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Coakley settles with CVS on drug pricing

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A man walks out of a CVS Pharmacy in Boston. (AP Photo/Eric J. Shelton)

(AP Photo/Eric J. Shelton)

Attorney General Martha Coakley has reached an agreement with CVS Pharmacy, Inc., in which the pharmacy chain will repay the state and public entities $2.65 million for alleged prescription drug overcharges.

Coakley said Monday that $1.3 million will go to about 200 cities and towns, as well as other public entities, that allegedly had been overcharged since 2002 for prescriptions covered under the workers compensation insurance system.

A CVS spokesman said the Rhode Island-based company has not admitted liability or wrongdoing, but agreed to settle the matter to avoid the expense of a further investigation.

The remaining $1.35 million from the settlement will go to the state’s general fund.

Coakley reached similar agreements with Shaws Supermarkets earlier this year and with Stop & Shop in 2009.

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