Florida Sheriff Sues Nationwide, Claims Kickbacks

Orange County Sheriff Kevin Beary is launching a lawsuit claiming Nationwide Insurance was allegedly taking kickbacks on mutual funds offered in a retirement plan that impacts hundreds of men and women across the country. The class-action suit, which seeks to recover potentially hundreds of millions of dollars, alleges that in the early 1990s and continuing to present day, Nationwide devised a plan to essentially take a percentage from fees paid to mutual fund families. "This could set the stage for a multibillion dollar showdown," Local 6's Mike Holfeld said. "At least 7,600 retirement plans held by firefighters, teachers and sheriff's deputies are impacted by this." Beary declined comment but a source close to the sheriff said he wants full restitution. "The sheriff was not investing in the plan, he is simply going to bat for the deputies and other civil servants who, in his view may be victims of a Wall Street-style sleight of hand," Holfeld said. Watch Local 6 News for more on this developing story.