ING Orange Loan Rate Renew Guarantee

In October 2014, a federal judge approved a $20,350,000 settlement of a false advertising class-action lawsuit against ING Bank . The complaint, which was originally filed in 2011, alleges, among other things, that the company represents that borrowers can reset the interest rate on their mortgages at any time for a low, fixed cost ($500 for Orange Loans and $750 for Easy Orange Loans) when, in reality, the company charges borrowers more than the promised flat fee. According to the settlement terms, class members are expected to receive about $175 per loan account. (Yarger et al v. Capital One, N.A., successor by merger to ING Bank, F.S.B., d/b/a ING Direct, Case No. 11-cv-154, D. DE.).

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