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Trustees of four employee pension benefit plans have filed a class action lawsuit against Nationwide Life Insurance Company claiming it breached its fiduciary responsibilities to them when it arranged for, received and kept payments from mutual funds it offered to 401(k) and 403(b) plans as investment options. The class action lawsuit alleges that these refunds of management fees are actually illegal kickbacks. If you are a trustee of an employee pension plan covered by the Employee Retirement Income Security Act (ERISA) which had variable annuity contracts with Nationwide Life Insurance Company, your rights may be affected by the class action lawsuit.
A federal judge has certified the Nationwide class action lawsuit. Class Members include all trustees of employee pension benefit plans covered by ERISA that had variable annuity contracts issued by Nationwide or whose participants had individual variable annuity contracts issued by Nationwide at any time from Jan. 1, 1996 to Sept. 6, 2013. The class action lawsuit seeks an order requiring Nationwide to return all of the revenue sharing payments that it has received to the Class Members.
Nationwide has denied the allegations and believes the industry-wide practice of mutual fund payments is legal. Further, Nationwide says that it believes the payments from the mutual funds have reduced the charges and expenses that the participants otherwise would have paid, allowing the company to provide improved services and more investment options. Nationwide has filed a motion for summary judgment, and a hearing has been set for June 26 to decide on the motion.
Class Members who do not take any action will remain in the Class and will be legally bound by all orders and judgments of the Court. Class Members have until July 7 to exclude themselves from the Nationwide class action lawsuit. Class Members who exclude themselves from the Nationwide lawsuit will not be legally bound by the outcome of this case, and retain the right to file a lawsuit against Nationwide on behalf of their own plans.
More information about the Nationwide class action lawsuit is available at www.NWClassAction.com. Keep checking TopClassActions.com or sign up for our free newsletter for the latest updates. You can also mark this article as a “Favorite” using your free Top Class Actions account to receive notifications when this article is updated.
The plaintiffs are represented by Marc R. Stanley and Martin Woodward of the Stanley Law Group; Richard A. Bieder, Antonio Ponvert III and William M. Bloss of Koskoff Koskoff & Bieder PC; Gregory G. Jones of The Law Offices of Gregory G. Jones and Roger L. Mandel of Lackey Hershman LLP.
The Nationwide Life Insurance Pension Plan Class Action Lawsuit is Lou Haddock v. Nationwide Life Insurance Company, Case No. 3:01-cv-01552-SRU, in the U.S. District Court for the District of Connecticut.
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6 thoughts onNationwide Life Insurance Pension Plan Class Action Lawsuit
Nationwide Insurance has now begun a fishing expedition and they are DEEMING people receiving a pension as DEAD without proof and refuse to talk with husbands, wives, or children. The victims may be in long term care facilities or slipping away at home and their pensions are taken away and NWI refuses to talk to survivors. Better check on mom, sis, your wife of husband if they are past their 75th. birthday.
Need to speak with an attorney regarding annuity funds that disappeared while invested with nationwide annuity.
I worked for Nationwide Mutual in the Columbus home office for 9 yrs 11 mos. I was on disability from 2012 to 2015, ending 30 days prior to my 10 yr anniversary. I believe Nationwide processed my termination at a time that would avoid me receiving full 10 year retirement benefits. I have more facts I can produce if your group can help me.
At the time of my termination on Sept 30, 2015 while I was on disability, I wanted to file suit against Nationwide, but could not find a law firm that would go up against the giant Nationwide companies.
I would like to talk with you because I have a simular situation. Mine is, that I’ve been on longterm disablity since 2004, and recieving Federal Disablity since then. I’m still considered an employee, but inactive. Still recieving, long term leave, group and individual life insurance, and health coverage. With my health insurance according to Nationwide it’s law after two years your Medacare A & B becomes your Primary and theirs becomes your secondary. It was set up that my $16.41 check from longterm leave, would go towards my bennifits, then I would pay the difference.
This is were my problem begins; April 2020, I called Hartford who now handles LTB, told them that I no longer needed them, not realizing or was told, that was what was keeping my job, until 3-4 days later I got a letter in the mail from Nationwide, stating that I voluntarily quit, and as of April 31, 2020 all bennifits would stop. As I’m reading this, I’m thinking what the hell are they talking about, I didn”t call them, and definitly didn’t quit. The next day April 18. 2020 I called Hartford, at which time they explined everything. Harford told me to fax a letter stating that after it was explained to me that I wanted to stop that motion, which I did so on that very same day. Mrs. Viola, was the lady at Heartford, who was handling my case to continue with Nationwide. Nationwide agreed, I’m still considered an inactive employee, they are still paying into my pension plan, and still getting LT check. they are refusing to give me back my other bennifits. They have given me a different excuse inmaginable. First I was told that I had 180 days to appeal, that could also include hiring an attorney, which I HR that I couldn’t afford to do that. Then I asked, if I could wait till open enrollment, and she said yes. I’ve been fighting ever since, always given a different reason as to why not. This last time, I was told because I’m Medicare eligible. I told them I was recieving Medicare A and B since Feb. 2005 along with my bennifits thru Nationwide all these years, so why are you denying me now.
I too am looking for an attorney who isn’t affraid to take on Nationwide Insurance. I was told that I had a case. I think it’s wrong that big power house companies can get away with such crap. All becauce they know the Law Firms are affraid
They withheld my payment and I lost several thousands dollars. I followed the procedures and ensured that all my paperwork was submitted in a timely manner.
contact me please ifupdates are puplished- and send me the latest