More than 50,000 unionized teachers in New York and New Hampshire will get an average of $450 from a settlement with investment company ING, which paid fees to unions to steer business its way, New York Attorney General Eliot Spitzer said Tuesday.
Spitzer said the $30 million settlement ends his investigation of ING Groep NV, a Dutch-based investment company that had paid as much as $3 million annually in fees to the New York State United Teachers union. New Hampshire teachers will share in a $3 million settlement worked out by Secretary of State William Gardner’s Bureau of Securities Regulation. Every teacher will receive at least $100. The agreement doesn’t cover New York City teachers who are represented by the United Federation of Teachers.