TIAA 401(k) Rollover Advice Lawsuit Given New Life by Judge

Retirement investors accusing TIAA of pushing clients from low-fee 401(k) plans to expensive alternatives can amend their lawsuit in an attempt to hold the company liable as a non-fiduciary under ERISA, a federal judge ruled.

The investors asked Judge Katherine Polk Failla to reconsider her 2022 decision dismissing their case. In that opinion, Failla said the investors failed to show that Teachers Insurance & Annuity Association of America acted as a fiduciary under the Employee Retirement Income Security Act in the course of marketing financial products for their 401(k) account rollovers.

Failla’s latest opinion, issued Monday in the US ...