Loyalty Strained at Caremark

Caremark's (CMX Quote) relationships with many of its biggest customers are looking increasingly unhealthy.

The giant pharmacy-benefit manager, or PBM, faces a new probe in the state of Illinois, the Chicago Tribune recently reported. The company is suspected of illegally selling Illinois customers prescription drugs that were returned through the mail and never tested for possible damage. It has also irked Illinois lawmakers by failing to disclose terms of its big state contract.

Caremark faces ongoing problems in Florida as well. There, two former Caremark pharmacists have accused the company of defrauding and endangering state customers. The federal government -- a major Caremark customer -- has expressed interest in that case. ...