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CVS agrees to pay $20 million fine to SEC

Published Aug. 5, 2013
By
Philip Nations Contributing Editor
Flickr User Ron Cogswell

Dive Summary:

  • CVS Caremark has agreed in a settlement with the Securities and Exchange Commission (SEC) to resolve the investigation into the Longs Drug Stores acquisition of 2009.
  • The two sides have agreed that CVS Caremark will be fined a total of $20 million based on an initial agreement between the two sides, according to details published by Chain Store Age.
  • "We are pleased to be taking this important step to close the chapter on these matters from 2009 and look forward to resolving the SEC investigation in the near future," says executive VP Thomas M. Moriarty of CVS Caremark.

From the article:

"CVS Caremark remains committed to complying with all applicable laws and regulations. We will continue to focus on driving value for our customers and shareholders through our distinctive integrated pharmacy model."

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