Investigation into ING funds still 3 months away
The Commerce Commission describes its investigation into the ING frozen funds as complex and says it will not make a ruling until next year.
Investors were hoping to know by Christmas whether legal action would be taken against ING and its owner ANZ over allegations of a breach in the Fair Trading Act with its Diversified Yield and Regular Income Funds.
The Commission says it anticipates reaching a decision as to what action may be appropriate in late March 2010.
"The matters under investigation are complex and there is a large amount of information being provided by ING, ANZ and other parties which must be considered," a spokesperson says.
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