JPMorgan Employees’ Advance Suit Over Prescription Drug Costs

A New York federal judge partially allowed a lawsuit from a group of current and former JPMorgan Chase & Co. employees to proceed over the bank’s alleged failure to negotiate lower drug costs for its health insurance plan.

The case is the latest in a batch of high-profile lawsuits challenging employers over their health plan contracts with pharmacy benefit managers, which oversee drug pricing and access for insurance companies. Similar cases against Wells Fargo & Co. and Johnson & Johnson were rejected by the courts.

The employees allege JPMorgan breached its fiduciary duties under the Employee Retirement Income Security ...