Tuesday, December 16, 2014

Nationwide agrees to $140M ERISA settlement




More than 13 years of litigation has yielded a tentative settlement in Haddock vs. Nationwide, a $140 million deal believed to be the largest ever in a service-provider revenue-sharing lawsuit.

Nationwide – the third-largest writer of 401(k) contracts in the nation – will be required to provide extensive fee and expense disclosure forms for all of its group and individual variable annuity contracts through plan sponsors’ websites.

Source: NICK THORNTON

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