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"                      <p class=\"imgtitle\">King</p>           MONTGOMERY, Ala. (Legal Newsline) - Alabama Attorney General Troy King announced on Wednesday that he has reached a $16 million settlement with a financial institution that allegedly paid nearly $12 million to the Alabama State Employees Association in sponsorship fees and commissions.<br /> <br />Nationwide Retirement Solutions was dropped by the State Personnel Board as a provider of Alabama's deferred compensation plan earlier this year after the alleged sponsorship fees and commissions were discovered. Tens of thousands of state employees had contributed to this 457 Plan.<br /><br />The termination of Nationwide Retirement Solutions as a provider and the alleged payments led to lawsuits among the parties and program participants.<br /> <br />\"We have worked tirelessly to recoup a sufficient recovery to restore to the accounts of state employee participants that which was improperly diverted from them,\" King said. <br /><br />\"This settlement is great news for hard-working state employees and I am pleased that we have avoided expensive, protracted litigation while still righting a wrong that had been done to state employees.\"<br /> <br />More than 20,000 active and retired state employees who participated in Nationwide's plan between 2000-2009 will share in the settlement, which must now be approved by multiple state court judges.<br /><br />The $16 million will be paid into the state's supplementary retirement plan."^^<http://www.w3.org/2001/XMLSchema#string>
<http://legalnewsline.com/stories/510523725-king-settles-with-financial-institution>