Drug Distributors Ink First Opioid Settlement With Cherokee Nation - Cardinal Health (NYSE:CAH), CVS Heal

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.

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