News Briefs: Wells Fargo Employees File Lawsuit Over Drug Costs
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Aug 08, 2024
Former Wells Fargo employees sued the company on July 30, alleging the financial firm overpaid for prescription medications covered by its prescription drug plan, STAT reported. The proposed class action lawsuit alleges Wells Fargo failed to satisfy its “fiduciary obligations at multiple steps in the process of administering prescription drug benefits” as mandated under the Employee Retirement Income Security Act of 1974, and that it paid excessive fees to The Cigna Group’s Express Scripts PBM. The lawsuit, filed in the U.S. District Court for the District of Minnesota, is similar to one filed in February by a Johnson & Johnson employee. Both suits cited a STAT investigation from June 2023 that detailed the relationship between PBMs and consulting firms, which may raise concerns about conflicts of interest. Wells Fargo and Johnson & Johnson each use Express Scripts as their PBM and Aon as their drug benefits consultant. Read more
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