Public Justice, AARP Support Massive ERISA Class Against TIAA

AARP and consumer legal advocacy group Public Justice are fighting an attempt by Teachers Insurance & Annuity Association to roll back a far-reaching class of retirement investors challenging the company’s loan program, briefs filed in the Second Circuit show.

Both groups filed briefs urging the U.S. Court of Appeals for the Second Circuit to uphold a decision certifying a class of participants in 8,000 retirement plans who say TIAA improperly profited off the participants’ loan repayments. TIAA says the class never should have been certified, because there’s no evidence that the 8,000 retirement plans that used the TIAA loan program ...