Financial services firm ING and a number of former executives are facing four separate class action lawsuits from US investors who have lost millions of euros on their investments, reports the Financieele Dagblad.

The investors claim that ING should cover their losses because the company sold a type of share known as a perpetual using ‘a false and misleading registration statement and prospectuses’.
The complainants say ING issued perpetuals valued at a total of $4.5bn in June and September 2007 and June 2008. Since then their value has plummeted by $3.5bn, the paper says.