200,000-Member ERISA Class Certified In TIAA Lending Beef

Law360 (November 25, 2020, 6:42 PM EST) -- A New York federal judge certified a nationwide class of nearly 8,000 retirement plans covering more than 200,000 participants in a lawsuit alleging the Teachers Insurance and Annuity Association unlawfully profited from its retirement loan program, appointing Berger Montague PC and Schneider Wallace Cottrell Konecky LLP class counsel.

U.S. District Judge J. Paul Oetken on Wednesday granted class certification in a suit brought by Washington University employee Melissa Haley in 2017, which accused TIAA of engaging in self-dealing by not crediting the full amount of interest she paid on collateralized loans taken from her retirement plan with the university back to her account,...

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