Benzinga | Sep 28, 2021 02:58PM EDT

Drug Distributors Ink First Opioid Settlement With Cherokee Nation

* Cardinal Health Inc (NYSE:CAH), McKesson Corporation (NYSE:MCK), and AmerisourceBergen Corp (NYSE:ABC), accused of U.S. addiction crisis, have struck a settlement with a tribal government, Reuters reports.

* As part of the deal with Cherokee Nation's territory in Oklahoma, the three companies will pay $75 million over six and half years to resolve claims linked to the opioid epidemic in the region.

* The deal came after the drug distributors and Johnson & Johnson (NYSE:JNJ) agreed to pay up to $26 billion to resolve similar claims by states and local governments.

* Related Link: Opioid Settlement Of $26B Between Drug Companies And States.

* Issuing a statement, Cherokee Nation Principal Chief Chuck Hoskin said that the deal will "enable us to increase our investments in mental health treatment facilities and other programs to help our people recover."

* Related Link: Drug Distributors To Pay Up To $1.1B To Settle New York Opioid Claims.

* In 2017, Cherokee Nation was the first Native American tribe to sue drug distributors and pharmacy operators.

* The Cherokee Nation also sued pharmacy operators CVS Health Corp (NYSE:CVS), Walgreens Boots Alliance Inc (NYSE:WBA), and Walmart Inc (NYSE:WMT)

* The case remains pending against them, and a trial is expected in mid-2022.

* Price Action: CAH stock is down 0.39% at $51.31, MCK stock is down 0.50% at $203.45, and ABC shares are down 0.60% at $121.90 during the market session on the last check Tuesday.