Plan Trustees Certified In Nationwide ERISA Suit

Law360, New York (November 9, 2009, 2:25 PM EST) -- A federal judge has granted class status to a group of employee pension plan trustees in a case alleging Nationwide Financial Services Inc. used its control of plan assets to bargain for revenue-sharing payments from mutual funds in breach of its fiduciary duty.

Judge Stefan Underhill of the U.S. District Court for the District of Connecticut granted the plaintiffs' motion to certify a class of tens of thousands of pension plan trustees in an order Friday.

The class comprises more than 24,000 employee pension benefit plan...
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