CVS Health, UnitedHealth Group, and Cigna have filed a lawsuit against the Federal Trade Commission, alleging the agency's case targeting pharmacy benefit managers for driving up insulin prices is unconstitutional. The complaint challenges the FTC's administrative process, claiming it violates due process rights and should instead be litigated in federal court. The companies assert that the FTC's approach is "fundamentally unfair" and bypasses democratic accountability. The FTC stated that corporate giants often challenge its constitutionality to deflect from alleged business practices that increase costs for life-saving medicine.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02CBS Health, United Health Group and Cigna have filed a lawsuit against the Federal
00:06Trade Commission alleging the agency's case targeting pharmacy benefit managers
00:10for driving up insulin prices is unconstitutional.
00:13The complaint challenges the FTC's administrative process,
00:17claiming it violates due process rights and should be instead litigated in federal court.
00:22Companies are certain that the FTC's approach is fundamentally unfair
00:26and bypasses democratic accountability.
00:28The FTC stated that corporate giants often challenge its constitutionality
00:32to deflect from alleged business practices that increase costs for life-saving medicine.
00:37For all things money, visit Benzinga.com slash GSTV.