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DOL Settlement Produces $5.2 Million for Retirement Plan Clients of ING
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] 
Feb. 4, 2013
"The U.S. Department of Labor today announced a settlement agreement with ING Life Insurance and Annuity Co. that provides for a $5.2 million payment to certain retirement plan clients adversely affected by its undisclosed practice of keeping investment gains achieved when the company failed to process requested transactions in a timely manner. The department alleged that ILIAC's failure to disclose its policy on reconciling transaction processing errors to retirement plan clients was a violation of [ERISA]."
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