ING Settles Spitzer Probe For $30M

Law360, New York (October 10, 2006, 12:00 AM EDT) -- Dutch insurance provider ING Groep NV has agreed to pay $30 million to settle allegations that the company paid the New York United Teachers Union to tout its annuity plans to members.

The settlement, reached with New York Attorney General Eliot Spitzer, will be distributed directly to the teachers who had invested in the plans.

Spitzer’s office said that each teacher would receive at least $100, with the average payout estimated to be about $450.

“This agreement raises the bar for the entire retirement products industry,”...
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