Daniel Grizelj
Publicis (OTCQX:PUGBY) said Thursday it had reached a $343 million settlement across the United States related to opioid work by its former advertising agency Rosetta, ending nearly three years of discussion.
Publicis, Rosetta's former owner, closed the agency 10 years ago.
The French The advertising group said it had reached a resolution with all 50 state attorneys general, the District of Columbia and certain U.S. territories.
Following the payment of $343 million to the United States, PUBGY said its insurers had compensated it with $130 million. Accordingly, he had recorded a non-recurring charge of $213 million before tax in the fourth quarter of 2023. After tax, this non-recurring charge amounted to $160 million in cash, or €148 million.
According to Publicis, the agreement has no impact on its forecasts for 2023.
The company added that the settlement “is in no way an admission of wrongdoing or liability.”
