JPMorgan Chase Faces Fresh Legal Pressure as Employee Drug-Cost Suit Moves Ahead
A federal judge in Manhattan allowed JPMorgan Chase employees to pursue key claims in a proposed class action alleging the bank mismanaged its health and prescription benefits plan, leading to inflated drug and premium costs. The suit claims the plan paid markups averaging 211% on 366 generic drugs through CVS Caremark. JPMorgan declined to comment. The judge dismissed some fiduciary-duty claims but let prohibited-transaction claims proceed.