We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

ING Settles Spitzer Probe For $30M

Law360 (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,”...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.