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The Boston Globe

Business

CVS Caremark settles Medicare investigation

Agrees to pay $5m to settle FTC case

After more than two years of investigation, CVS Caremark Corp. agreed yesterday to pay $5 million to settle charges by the Federal Trade Commission that the company had misrepresented the price of certain prescription drugs in one of its Medicare drug plans, causing many older consumers to pay significantly higher prices than advertised.

The settlement comes at a time of intensive government scrutiny of pharmacy benefits managers like CVS Caremark, companies that manage prescription drug plans for employers and insurers. The FTC is currently reviewing the proposed merger of the two main competitors to CVS Caremark: Medco Health and Express Scripts.

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