Wells Fargo faces class action lawsuit over PBM drug prices

Former staff sued Wells Fargo on Tuesday, alleging the banking big violated federal legislation by not diligently monitoring how a lot it was paying for his or her pharmaceuticals, which led to huge overcharges.

The category motion lawsuit is the second of its type filed in federal courtroom, additional heightening the authorized dangers for employers that don’t scrutinize how they buy well being and drug advantages for his or her employees. The lawsuit in opposition to Wells Fargo is sort of similar to the primary lawsuit, which was filed in opposition to Johnson & Johnson in February.

Each lawsuits have cited a STAT investigation that detailed the problematic relationships between pharmacy profit managers and consulting companies, that are employed by employers to assist them choose a PBM and are purported to look out for the perfect curiosity of these employers. The investigation additionally detailed how employers doubtless are operating afoul of federal labor legislation by not monitoring the conflicts of curiosity between PBMs and consulting companies.