WASHINGTON - The banking industry is reacting cautiously to news that the Justice Department is investigating efforts by insurers to block sales of the so-called Retirement CD.

"We do believe the insurance industry has acted in concert, and probably illegally, in their maneuvers against the Retirement CD," said Joseph Ignat, executive vice president of American Deposit Corp., which licenses the product. "We are confident that, if that is true, then the Justice Department probe will be thorough."

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