Forbes Magazine had an interesting article last month about a lawsuit, “which is seeking class action status . . . ,” that “accuses ING . . . Life Insurance and the New York State United Teachers of ripping off union members in a retirement savings plan through over-charges, undisclosed payments and kickbacks.”
According to the article, Lynn Sarko, an attorney representing the plaintiffs in the ING case, is “preparing to file three similar suits” this month.
“Our investigation shows this was not an aberrant practice but widespread . . . . What’s so insidious in the New York case is that union officials held themselves out as having investigated and approved retirement products when they were in fact conspiring with ING to hide the facts and personally benefit.”
What’s even more insidious is that many of the workers who are being scammed are forced to fork over their hard earned funds to these same Big Labor Bosses as a prerequisite for getting or keeping their jobs.