More than 13 years of litigation has yielded a tentative settlement in Haddock vs. Nationwide, a $140 million deal believed to be the largest ever in a service-provider revenue-sharing lawsuit.
Nationwide Life Insurance Co., and its affiliate, Nationwide Financial Services Inc., signed off on the preliminary deal late last week, according to court documents.
On top of the money, Nationwide agreed to several other points that will change how it and, most likely, other service providers disclose their revenue agreements with mutual funds going forward.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
