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The full extent of these payments was allegedly not disclosed to members, nor were members aware that the union was steering them into the ING plan with biased investment advice.
FORBES: SEC Snoozed As "Shadow Marketers" Skimmed Billions From Retirement Plans
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Parent ING Group, based in Amsterdam, has previously announced its plan to divest ING U.S. through an IPO.
FORBES: ING U.S. To Rebrand As Voya
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Consumerism Commentary readers responded, for the most part, by stating they plan on closing their ING Direct accounts in protest.
FORBES: ING Direct Becoming Capital One 360
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In January, the European Commission blocked, on competition grounds, a plan by three other Dutch banks, ABN Amro, ING and Rabobank, to help SNS with a capital investment.
BBC: Dutch bank SNS Reaal nationalised
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The nationalisation comes after the European Commission blocked an earlier plan that would have seen the country's other large banks, Rabobank, ING and ABN Amro, contribute capital to a so-called "bad bank" to house SNS Reaal's distressed property assets.
CNN: Netherlands nationalizes SNS Reaal
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In addition to the lawsuits against plan sponsors, cases have been brought against 401(k) plan service providers, such as Fidelity, Principal Life, John Hancock, Nationwide and ING.
FORBES: Time For Workers To Demand The 401(k) Plans They Deserve: Here's A Model