Pharmaprix agrees to pay out 2-billion Optimum points to settle lawsuit

AQuebecconsumers' rights group has come to an agreement that could settle a long-standing class action over the Optimum points program offered through Pharmaprix, part of Loblaw's pharmacy business.

Option consommateurs says in a statement that Pharmaprix, the name under which Shoppers Drug Mart chain operates inQuebec, has agreed to pay 2,354,032,174 Optimum points worth $4,350,102 under their deal.

Both the group and Loblaw noted that the settlement isn't an admission of liability by the company and requires court approval.

The group filed a class-action against Pharmaprix in 2010 seeking compensation after the company changed its Optimum points program in 2008, 2009 and 2010, devaluing the value of the points.

A spokeswoman for Loblawsaid the company maintains that it operated in full compliance with the law when it changed the Optimum program.

AQuebecSuperior Court justice must still sign off on the agreement and a hearing is scheduled for Sept. 6 in Montreal.

At the time that aQuebecjudge authorized the class action in 2012, an estimated 1.4 million people inQuebecwere members of the program.