ING PRINCIPAL PROTECTION FUNDS DERIVATIVE LIT.

No. CIV. A. 03-12198JLT.

369 F.Supp.2d 163 (2005)

ING PRINCIPAL PROTECTION FUNDS DERIVATIVE LITIGATION

United States District Court, D. Massachusetts.

May 9, 2005.


Attorney(s) appearing for the Case

Thomas A. Arena, James N. Benedict, Milbank, Tweed, Hadley & McCloy LLP, New York, NY, Hung G. Ta, Milbank, Tweed, Hadley & McCloy LLP, New York, NY, Sean T. Carnathan, Quigley, O'Connor and Carnathan, LLC, Burlington, MA, for Aeltus Investment Management Inc., ING Funds Distributor, LLC, ING Investments, LLC, ING Principal Protection Fund, Defendants.

Christopher E. Dominguez, Jeffrey B. Maletta, Kirkpatrick & Lockhart LLP, Washington, DC, William Shaw McDermott, Gregory R. Youman, Kirkpatrick & Lockhart LLP, Boston, MA, for Blaine E. Rieke, Jock Patton, Michael Earley, R. Barbara Gitenstein, Richard A. Wedermeyer, Roger B. Vincent, Walter H. May, Defendants.

Steven F. Gatti, Clifford Chance U.S. LLP, Washington, DC, Neil Gray, Milbank Tweed Hadley & McCloy, New York, NY, Mark A. Kirsch, Clifford Chance U.S. LLP, New York, NY, Alan J. Langton, II, Quigley, O'Connor & Carnatman LLC, Boston, MA, Stacey J. Rappaport, Milbank, Tweed, Hadley & McCloy LLP, New York, NY, for Aeltus Investment Management Inc., ING Funds Distributor, LLC, ING Investments, LLC, Defendants.

Edward F. Haber, Theodore M. Hess-Mahan, Shapiro Haber & Urmy LLP, Boston, MA, Christine E. Morin, Shapiro, Grace, Haber & Urmy, Boston, MA, for Heidi Hedlund, Walter Price, Media Palandjian, Consolidated Plaintiffs.

Thomas N. O'Connor, Quigley, O'Connor & Carnatman LLC, Boston, for Aeltus Investment Management Inc., ING Funds Distributor, LLC, ING Investments, LLC, ING Principal Protection Fund, Defendants.

Lara A Sutherlin, Shapiro, Haber & Urmy, LLP, Boston, for Walter Price, Plaintiff.


MEMORANDUM

TAURO, District Judge.

This derivative action is brought under section 36(b) of the Investment Company Act of 1940 ("ICA").1 Plaintiffs allege that Defendants breached their fiduciary duties to certain mutual funds and shareholders by authorizing and receiving excessive compensation for distribution, advisory, and broker services during a period when the funds...

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