Mo. Wins $20M Fight With Nationwide On Appeal

Law360, New York (March 8, 2011, 6:00 PM EST) -- A Missouri appeals court reversed a trial court Tuesday and ordered Nationwide Life Insurance Co. to return roughly $20 million withheld from Missouri’s employee benefits fund, but refused to revive secondary breach of contract claims.

The Missouri Court of Appeals, Western District, obliterated the lower court’s summary judgment grant to Nationwide, finding Nationwide had no right to withhold an $18.5 million market value adjustment from the state’s deferred compensation fund when it transferred the assets to a new investment provider in June 2006.

The appeals court...
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