ING Faces Class Action Over Pension Plan Kickbacks

Law360, New York (February 24, 2011, 1:45 PM EST) -- A pension plan administrator lodged a class action against ING Life Insurance and Annuity Co. in a Connecticut federal court Wednesday, claiming it engages in a pay-for-play scheme with mutual funds in violation of the Employee Retirement Income Security Act.

Pennsylvania-based Healthcare Strategies Inc., which operates a pair of 401(k) retirement plans, filed the suit in the U.S. District Court for the District of Connecticut on behalf of other retirement plan administrators that have invested through ING.

According to the complaint, ING breached its fiduciary duty...
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