ING to Pay $5.8 Million in 401(k) Trade Disclosure Accord
This article is for subscribers only.
An ING Groep NV unit that administers 401(k) retirement plans agreed to pay $5.8 million to settle allegations it didn’t tell clients that it would pocket market gains on trades that were delayed.
ING Life Insurance & Annuity Co., a Windsor, Connecticut-based unit of the largest Dutch financial-services company, will pay $5.25 million to about 1,400 retirement savings plans and a penalty of $524,509 to the U.S. government, according to a settlement disclosed today by the Department of Labor.