ING Kickback Settlement Worth $415M Gets Final OK

Law360, Los Angeles (September 26, 2014, 7:06 PM EDT) -- A Connecticut federal judge on Thursday approved ING Life Insurance and Annuity Co.'s settlement worth $415 million to end a class action accusing the insurer of forming revenue sharing agreements with mutual funds that amounted to kickbacks and violated the Employee Retirement Income Security Act.

The suit, filed by Pennsylvania-based Healthcare Strategies Inc. on behalf of a class of retirement plan administrators, alleged that ING violated ERISA by pushing high-fee investments with mutual funds in exchange for revenue-sharing payments akin to kickbacks.

On Thursday, U.S. District Judge William G. Young granted final approval to the settlement, which contains a ruling that...

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