Orange County Sherrif Kevin Beary is filing a class-action lawsuit against Nationwide Insurance claiming the company took up to hundreds of millions in mutual fund fees paid to state employees’ and teachers’ retirement plans, from the early 1996 to the present, WKMG-TV reports.

The lawsuit could potentially result in a multi-billion settlement, commented one of the station’s reporters. “At least 7,600 retirement plans held by firefighters, teachers and sheriff’s deputies are impacted by this,” said the reporter, Mike Holfield.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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