Further WSJ Report On ING Market Timing Allegations

The Wall Street Journal reported yesterday that internal e mails from financial services firm ING Group show that it allowed some of its clients to engage in market timing as early as 2001. The e mails from ING employees express

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The Wall Street Journal reported yesterday that internal e-mails from financial services firm ING Group show that it allowed some of its clients to engage in market timing as early as 2001. The e-mails from ING employees express concerns that the rapid trading from a few big clients was hurting returns for regular mutual fund investors, according to the WSJ.

In a separate development, the New York State United Teachers union (NYSUT) has reached a settlement with the New York attorney general on claims it profited from steering retirement funds to ING. The Wall Street Journal reports that Attorney General Eliot Spitzer’s office said ING annually charged NYSUT investors as much as 2.85% in fees and expenses while delivering only limited benefits for Opportunity Plus, a 403(b) tax-deferred annuity. According to prosecutors, the unit endorsed the plan in return for undisclosed payments of as much as $3 million per year,” in what was termed a “silent partnership” with insurer ING Group.

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