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April 25, 2015 5:23 AM ET

Insurance

Company Overview of Nationwide Financial Services, Inc.

Company Overview

Nationwide Financial Services, Inc., together with its subsidiaries, provides long-term savings and retirement products in the United States. The company’s Individual Investments segment offers variable annuity products, individual annuity products, deferred fixed annuity products, income products, immediate annuities, and portfolio income insurance. Its Retirement Plans segment provides private and public sector group retirement plans, as well as investment advisory services. Its Individual Protection segment offers investment life insurance products, including individual variable, corporate-owned life insurance, and bank owned life insurance products; traditional life insurance products; a...

One Nationwide Plaza

Columbus, OH 43215

United States

Founded in 1996

4,433 Employees

Phone:

614-249-1059

Fax:

614-249-8562

Key Executives for Nationwide Financial Services, Inc.

Principal Executive Officer, President, Chief Operating Officer and Director
Age: 50
Chief Financial Officer, Senior Vice President and Director
Age: 50
Chief Executive Officer of NMIC and Chief Executive Officer of NMFIC
Age: 61
Senior Vice President and President of Nationwide Funds
Age: 48
Senior Vice President and President of Nationwide Securities
Age: 56
Compensation as of Fiscal Year 2014.

Nationwide Financial Services, Inc. Key Developments

Nationwide Financial Services Settles 13-Year-Old Revenue Sharing Suit

Nationwide Financial Services has filed a motion for preliminary approval of a settlement of a lawsuit filed by trustees of five qualified retirement plans alleging that the provider's revenue-sharing arrangement with mutual funds constituted transactions prohibited by the Employee Retirement Income Security Act (ERISA). In its motion, Nationwide says the settlement secures a number of significant changes to its business practices that will result in different investment options and enhanced disclosures for the plans and for future purchasers of Nationwide's annuity contracts and trust platform products. Nationwide will also pay $140,000,000 to the class identified in the lawsuit. The suit, Haddock v. Nationwide, alleges that Nationwide violated ERISA when it kept fees that it received from nonproprietary mutual funds that it offers through its defined contribution platform. Nationwide is the third-largest writer of 401(k) contracts in the nation. The lead plaintiff in the action is the deferred compensation plan of Flyte Tool & Die. The plaintiffs claim that the refunds of management fees that Nationwide received from nonproprietary mutual funds were plan assets that should have been returned to the plans. Furthermore, they allege that, in not revealing these kickbacks, Nationwide misrepresented the level of fees it was receiving. By retaining the fees and not disclosing them, the plaintiffs claim Nationwide violated ERISA's prohibited transaction and fiduciary duty rules. They say the provider purposefully chose to include outside mutual funds with high management fees in order to maximize the 'undisclosed kickbacks' it received. The plaintiffs are asking for a return of these fees along with damages plus all profits that Nationwide earned on them. In 2006, the U.S. District Court for the District of Connecticut denied Nationwide's motion to dismiss the case, saying a reasonable jury could find that Nationwide Financial Services Inc. and Nationwide Life Insurance Co. were plan fiduciaries under ERISA, and the trustees deserved a chance to present further evidence against the Nationwide companies. Nationwide argued it was not subject to ERISA's prohibited transaction rules because it was not a fiduciary to the plans and because the revenue-sharing payments were not plan assets.

Nationwide Financial Services, Inc. Presents at The 18th Annual Sub-Advised Funds Forum, Oct-21-2014 through Oct-22-2014

Nationwide Financial Services, Inc. Presents at The 18th Annual Sub-Advised Funds Forum, Oct-21-2014 through Oct-22-2014. Venue: Westin Times Square, 270 West 43rd St., New York, NY 10036, New York, United States. Presentation Date & Speakers: Oct-21-2014, Abid Ghori, Director of Non-US Equities and Alternatives. Oct-22-2014, Amy D. Duling, Head of Product Development.

Nationwide Reports Earnings Results for the First Six Months of 2014

Nationwide reported earnings results for the first six months of 2014. Underlying profit for the high street financial services provider for the first quarter reached GBP 263 million, an increase of 117% when compared to the same quarter of last year. Statutory profit increased by 141% year on year to GBP 253 million in the quarter.

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