Nationwide, 5 States Reach $2M Annuity Sales Accord

Law360, New York (February 4, 2010, 2:41 PM EST) -- Nationwide Life Insurance Co. and Nationwide Life and Annuity Insurance Co. have reached a $2.1 million settlement with five state insurance regulators that accused the insurers of unsuitable sales of variable annuities in their dealings with clients of financial advisory firm Waddell & Reed Inc.

Regulators from Minnesota, Kansas, California, Missouri and Wisconsin had alleged that the Nationwide affiliates did not take the required steps to ensure that Waddell & Reed advisers were making suitable recommendations to their customers to replace variable annuity policies issued by...
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