ING To Pay $3.5M To Settle Stock Drop Suits

Law360, New York (November 15, 2012, 1:25 PM EST) -- ING Groep NV will pay $3.5 million to resolve two class actions that allege the company violated its fiduciary duty to thousands of employees by investing retirement funds in company stock that later plummeted, according to settlement papers filed Wednesday.

If approved, the deal will put to rest claims that the company ran afoul of the Employee Retirement Income Security Act by continuing to fill its pension portfolios with ING stock in the lead-up to the financial crisis, despite the risk posed by the company's subprime mortgage-related assets and inadequate internal controls.

Filed in 2009, the cases were before the Eleventh...

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