Broker-Dealer Lawyers Working To Recover Trail Commissions Owed By Ohio National
If you are a broker-dealer hurt by Ohio National’s decision to stop paying trail commissions on existing annuities and would like more information on your rights, contact the lawyers leading the class action to force Ohio National – by calling Geoffrey Moul at Murray Murphy Moul + Basil at 614-610-9653 or by completing this online form and we will contact you.
On behalf of the nation’s broker-dealers, Murray Murphy Moul + Basil has taken the lead to recover trail commissions owed by Ohio National on GMIB Variable Annuities. Murray Murphy Moul + Basil is currently prosecuting the class action it filed in November against Ohio National Financial Services, Inc. by our client Veritas Independent Partners (“Veritas”), an independent broker-dealer based in Conway,
Arkansas. The suit is the only to seek class action status for hundreds of broker-dealers nationwide who had previously sold annuities for Ohio National and who were informed recently that the company would no longer pay commissions under its selling agreements with the broker-dealers.
Veritas, alleges in the lawsuit that Ohio National decided that it was in its best interest to exit as many existing annuity contracts as possible because they had become unprofitable for the company. However, because many clients decided to continue holding the annuity contracts, Ohio National decided to eliminate paying ongoing commission obligations to the class of broker-dealers who are owed on-going trail commissions on previously sold the annuity contracts.
The suit alleges that Ohio National held $23.6 billion in annuities under management at the end of 2017 and that the nations broker-dealers may be owed commissions totaling in the tens of millions of dollars under the contracts that Veritas is seeking to hold Ohio National to for itself and other broker-dealers in the class.
The case is pending in the Southern District of Ohio and has been assigned to Judge Michael R. Barrett. Veritas and the putative class of broker-dealers are represented in the case by Murray Murphy Moul + Basil LLP (“MMMB”), a Columbus, Ohio law firm with extensive experience in complex litigation and securities class actions.
MMMB is a member of the Ohio Attorney General’s securities litigation panel and which has advised Ohio’s pension funds under the administrations of five different Ohio Attorneys General. The firm was most recently successful in helping secure one of the largest insider trading settlements in history, representing Ohio STRS in the $250 million settlement of the case of Basile, et al. v. Valeant Pharmaceutical International, Inc., et al. (C.D. Cal. 2018).
You may read the lawsuit here. Or you may read additional literature on the lawsuit by clicking here.