ING Unit Hit With $61M Suit Over Bank's Investment Losses

Law360, New York (April 9, 2013, 6:54 PM EDT) -- Dutch banking giant ING Group NV was hit with a breach of contract suit by MashreqBank PSC in New York federal court Monday, accusing one of its units of investing Mashreq’s money in risky securities without permission, costing the United Arab Emirates-based bank about $61 million.

According to Mashreq, ING Investment Management Co., an asset management firm, had failed to abide by the terms of an investment agreement with Mashreq, investing in much riskier securities than it had authorized and lying about the investments to the...
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