Monday, November 27, 2006

 

A Billion Dollar Retirement Rip Off

In a move that could have far-reaching consequences for a $140 billion industry, the Orange County, Fla., Sheriff’s Office has filed a class action charging units of Nationwide Financial Services with receiving illegal kickbacks from fund companies whose products it included in public employee retirement plans.

The suit, filed in United States District Court for the Southern District of Ohio, near Nationwide’s headquarters, seeks as much as several hundred million dollars and aims to include as plaintiffs some 7,600 other public employee retirement plans that are Nationwide customers.

A Billion Dollar Retirement Rip Off
Source: Forbes

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