The U.S. Department of Labor
announced on Friday a $5.2 million settlement agreement with Connecticut-based
ING Life Insurance and Annuity Co., LifeHealthPro
reported. The action stems from ING's undisclosed practice of
keeping investment gains realized when it failed to process requested
transactions in a timely manner. The settlement will restore funds to
approximately 1,400 retirement plans, and represents net gains pocketed by the
company due to how certain transaction processing errors were handled between
2008 and 2011.