Rite Aid Seeks Financial Aid in Opioid Bankruptcy Proceeding
<p>Rite Aid has received permission to access some of its $3.45 billion financial assistance as it proceeds through Chapter 11 bankruptcy. The retail giant lists many reasons for filing, but specifically cites lawsuits associated with the company’s alleged role in the opioid epidemic. According to Law360, Rite Aid seeks these funds to prevent layoffs while searching for a new buyer.</p>
<p>Rite Aid has been caught up along with a number of other pharmacies and retail entities in the latest wave of lawsuits that are intended to hold accountable all parties who contributed to the opioid epidemic, according to plaintiffs. These plaintiffs — including state attorneys general, individual citizens, and local governments — maintain that pharmaceutical companies failed in their duties to properly vet prescriptions and report suspicious prescription orders. In addition to Rite Aid, pharmacies belonging to Walmart, Walgreens, and CVS have been named as defendants in opioid lawsuits.</p>
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