CVS, United Health sue to block FTC case over insulin
INDIANAPOLIS (WISH) — Here’s a look at Wednesday’s business headlines with Jane King, who has the latest on student loans, Trump’s pick for commerce secretary, and the fight over insulin prices.
Student loan payments reportedly hit by autopay errors
Student loan borrowers are pulling incorrect amounts from borrowers accounts due to autopay errors. Some people reportedly had money pulled for payments even though they hadn’t agreed to those payments.
The Consumer Financial Protection Bureau says that when autopay errors happen, borrowers can wait for months to get refunds.
Lenders often encourage federal student loan borrowers to enroll in automatic payments, offering them a slightly lower interest rate if they do so.
Trump picks Howard Lutnick for Commerce Secretary
President-elect Donald Trump has made his pick for Secretary of Commerce — Cantor Fitzgerald CEO Howard Lutnick.
Lutnick is a big supporter of tariffs and, if confirmed, will have a big influence on trade policy.
‘White collar recession’ likely miring job market
The job market might be holding steady overall, but for those seeking positions in sectors like tech, HR marketing and consulting, a “white-collar recession” in hiring appears to be hitting full steam, according to business insider.
It found that hiring across a variety of tech roles — including engineering and project management — was down more than 20% this August compared to August 2018, with healthcare services one of the few fields to see a hiring increase, LinkedIn data.
CVS, United Health & Cigna sue to block case over insulin
Weeks ago, the Federal Trade Commission alleged that large pharmacy benefit managers are illegally using rebate programs to raise the prices of insulin.
Now, the companies accused by the FTC — including units of CVS Health, Cigna Group, and United Health Group are suing the agency
Together, they claim the FTC’s case is unconstitutional since it violates their due process rights under the Fifth Amendment.
They also claim the FTC’s claims involve private rights that must be litigated in a federal court instead of the agency’s in-house administrative court.
Survey: Boomers like learning new things
A new survey says 6 in 10 Boomers feel that learning something new is more rewarding now than when they were younger.
This is due to things like being more patient, learning because they want to and not because they need to and having more time.
The survey, commissioned by Duolingo and conducted by Talker Research, revealed that while Americans want to learn new things, they’re often holding themselves back.