WASHINGTON--(BUSINESS WIRE)--In a major victory for consumers and payers, the U.S. Court of Appeals for the District of Columbia today struck down a District law that would have designated pharmacy benefit managers (PBMs) as “fiduciaries.” The Court found the key portions of the law, Title II of the DC AccessRx Act of 2004, unconstitutional. A three-judge panel unanimously affirmed a 2009 District Court ruling, finding that, since PBMs engage in claims administration for their clients and are regulated exclusively by Federal ERISA law, states and municipalities cannot impose such requirements.
