Teachers File Suit Against Fund Over Kickbacks

Law360, New York (April 5, 2007, 12:00 AM EDT) -- A New York teachers pension fund breached its fiduciary duty by accepting kickbacks in exchange for promoting certain investment plans, according to a newly filed class action lawsuit.

Participants in the New York State United Teachers Member Benefits Trust have slapped the trust with a lawsuit claiming that the fund accepted payments in return for pushing a high-fee investment offered by ING Groep N.V.

The suit also names ING as a defendant.

ING allegedly reimbursed the trust for the salaries of the employees charged with recommending...
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.