Nationwide ERISA 401(k) Class Action Heads To Bench Trial

February 9, 2026

Nationwide Mutual Insurance Co. must face a trimmed class action pursued by employee 401(k) plan participants alleging mismanagement, an Ohio federal judge ruled in an opinion unsealed Monday, telling the parties to prepare for a bench trial on the surviving claims. 

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The plaintiffs don’t dispute that the contract is an annuity, but they do challenge whether Nationwide Life is a qualifying insurer and whether the plan paid “no more than adequate consideration,” which under ERISA means “the fair market value of the asset as determined in good faith by the trustee or named fiduciary pursuant to the terms of the plan,” according to the order unsealed Monday. 

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Kai H. Richter of Cohen Milstein Sellers & Toll PLLC, an attorney for the class, in a statement to Law360 on Monday applauded Judge Morrison’s “careful attention to the important issues raised in this case.” 

“We are pleased with the court’s ruling denying Nationwide’s motion to exclude our experts and denying its motion for summary judgment on the breach of fiduciary duty and prohibited transaction claims for the period at issue,” Richter said. “We wholeheartedly agree with the court’s observation that the ‘dissonance’ in Nationwide’s position ‘demands further exploration,’ and look forward to the upcoming trial.” 

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The class is represented by Kai H. Richter, Michelle C. Yau and Daniel R. Sutter of Cohen Milstein Sellers & Toll PLLC and Eric H. Zagrans of Zagrans Law Firm LLC. 

Read Nationwide ERISA 401(k) Class Action Heads To Bench Trial.