ERISA Used As A Tool To Obtain The Release of $11 Million of Hijacked Funds By A Pharmacy Benefits Administrator
When a company that holds, funnels, and disburses funds to pharmacies began withholding millions of dollars from a pharmacy due to ongoing audits, we were hired to jump in and fight for a release of the hijacked funds.
While many in the pharmacy industry are unaware of ERISA’s tools and how they can be applied to them, this pharmacy became aware of Quadrino Law Group’s use of ERISA and authorized us to press the proper claims to demand a release of the funds.
One of the key tools applied was to show the pharmacy administrator that it is indeed a fiduciary under ERISA. Once that status was established, a vast array of legal rights and obligations under ERISA became implicated. In addition, we also demonstrated how ERISA could be used by a pharmacy as to health plan claims and disputes and audits of such claims.
After writing extensively to the administrator and numerous telephone conferences with them, the auditing entity and their attorneys, the administrator released the $11 million of hijacked funds.