TIAA Pays $2.9M To Settle ERISA Class Action Claims
By Dorothy Atkins (August 24, 2016, 10:02 PM EDT) -- A Vermont federal judge preliminarily approved a proposed $2.9 million agreement Wednesday to settle allegations that retirement investment manager TIAA violated the Employee Retirement Income Security Act by delaying investors' transfer and withdrawal requests and using the delay to generate returns that it kept for itself.
The proposed settlement marks a possible end to a four-year proposed class action alleging that the Teachers Insurance and Annuity Association — formerly TIAA-CREF — and related companies violated their fiduciary duties under ERISA by intentionally slow-rolling transfers for millions of customers in order to generate investment income for itself. TIAA denies any wrongdoing under...
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