April 5, 2007
Class Action Against Teachers' Retirement Plan
A class action on behalf of participants in the New York State United Teachers Member Benefits Trust charges that the Trust accepted payments from insurer ING to endorse its high-fee annuity product to its plan participants. The law suit follows last year's investigation and settlement with the New York Attorney General's office, when the Trust paid $30 million to settle related charges. See NYTimes, Trust Sued Over Backing Retiree Plan.
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