Wells Fargo bank location in Baltimore, MD. August 20, 2020.
A federal judge in Minnesota on Monday dismissed an ERISA lawsuit brought by former Wells Fargo employees against the company for breach of fiduciary duty.
The lawsuit, filed last summer, argued that the company mismanaged its employee prescription drug benefits program, causing participants to pay “substantially more in premiums and out-of-pocket costs for certain prescription drug benefits than they would have absent Wells Fargo’s mismanagement.” The case outlined how Wells Fargo used Express Scripts as its pharmacy benefit manager without competitive bidding and permitted enormous markups, such as charging the plan more than $1,800 for a cancer drug that pharmacies acquired for less than $100.
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Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
