Ohio National Beats B-D Reps in Trail Commission Lawsuits
November 27, 2019 by Mrinalini Krishna
A federal judge in Alabama has dismissed a lawsuit brought against Ohio National by five individual broker-dealer reps. The lawsuit pertains to Ohio National entities’ decision to stop payment of trail commissions on certain variable annuity products last year.
ProEquities rep Ansley “Trip” Whatley, LPL Financial rep (formerly of Raymond James) Susan Moore, Securities America advisor Tracy Lentz, NEXT Financial’s Keith Bowers and LPL FA Chris Noone all sued Ohio National entities for breach of contract, among other claims, in November of last year. The reps argued they were third-party beneficiaries of the selling agreement between Ohio National entities and their broker-dealer firms for the sale of the variable annuities in question.