Walgreens in $44M settlement over Theranos fraud claims
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Walgreens Boots Alliance (NASDAQ:WBA) has agreed to pay $44M as part of a settlement with consumers who claimed that the pharmacy chain, in partnership with disgraced health tech company Theranos Inc., distributed defective blood tests in Arizona and California.
According to a court filing on Wednesday, lawyers for the plaintiff said that the proposed settlement would provide customers who joined the lawsuit with "approximately double their out-of-pocket damages," subject to court approval.

The company reached a tentative deal with the claimants in May after the U.S. District Judge David Campbell in Phoenix ordered the case to go to trial. However, its terms were not disclosed at the time, Bloomberg reported, citing a court filing.

Theranos Inc., which once commanded a roughly $10B valuation, was shut down in 2018 after media reports sparked doubts about its blood testing technology.
Its founder and CEO, Elizabeth Holmes, was found guilty of fraud last year and sentenced to 11 1/4 years in prison. Former Theranos' President Ramesh "Sunny" Balwani, who was also convicted of fraud, is now serving a 13-year prison sentence.



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