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JP Morgan office in Manhattan, New York. Photo: Ryland West/ALMAfter getting sued on March 14 by a former employee who says an in-house stable value investment fund in the bank’s $44 billion 401(k) plan performed poorly when compared with other available similar funds, JP Morgan Chase is now disputing allegations of mismanagement in the employees’ retirement plan, stating that this allegation rests on a “false premise,” in a motion filed last week.
This new lawsuit was filed one day after JPMorgan was hit with an ERISA lawsuit over its employee health plan. Current and former employees are suing JPMorgan, alleging that it allows inflated drug prices through its partnership with its pharmacy benefit manager, CVS Caremark. Employees claim that the bank’s failure to properly oversee its PBM contract resulted in unnecessarily high prescription drug costs.
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