Advisor Files Class Action Suit Over Cut Commissions
March 29, 2019 by Diana Britton
Stephen Cook, a Dallas-based financial advisor affiliated with Triad Advisors, has filed a class action lawsuit against Ohio National Life Insurance Company and its affiliates for cutting trail commissions on annuity contracts with guaranteed minimum income benefit riders. The class is being represented by Cincinnati-based law firm Helmer, Martins, Rice & Popham, Co., L.P.A. and New York-based Sarraf Gentile.
The suit, filed in the Southern District of Ohio, is currently the only pending class action representing all advisors affected by Ohio National’s decision to cut commissions. There are currently two other pending class actions against Ohio National based on similar complaints. Advisor Lance Browning originally brought his class action on behalf of all securities reps in November, but amended his complaint later on, limiting his class to LPL Financial reps. Veritas Independent Partners filed a class action against the insurer on behalf of broker/dealers.
As of yet, none of the proposed classes have been certified by judges.
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