It's obvious and merited -- reportedly, it's reversed! (10)
I believe the answer is:
overturned
'it's reversed' is the definition.
('overturn' can be a synonym of 'reverse')
'it's obvious and merited reportedly' is the wordplay.
'it's obvious' becomes 'overt' (similar in meaning).
'and' says to put letters next to each other.
'merited' becomes 'earned' (I've seen this before).
'reportedly' shows a homophone (sound like).
'earned' is a homophone of 'urned'.
'overt'+'urned'='OVERTURNED'
(Other definitions for overturned that I've seen before include "Reversed (a legal decision)" , "Placed upside down" , "Capsized" .)