CI - Cigna alleges CVS poached former PBM head Bricker

Cigna Corporation ( NYSE: CI ) filed a lawsuit against CVS Health Corporation ( NYSE: CVS ), and its former president at pharmacy benefits unit, Amy Bricker, alleging that the pharmacy retailer recruited her violating a non-compete agreement.

In a case filed in a federal court in St. Louis, Missouri, Thursday, the company argued that Bricker’s appointment as the Chief Product Officer, Consumer at CVS ( CVS ) put its trade secrets at risk.

In addition to unspecified damages, Cigna ( CI ) asked the court to issue an order preventing Bricker from working for CVS ( CVS ).

The complaint notes that Bricker was among the 15 highest-paid employees at the company and was bound by a non-compete contract clause. Reporting to the CEO of Cigna’s ( CVS ) PBM unit Evernorth she was “privy to the business’s most highly sensitive information,” the complaint said.

The lawsuit comes days after the Federal Trade Commission (FTC) citing the impact on worker compensation, proposed a ban on restrictions that have allowed companies to block employees from leaving for rivals.

Bricker’s appointment follows Cigna’s ( CI ) recent PBM contract win over CVS ( CVS ) at health insurer ( CNC ).

Seeking Alpha contributor, Khen Elazar argued this month CVS ( CVS ) trading near a 52-week low “is a buy.”

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