Benefits & Executive Compensation News

Morningstar Objects to ‘Fishing Expedition’ on TIAA Funds

April 20, 2018, 2:18 PM

Morningstar Inc. is fighting a federal court subpoena seeking information about two TIAA investments that have been challenged in multiple pending lawsuits.

Morningstar, a Chicago-based firm providing independent research and analysis on investments and financial products, asked a federal judge to invalidate a subpoena seeking information on the TIAA Real Estate Account and the CREF Stock Account. Morningstar’s April 19 motion called the subpoena a “fishing expedition,” saying it imposed a “significant and undue burden” and sought information that was largely publicly available.

The subpoena was issued in a proposed class action by Northwestern University employees who say their retirement...

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