Is Nationwide on Your Side? Not Everyone Thinks So


Nationwide is "on your side" as the financial services giant's corporate slogan goes, but Lou Haddock doesn't think so. In a class action originally filed in the United States District Court in Connecticut 2001 Haddock, a trustee of a retirement plan advised by Nationwide, charges it with accepting "revenue sharing payments" from mutual funds as the cost of being included as investment options in its retirement plans. Haddock claims the receipt of these payments violates the Columbus, Ohio-based company's "fiduciary duty," which Haddock alleges is the duty to act solely in the best interest of the plan participants. In a previous blog post, I discussed similar claims against another insurance company, John Hancock.