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More Spitzer Actions Brewing

New York Attorney General Eliot Spitzer's probe into whether insurance companies paid retirement plans to offer their investments is expected to lead to lawsuits and...
July 11, 2006

New York Attorney General Eliot Spitzer's probe into whether insurance companies paid retirement plans to offer their investments is expected to lead to lawsuits and settlements in the next several months, a source familiar with the situation told Reuters news service last week. State investigators are looking into how the managers of pension plans choose products such as mutual funds and annuities, which are available to plan members.
In some cases, consumers allegedly pay high fees that eat into their investments or are forced to choose from funds that generate high fees for retirement plan managers, the source said. A spokesman for Spitzer, Darren Dopp, declined to comment on the status or targets of the probe, saying only that investigators were making good progress.

Spitzer Targeting Insurance Retirement Plans (Reuters 7/7/06)

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