CVS to pay $5 million to settle FTC charges of deceptive pricing

CVS Caremark Corporation will pay $5 million to settle Federal Trade Commission charges that it misrepresented the price of certain Medicare Part D prescription drugs at CVS and Walgreens pharmacies.

The prescription drugs in question included drugs used to treat breast cancer symptoms and epilepsy.

The allegedly deceptive claims caused many seniors and disabled consumers to pay significantly more for their drugs than they expected, pushing them into a scenario where none of their drug costs were reimbursed sooner than anticipated or planned for.

The settlement does not constitute an admission by the CVS Caremark Corporation that the law has been violated.

The settlement agreement bars deceptive claims related to Medicare Part D drug prices, and the $5 million will go toward reimbursing affected Medicare Part D consumers for the price discrepancies.

"This settlement puts money back in the pockets of older Americans who struggle to pay for their medications," said FTC Chairman Jon Leibowitz. "With the cost of health care on the rise, the FTC is especially focused on protecting consumers from any deceptive claims that would cause them to pay more than they should."

CVS Caremark Corporation Settles FTC Deceptive Pricing Charges [FTC]

—Maggie Shader