Walgreens settles for $105M in generic drug case

Walgreens agreed to shell out $105 million in cash to its shareholders June 23 after a seven-year class-action lawsuit about the spike in generic drug prices and reimbursement rates, according to court documents. 

In the initial complaint on April 10, 2015, investors accused Walgreens of concealing the impact of higher drug costs on its pharmacy business before the company's stock price fell. 

The pharmaceutical company denied all accusations of wrongdoing and said the decision to settle is "solely to eliminate the uncertainty, burden and expense of further protracted litigation."

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