Ohio National Trailing Commissions Litigation

Ohio National’s Chief Distribution Officer Laid off Two Weeks after Class Action Suit Filed

Just two weeks after the class action lawsuit was filed against Ohio National for an alleged breach of commissions, the company announced it was laying off its Chief Distribution Officer. In addition, both the company’s COO and Company President are out – the Company President only held on to the position for three months.

In my blog post on Monday this week, I highlighted the harm suffered by the policy holders as a result of Ohio National’s decision to unilaterally stop paying the customers’ trusted financial advisors on variable annuities with guaranteed income riders. The harm I describe in the blog is why we filed the class action lawsuit against Ohio National back on November 6th on behalf of financial advisor Lance Browning and all advisors similarly situated. The day following my blog post about the harm suffered by the customers of Ohio National, the company announced it laid off its chief distribution officer and, after only three months on the job, the President of the company was leaving her job. The Chief Operating Officer is also leaving.

In reports about the shakeup, the company did not comment on whether the changes were related to the new policy to stop paying trailing commissions. What do you think?

If you are a financial advisor who has clients’ affected by Ohio National decision stop paying trailing commissions, contact us if you would like to stay informed or join the group of advisors we represent. We have heard from numerous advisors who have clients who own hundreds of millions of dollars of these products.