Settlement Reached Over N.Y. Union’s Deals With Brokers

The New York state attorney general’s office announced a settlement with New York State United Teachers last week after a long-running investigation into an arrangement between the union and the Netherlands-based financial-services company ING.

Under that arrangement, ING gave the union’s Member Benefits division $3 million a year. In exchange, the division promoted the company’s retirement products—mostly high-cost annuities.

According to Attorney General Eliot Spitzer’s office, the union—a 535,000-member affiliate of the American Federation of Teachers—did not disclose the deal, and even took...