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SEC: Nationwide Insurance Pays 8 Million To Settle Mail Practices Claims

The Securities and Exchange Commission says Columbus-based Nationwide Insurance has agreed to pay 8 million dollars to settle charges of routinely violating pricing rules in daily processing of orders for some products. The SEC says Nationwide intentionally delayed collecting untracked mail containing variable insurance contracts and processed those orders at the next day's prices in violation of the law. The SEC says Nationwide delayed some mail delivery past a 4 p.m. deadline and posted the orders the next day for over 15 years.

Jim has been with WCBE since 1996. Before that he worked as a reporter at another Columbus radio station, and for three newspapers in Southwest Florida.
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