QUESTION
Can I recover excessive hidden fees and losses due to misconduct of my retirement plan provider ING Financial Services?
Asked on Jul 01st, 2013 on Securities Fraud - Ohio
More details to this question:
ING Financial retirement service charges over 1% in fees not disclosed clearly. In fact the information on the fee is just about impossible to find. Over the years this amounted to $96000 on my retirement account over the last 16 yrs (I have a large retirement account with them). I found out about this by accident recently. Should this be a class-action case? Also, ING's Ohio-specific form stated that service provide change out of ING can only be done in the "first pay period", which is opposite of Ohio State employer's rule of allowing change any time of the year. So ING provided false information to keep clients paying hefty fees illegally. This affects so many, I think should be another class action case. I have requested a transfer of funds from ING to TIAA-CREF. ING initially complied and then inexplicably reversed the 401a account liquidation, costing me $25500 in market losses. Should I be able to file a lawsuit against ING and request a restitution for my losses?
1 ANSWER
Fees imposed by a financial firm to its clients should be disclosed prominently. ING may not have done so and could be liable depending on the relevant facts. When you opened the account what were you told, if anything, about its fees? Were the fees deducted on your monthly/quarterly statements? What was your expectation of how ING was to be compensated? To properly evaluate your legal options you would need to provide much additional information about what ING told you about the operation of its retirement services account and how its operation differed from what you were told. More information is also needed on the other issues you raised. William A. Healy, Westminster, MD.
Answered on Jul 05th, 2013 at 12:13 PM