US - The police pension fund in the US state Florida has started a lawsuit against the Dutch bank insurer ING, a spokesman confirmed for ING has confirmed.

The retirement plan set up for employees of the Orange County, Florida, Sheriff's Office, which sued ING on Monday, alleges the company took improper payments from mutual funds.

The fund seeks to recover the revenue-sharing payments and end the practice, saying: "ING has been arranging for, receiving and keeping the revenue-sharing payments for its own use and benefit in breach of its fiduciary duties."

ING  rejects the allegations.

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