ING Hit With Suit Over Revenue Sharing

Law360 (January 11, 2007, 12:00 AM EST) -- Dutch insurance provider ING Groep NV has been hit with a lawsuit alleging the company took kickbacks from mutual fund companies in exchange for promoting certain funds.

The suit, filed in the U.S. District Court for the District of Connecticut by the participants in the Orange County, Fla. Sheriff’s Office retirement plan, alleges that the company’s participation in revenue-sharing agreements resulted in higher retirement plan fees.

In revenue-sharing agreements, mutual fund companies offer kickbacks to companies that include their funds in retirement plans. Companies make the...
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