Financial Services Industry
Industry: Email Alert RSS FeedDormant lawsuit may be revived; If successful, suit against 401(k) provider could open door.(News)
Investment News, August, 2004
Byline: Brooke Southall SAN FRANCISCO - Nationwide Financial Services Inc. is feeling new heat from an old lawsuit because the political climate has changed under its feet. If this once-unlikely lawsuit is successful, it could set off a spate of others against financial services companies across the country that engage in similar practices, attorneys say.
A group of employers who purchased 401(k) products from the Columbus, Ohio-based company sued it in 2001, charging that its revenue-sharing arrangements were systematized "kickbacks.'' The kickbacks were shielded from the view of the employers who sponsored the plans and of the participants who used them to save for retirement, the suit further alleged. Nationwide dismissed the...
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