ING Group Hit With Securities Suit

Law360, New York (December 4, 2006, 12:00 AM EST) -- Certain investors have sued financial services giant ING Group for allegedly charging excessive advisory and sub-advisory fees on three principal protection funds.

According to the lawsuit, filed Wednesday in the U.S. District Court in Boston, ING breached its fiduciary duties to its shareholders and violated the Investment Company Act by participating in the purported scheme.

The three funds in the suit, referred to as Fund III, Fund VI and Fund VII, were under the direction of investment advisors ING Investments LLC and ING Investment Management Co.,...
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