Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Thursday, 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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