NEW YORK–A group of employees at the nation’s biggest bank, JPMorgan Chase, are alleging in a new class action lawsuit that the company that company mismanaged their benefits, leading to far higher costs for prescription drugs and other services.

The suit, filed last week in New York’s Southern District Court, argues that the bank and its leadership used a “flawed” process in choosing CVS Caremark to manage its pharmacy benefits, alleging it may be the result of the fact CVS Health is a major investment banking client of JPMorgan. 

In their filing, the workers claim that CEO Jamie Dimon and other top executives who had a hand in benefits design “abandoned” efforts to reduce costs per their fiduciary duties under pressure from Caremark and other banking clients, putting those relationships ahead of employees.

As an example, the lawsuit cites a multiple sclerosis drug, teriflunomide, claiming that patients who needed the drug could fill a generic prescription without using their insurance at Rite Aid for $32.96, at Wegmans for $34.71, at ShopRite for $29.24, or online through Cost Plus Drugs for $11.05.

Price Allegedly Skyrockets

However, under the plan agreement, the drug costs $6,229 for a 30-day prescription, the lawsuit states. The excess cost comes out of JPMorgan’s ERISA fund, according to the lawsuit, which claims the practice drives up premiums and costs for patients.

“No prudent fiduciary would agree or allow for its plan and participants/beneficiaries pay a price that is more than two hundred times higher than the price available to any individual who just walks into a pharmacy and pays out-of-pocket, and five hundred sixty times higher than the price available with just a few clicks online,” the lawsuit states. 

Fairmark Partners LLP is also representing the class in the lawsuit, per the release.