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LITIGATION ALERT FOR BROKER-DEALERS AND AFFECTED FINANCIAL ADVISORS: SARRAF GENTILE LLP ANNOUNCES CLASS ACTION LAWSUITS HAVE BEEN FILED AGAINST OHIO NATIONAL FOR TERMINATING TRAILING COMMISSIONS
NEW YORK, Nov. 29, 2018 (GLOBE NEWSWIRE) — Sarraf Gentile LLP announces that multiple class actions have been filed against Ohio National Life Insurance Company concerning its decision to terminate trailing commissions.
The actions are pending in the United States District Court for the Southern District of Ohio (case numbers 18-cv-00763 and 18-cv-00769). The actions allege that in September 2018, Ohio National announced that it was terminating its agreements with all broker-dealers with regard to certain variable annuity products and that as part of that termination Ohio National would no longer pay trailing commissions to those broker-dealers. According to the complaints, broker-dealers could still service clients who bought such Ohio National variable annuity products but they and any securities representatives who do such work would not be compensated by Ohio National for doing so.
No class has been certified in the above actions and until a class is certified, any affected broker-dealer or financial advisor that has not filed a lawsuit is not considered represented by an attorney. Affected broker-dealers or financial advisors may also choose to do nothing and be absent class members. Sarraf Gentile LLP has not filed a lawsuit against the defendants.
If you are an affected broker-dealer or financial advisor and want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (telephone: 212-868-3610, extension 12; e-mail: firstname.lastname@example.org).
Sarraf Gentile LLP has extensive experience litigating class actions across the United States and has recovered millions of dollars on behalf of its clients.
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