Express Scripts Inc. on Tuesday said it will pay $9.5 million in an agreement with 28 states that alleged the pharmacy benefits manager misled consumers when it encouraged doctors to switch patients’ cholesterol drug brands under the guise of controlling costs.

The agreement resolving a four-year investigation of St. Louis-based Express Scripts follows a similar $38.5 million multistate settlement in February with a rival benefits manager, Caremark, and a 2004 drug-switching settlement with Franklin Lakes, N.J.-based Medco Health Solutions Inc.