ING Unit Must Pay $2.9 Million

ING Group's U.S. mutual fund unit has been penalized $2.9 million and censured by regulators in a settlement for market-timing arrangements dating from the 1990s.

The NASD, the industry regulator formerly called the National Association of Securities Dealers, fined Scottsdale, Ariz.-based ING Funds Distributors LLC $1.5 million and ordered the company to reimburse its funds $1.4 million, a filing with the U.S. Securities and Exchange Commission said Wednesday.

ING Unit Must Pay $2.9 Million
Source: Hartford Courant