March 14, 2025
JPMorgan Chase & Co. was sued by employees who say the company’s prescription drug plan, run by CVS Health Corp., agreed to pay exorbitant prices for medications, driving up expenses for workers.
The would-be class action is the latest lawsuit accusing a large employer of mismanaging health benefits. In one example, JPMorgan’s plan paid more than $6,000 for a multiple sclerosis drug that’s available for about $30 at retail pharmacies such as Rite Aid, according to a copy of the lawsuit reviewed by Bloomberg News. The language of the complaint couldn’t be immediately confirmed in court records. The plaintiffs include one current and two former employees of the bank.
JPMorgan representatives didn’t immediately respond to requests for comment. A spokesperson for CVS, which isn’t a party to the lawsuit, declined to comment.
Similar cases have been filed against Johnson & Johnson and Wells Fargo & Co. In January, a federal judge dismissed most of the claims against J&J. The lawsuits show intensifying scrutiny over the role employers play in rising US health-care costs and put the profits of pharmacy benefit managers like CVS in the spotlight.
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Plaintiffs’ lawyers are making similar arguments that companies knowingly made bad deals with the companies they hire to run prescription plans, squandering money that’s supposed to benefit workers. Attorneys from Fairmark Partners LLP and Cohen Milstein Sellers & Toll PLLC are litigating the cases.
Read JPMorgan Employee Lawsuit Says Bank Overpaid for Prescription Drugs.