AHF Press Conference: CVS Ordered to Compensate AHF $23 Million | national company
LOS ANGELES–(BUSINESS WIRE)–Sept. 16, 2022–
The United States District Court for the District of Arizona upheld an earlier $23 million arbitration award awarded to AIDS Healthcare Foundation (AHF) against Caremark LLC, a subsidiary of pharmaceutical giant CVS, for unfair reimbursement practices .
AHF will host a virtual press conference by Zoom on Monday, September 19 at 10 a.m. PDT / 1 p.m. EDT. Michael Weinstein, AHF President will deliver remarks on the outcome of the litigation and the lawyers representing the AHF in Caremark LLC v AIDS Healthcare Foundation will be on hand to answer questions.
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WHAT: |
Virtual press conference. |
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WHEN: |
Monday, September 19, 2022 at 10 a.m. PDT / 1 p.m. EDT |
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WHERE: |
Participate via Zoom: https://ahf-org.zoom.us/j/81109693861 |
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WHO: |
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NEWS DESK NOTE & B-ROLL VISUALS |
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MEDIA CONTACTS: |
Denys Nazarov, Senior Director of Media Relations, AHF (323) 219-1091 | denys.nazarov@ahf.org Ged Kenslea, Senior Director of Communications, AHF (323) 791-5526 | ged.kenslea@ahf.org |
Background: In November 2019, AHF filed a lawsuit with the American Arbitration Association against Caremark LLC, a pharmacy benefit manager (PBM), for breach of agreement and undertaking of good faith and fair use. The dispute arose out of Caremark’s unfair practice of charging back prescriptions filled by AHF pharmacies on behalf of prescription insurance plan sponsors, such as those covering Medicare Plan D beneficiaries.
Due to chargebacks by Caremark, for a number of years AHF was reimbursed less than what Part D plan sponsors were receiving in prescription reimbursement from public Part D funds. In November 2021, the arbitrator ruled in favor of AHF and ordered Caremark to reimburse AHF for nearly $23 million in damages and arbitration costs. Subsequently, in November 2021, Caremark filed a court motion to vacate or correct the arbitration award, but on September 15, 2022, the United States District Court for the District of Arizona affirmed the arbitration award. ‘AHF.
AIDS Health Foundation (AHF) is a global nonprofit organization that provides cutting-edge medicine and advocacy to more than 1.6 million people in 45 countries around the world in the United States, Africa, Latin America/Caribbean, Asia/Pacific region and Europe. We are currently the largest not-for-profit provider of HIV/AIDS medical care in the world. To learn more about AHF, please visit our website: www.aidshealth.org, find us on Facebook: www.facebook.com/aidshealth and follow us on Twitter: @aidshealthcare and Instagram: @aidshealthcare
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220916005573/en/
CONTACT: Denys Nazarov, Senior Director of Media Relations, AHF
(323) 219-1091 |denys.nazarov@ahf.org
Ged Kenslea, Senior Director of Communications, AHF
(323) 791-5526 |ged.kenslea@ahf.org
KEYWORD: CALIFORNIA ARIZONA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES ATTENDANTS HEALTH INSURANCE CARE MANAGEMENT PHARMACEUTICALS
SOURCE: AIDS Health Foundation
Copyright BusinessWire 2022.
PUBLISHED: 09/16/2022 18:12 / DISK: 09/16/2022 18:12
http://www.businesswire.com/news/home/20220916005573/en
Copyright BusinessWire 2022.
