Edward A. Haffer
Phone: 603.627.8115
Fax: 603.641.2352
ehaffer@sheehan.com
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New Hampshire, New York Reach Settlement With ING |
(October 17, 2006. Manchester, NH) - On Oct. 10, the State of New Hampshire Bureau of Securities Regulation's Director, Mark Connolly and New York Attorney General Elliot Spitzer announced a landmark agreement that will set new national standards for transparency in the marketing of retirement products and provide $2.75 million compensation to more than 5,000 participants in the New Hampshire State Employees Deferred Compensation Plan. Edward A. Haffer, a shareholder at Sheehan Phinney, served as Special Counsel to the Bureau in this matter.
According to Connolly, "this is a win for all investors. Mutual fund investors need to be told all important facts, including conflicts and costs, associated with their retirement plans.Working closely with the New York Attorney General's office, we believe we have developed a comprehensive disclosure statement which will be an impetus for positive change throughout the entire retirement planning industry."
Eliot Spitzer, the Attorney General for the state of New York said, "this agreement raises the bar for the entire retirement products industry. It will help ensure that workers receive accurate and complete information needed to make good investment decisions."
More information about this decision can be found on the State of New Hampshire Web site: www.sos.nh.gov/securities/pressr10_10_2006.pdf; or at the State of New York Web site: www.oag.state.ny.us/press/2006/oct/oct10a_06.html.
Sheehan Phinney Bass + Green is a regional business law firm with offices in Boston, MA, and in Manchester, Concord and Lebanon, NH. The firm provides a broad range of sophisticated legal services to businesses and institutions in traditional and emerging areas of the law. Its diverse client base includes local and regional organizations, as well as national and international businesses with interests in the Northeast. |
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