CVS Caremark Settles With The SEC for $20M

Aug 2, 2013

CVS Caremark has entered into a settlement with the Securities and Exchange Commission.  The settlement ends a three year investigation.

The Woonsocket based company, CVS Caremark, has agreed to pay 20-million dollars in a civil penalty to the Securities and Exchange Commssion.  The payment resolves an investigation by the SEC that started in 2011. It involved  CVS’ public disclosures about its prescription drug plan as well as the 2008 acquisition of the company Longs Drug Stores.  In a statement CVS said it will neither “admit nor deny” the allegations raised by the SEC.  The settlement follows several months of extensive discussions between the two groups, but has yet to be approved by federal court.  Do you have insight or expertise on this topic?  Please email us, we'd like to hear from you.