10:33 AM EDT, 10/21/2024 (MT Newswires) -- Walmart ( WMT ) said in a regulatory filing Friday that it has reached a $123 million agreement to settle three lawsuits that alleged some of its current and former directors and executives breached their fiduciary duties by failing to adequately oversee the distribution and dispensing of prescription opioids.

Under the terms of the proposed settlement WalMart's ( WMT ) insurance carriers would pay $123 million, minus the plaintiffs' attorneys' fees and litigation expenses awarded by the court, into an escrow account controlled by the plaintiff's attorneys. WalMart ( WMT ) is also required to maintain certain corporate governance practices for at least five years.

The proposed settlement, which needs court approval, does not include admission of liability. WalMart ( WMT ) said it denies any wrongdoing.

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