TIAA Urges 2nd Circ. To Undo ERISA Class In Lending Dispute

Law360 (July 21, 2021, 9:19 PM EDT) -- The Teachers Insurance and Annuity Association of America is urging the Second Circuit to reverse a New York federal judge's decision to turn litigation alleging the company improperly profited from its retirement loan program into a class action, saying the 200,000 retirement savers in the class don't have enough in common.

The company, which offers financial services to nonprofits' retirement plans, made its plea to the Second Circuit in a brief filed Tuesday, saying lead plaintiff Melissa Haley "offered no evidence of similarity among class members."

TIAA argued that since the class members participated in a variety of different retirement plans,...

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