Jim Nagengast, former CEO of Securities America, is suing Osaic and its parent firm, AG Artemis Holdings, claiming breach of contract related to his departure from Securities America in 2024.

Details of the complaint remain under seal, but an April 17 filing in the U.S. District Court for the District of Delaware states that the complaint contains "detailed allegations relating to a Confidential Separation and General Release Agreement."

Nagengast will file a public version of the complaint, "with the confidential information redacted, within seven days" of the motion being granted, according to the filing.

Nagengast was president and CEO of Securities America from 2010 until his departure in January 2024. Advisor Group acquired Securities America in 2019, as part of its acquisition of Ladenburg Thalmann. Advisor Group changed its name to Osaic in June 2023.

WealthPlan Group appointed Nagengast to its board of directors in early April.

Patrick Brewer, WealthPlan Group's CEO, said in a statement that Nagengast's leadership "will help support the firm's national growth and strategic initiatives."

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