John Curry commentary: Fleeced by Medco for NINE YEARS @ $1000 a head? Where was the Benefits Department, STRS?

Medco and why the delay?

December 15, 2005

Today's news article [below this post] brings to light new questions re. STRS vs. Medco.

"Chesley told jurors that Medco engaged in 'bait and switch' sales tactics when it agreed to three-year contracts in 1993, 1996 and 1999."

The lawsuit wasn't initiated until 2003. One question comes to my mind immediately. If the "bait and switch" tactic was being employed by Medco, then why did it take STRS all those years to discover it and do something about it ? Did those in the benefits department at STRS have their head in the sand while the alleged atrocity was being performed for nine years?

The complainants' (STRS) attorney claims that Medco took STRS retirees to the cleaners for over $100,000,000. In ball park figures that's $100,000,000 divided by 100,000 retirees which equals $1,000 per retiree!