Plan Sponsor Alert: JPMorgan Chase Faces ERISA Class Action Lawsuit Over CVS Caremark’s PBM Practices

Following in the footsteps of similar lawsuits against Johnson & Johnson and Wells Fargo, employees of JPMorgan Chase filed an ERISA class action suit on March 13, 2025. The lawsuit alleges that JPMorgan, as the sponsor and administrator of its self-funded employee health benefit plan, breached its fiduciary duty by allowing CVS Caremark to manage the pharmacy benefits in a manner that enriched CVS Health and its subsidiaries at the expense of Plan members.

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