If you are a broker-dealer hurt by Ohio National’s breach of its contractual agreement to pay trail commissions and would like more information on your rights, contact the lawyers leading the class action against 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.
Murray Murphy Moul + Basil is the only firm to file a class acdtion on behalf of broker dealers to recover the trail commissions owed by Ohio National on GMIB Variable Annuities. Murray Murphy Moul + Basil is currently prosecuting the class action it filed 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.
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 to hundreds of millions of dollars under the contracts on which Veritas is seeking to hold Ohio National accountable.
The case is pending in the Southern District of Ohio and has been assigned to Judge Susan Dlott. 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.