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US: Ex-Walgreens CFO threatens to derail Alliance Boots merger

 |  October 22, 2014

The former CFO of Walgreens has filed a lawsuit that threatens to details the retail giant’s plans to acquire EU pharmacy Alliance Boots, say reports.

Former Walgreens CFO Wade Miquelon has filed a lawsuit against the company for defamation following statements made about Miquelon, allegedly false, including claims that he was responsible for a $1.1 billion forecasting error, according to reports. Miquelon has filed the lawsuit accusing Walgreens CEO Gregory Wasson and Alliance Boots chairman Stefano Pessina of making the statements during investor meetings last August, including at one meeting just one day after Miquelon resigned.

The lawsuit, filed earlier this month, is now threatening to postpone or even derail the Walgreens/Alliance Boots tie-up, say reports.

A unit of the Change to Win Federation of labor unions has sent a letter to Walgreens chairman James Skinner advising him to delay the merger with Alliance Boots until Miquelon’s claims have been thoroughly examined.

Reports say many internal conflicts noted in the lawsuit were in relation to the Alliance Boots merger, reached for $6.7 billion in June of 2012.

Walgreens reportedly filed a motion Monday stating that Miquelon was, in fact, responsible for the forecasting error.

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