ING Gave Morgan Stanley Kickbacks For 401(k) Biz, Suit Says

Law360, New York (May 17, 2013, 6:39 PM EDT) -- An Alabama medical laboratory filed a proposed class action in New York federal court on Friday alleging Morgan Stanley & Co. Inc. encouraged the lab to use ING Life Insurance and Annuity Co. to administer its employees' 401(k) plan because ING paid the brokerage firm extra fees.

Birmingham, Ala.-based Skin Pathology Associates Inc. said Morgan Stanley had a deal with ING and other unnamed companies under which those so-called "alliance partners" paid Morgan Stanley a bonus if it convinced customers to use their investment and recordkeeping...
To view the full article, register now.