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ING may have breached fiduciary duties it owes participants in its 401(K) plan.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Investments
- Retirement Asset
- Investment Advisor Duties
Product or Service
- 401(K)
Injury Type
- Monetary Loss
Investigation Details
Investigation and potential class action lawsuit against ING Groep NV ("ING") for potential violations of the Employee Retirement Income Security Act of 1974, as amended ("ERISA").
The class action investigation focuses on investments in ING stock held by participants in the ING Stock 401(k) Savings Plan (the "Plan").
This investigation involves concerns that ING and other administrators of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in ING when it was no longer a prudent investment for participants' retirement savings.
The class action investigation focuses on investments in ING stock held by participants in the ING Stock 401(k) Savings Plan (the "Plan").
This investigation involves concerns that ING and other administrators of the Plan may have breached their ERISA-mandated fiduciary duties of loyalty and prudence to participants and beneficiaries of the Plan. A breach may have occurred if the fiduciaries failed to manage the assets of the Plan prudently and loyally by investing the assets in ING when it was no longer a prudent investment for participants' retirement savings.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| ING Groep N.V. (ING) | ING Groep N.V. is a financial services company providing banking, investments, life insurance and retirement services and operates in more than 50 countries. |