An S&L; ‘caved in’ on special IRAs for women.
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San Francisco-based Continental Savings of America, which offered 0.5 percentage point more in interest on individual retirement accounts for working women, will “cave in” today to a cease-and-desist order by the state and retroactively award the higher rate to men also, a company executive said. The S&L; won’t go to court because of potentially “billions of dollars” in fines.
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