Walgreens is ordered to pay $44 MILLION to settle Theranos fraud claims after customers accused company of being 'willfully blind' to Elizabeth Holmes' fraud
Walgreens' holding company Walgreens Boots Alliance Inc. has agreed to pay $44million in settlement money to quash a class action lawsuit filed by those who purchased faulty
Theranos blood tests from its pharmacies.
The proposed settlement still needs court approval, but was aired in a memorandum left with an
Arizona federal judge on Wednesday.
News of the settlement comes days after the chain abruptly parted ways with its CEO after less than three years, and a full seven years after the class action was filed by seven lead plaintiffs in 2016.
It also comes less than a year removed from the day the woman behind the phony tests, 39-year-old
Elizabeth Holmes, was sentenced to 11 years and 3 months in federal prison for defrauding investors.
The biggest of those investors, by far, was Walgreens - which entered an agreement with Holmes' Theranos in 2013 to conduct pilot testing in stores in Arizona and
California. That partnership came apart when the Steve Jobs wannabe's fraud surfaced in 2015, and her products were found to be inaccurate and unreliable.
The proposed settlement still needs court approval, but was aired in a memorandum left with an Arizona federal judge on Wednesday.
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