AmerisourceBergen (NYSE:ABC), Cardinal Health (NYSE:CAH) and McKesson (NYSE:MCK) announced today that they have reached an agreement with the Cherokee Nation to pay approximately $75 million over 6.5 years to resolve opioid-related claims. This settlement was negotiated in connection with ongoing negotiations toward a broad resolution of opioid-related claims brought by Native American tribes that, as previously disclosed by the companies, are not covered by the ongoing settlement process involving state and local governmental entities. The companies view today's settlement as an important step toward reaching a broader settlement with all federally recognized Native American tribes across the country.

This settlement reflects an agreement of the Cherokee Nation to dismiss its ongoing lawsuit in exchange for the companies' agreement that the Cherokee Nation will receive a settlement amount consistent with its anticipated allocation under a broader agreement with Native American tribes.

While the companies strongly dispute the allegations against them, they believe this resolution will allow the companies to focus their attention and resources on the safe and secure delivery of medications and therapies while delivering meaningful relief to affected communities, and will also support efforts to achieve a broad resolution with the remaining Native American tribes.

The companies remain deeply concerned about the impact the opioid epidemic is having on communities across the nation and remain committed to being part of the solution.