TIAA, Business Groups Ding Massive ERISA Class in Plan Loan Suit

Teachers Insurance & Annuity Association received backing from the business community in its attempt to have the Second Circuit undo the certification of a class of 8,000 retirement plans in a $50 million lawsuit challenging the company’s retirement loan program.

The decision certifying a multi-plan class “ventures to judge the reasonableness of thousands of disparate plan arrangements without considering any plan-specific circumstances, and without the participation of the fiduciaries who procured those arrangements for the benefit of their plans,” according to an amicus brief filed Tuesday by the Securities Industry and Financial Markets Association, the U.S. Chamber of Commerce, and ...