Ohio National Lawsuits Tossed Out; Two Others Proceed
October 9, 2019 by John Hilton
A judge for the Southern District of Ohio tossed out a pair of lawsuits by separate brokers last week, bolstering Ohio National’s 2018 decision to eliminate trail commissions on certain variable annuities.
Judges in a pair of other lawsuits have ruled that broker-dealers Veritas Financial Partners and NEXT Financial Group may proceed with claims against Ohio National.
Ohio National terminated “any and all servicing agreements” on the VAs in question on Dec. 12, 2018.
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Sheryl Moore, a market research analyst and industry expert, questioned whether Cook and Browning will now join the Veritas class-action suit.
An attorney for Browning did not return phone and email messages Monday. It’s possible that more distributors join the class action, Moore said.
