Ohio National Lawsuit Re-Filed; Attorney Says More Coming
January 16, 2019 by John Hilton
Attorneys for LPL Financial broker Lance Browning refiled a lawsuit Friday seeking damages from Ohio National’s surprise decision to cut trail commissions on certain variable annuities.
The amended lawsuit is part of a strategy to refocus away from the class-action request to individual lawsuits, explained Dennis J. Concilla of Carlile, Patchen & Murphy, a Columbus, Ohio law firm.
Class-action lawsuits can “take years” to resolve, Concilla said, so the firm will be filing several additional lawsuits on behalf of individual brokers who will claim financial loss from Ohio National’s decision to end trail commissions on certain VAs. Concilla did not know how many lawsuits will be filed.
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