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ING, ANZ pay back retail investors on CDO-backed funds

ING and ANZ National Bank New Zealand (ANZN) have agreed to pay investors NZ$45m (US$31.8m) for breaching the country’s Fair Trading Act, according to the New Zealand Commerce Commission, a regulator. This is the largest monetary settlement made in the New Zealand financial industry. The commission says ING and ANZN have accepted that the marketing material of the two ING…

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