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Johnson & Johnson.Current and former employees are suing JPMorgan, alleging that it allows inflated drug prices through its partnership with its pharmacy benefit manager, CVS Caremark. The lawsuit, filed late last week in U.S. District Court for the Southern District of New York, seeks to recover any overpaid costs and ensure that the plan complies with ERISA in the future.
Plaintiffs claim that the bank’s failure to properly oversee its PBM contract resulted in unnecessarily high prescription drug costs, thereby violating the best interests of employees under ERISA. As an example, lawsuit cites the plan’s purchase of the multiple sclerosis drug teriflunomide, which allegedly was purchased for $6,229, compared to about $30 at retail pharmacies.
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