Wells Fargo Beats Lawsuit Over Employee Health Plan Drug Costs

A group of former Wells Fargo & Co. employees failed to prove that high drug prices under the bank’s health plan violated its fiduciary duties, even though the price variations they identified were “staggering,” a federal judge in Minnesota ruled Tuesday.

The case is one of several challenging employers for accepting status quo pricing from the industry’s major pharmacy benefit managers, which dominate 80% of the market. But workers have struggled to convince the courts that they’re financially harmed by employers’ decisions, due in part to the complex cost-sharing structure of health insurance.

The workers argued that Wells Fargo violated ...