In a noteworthy legal development, the Tenth Circuit has ruled that the Employee Retirement Income Security Act (ERISA) overrides the Oklahoma Pharmacy Benefit Manager (PBM) reform law. This decision came in response to a petition filed by the Oklahoma Attorney General seeking an En Banc Rehearing on September 19, 2023.
The Oklahoma Attorney General’s petition challenged the Tenth Circuit panel’s ruling in this case, which he argued contradicted the established Supreme Court precedent and recent circuit court decisions regarding the ERISA preemption’s scope. In his argument, the Attorney General also highlighted that the panel failed to address the ERISA “savings clause” and accused the verdict of being overly far-reaching.
This is a significant turn of events for corporations and legal professionals working in the ERISA space. The decision intensifies the ongoing debate about the extent of ERISA’s preemption, which has been a bone of contention among regulatory bodies, the courts, and entities governed by the act. It further illustrates how varying interpretations of ERISA’s provisions can dramatically affect statewide reforms.
For additional details on the Tenth Circuit’s decision and its wider implications, legal professionals can refer to this in-depth analysis provided by Bass, Berry & Sims PLC at this link.