Ohio National Class Action Lawsuit: Morgan Stanley Gets Special Treatment While Others Suffer Heavy Annuities Trailing Commission Losses
November 7, 2018 by Rita Raagas De Ramos
Up in arms over Ohio National Financial Services’ decision to terminate variable annuities selling agreements with broker-dealers and stop paying trailing commissions, an LPL Financial broker has brought a class action suit against the firm. The suit reveals that while some broker-dealer groups may be suffering heavy losses in annuities trailing commissions, Morgan Stanley is still getting preferential treatment from Ohio National.
Lawyers of Lance Browning filed the class action suit against The Ohio National Life Insurance Company, Ohio National Life Insurance Company and Ohio National EquitiesTuesday before the U.S. District Court Southern District of Ohio Western Division.
“Ohio National is unlawfully trying to change the rules after the game has already started,” according to the complaint. Browning is represented by Meyer Wilson – a law firm dedicated solely to investor claims and class and mass action suits – and Carlile, Patchen & Murphy.
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