Got A Class Action? ING Groep

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Case Details for "ING Groep"

Securities Class Action filed against ING Perpetual Hybrid Capital Securities (NYSE: IDG)

The class action was brought on behalf of purchasers of 7.375% ING Perpetual Hybrid Capital Securities (NYSE: IDG) of ING Groep N.V. ("ING"). It charges global financial services company ING and certain of its affiliates, officers and directors, and the underwriters of the offerings with violations of the Securities Act of 1933.

The complaint alleges that ING consummated the offerings pursuant to a false and misleading registration statement and prospectuses. Specifically, ING sold shares of 7.375% Securities (NYSE: IDG) for proceeds of over $1.45 billion in the September 2007 offering. The registration statement and prospectuses incorporated ING's financial results for 2005/2006 and 2007 through September. After ING completed the offerings, the company announced EUR 2 billion in impairment charges associated with its exposure to bad loans, mortgage-related securities and other "pressurized" assets, causing the prices of the securities issued in the offerings to decline.

Posted on: 03/02/2009
Company/Organization: ING Groep
Scope: Nationwide
Affected Class: purchasers of 7.375% ING Perpetual Hybrid Capital Securities of ING Groep N.V.
Type of Case: Securities

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