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Nationwide

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http://www.pionline.com/news.cms?newsId=43...TcwNzIxOTkwMjIx

 

Here is a link. Orange County Sheriffs are currently suing Nationwide. Anyone involved with Nationwide may want to check it out.

 

Steve

 

 

I just love this part (emphasis added):

 

"Erica Lewis, Nationwide spokeswoman, said: "We are in the process of reviewing the complaint. ... The service payment, revenue sharing, in the case is a well-known and accepted practice in the industry. These payments describe the practice of fund companies entering into lawful business agreements where fund companies are paying for administrative services they would normally provide. The overall effect is to lower plan cost to participants."

 

Comments:

 

1) So this practice is well known and accepted, eh? Let's see ... was it disclosed to investors?

2) If the practice is indeed an accepted practice, that does not make it proper.

3) Ah, revenue sharing will actually lower costs to participants. How THOUGHTFUL of Nationwide. It sort of reminds me of the ol' 12b-1 fee justification: "We need to raise fees so that we can lower fees." Right. And war is peace, slavery is freedom, ignorance is strength.

 

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