TIAA Customer Wants Class Status in Retirement Loan Suit (1)

Jan. 17, 2020, 4:17 PM; Updated: Jan. 17, 2020, 7:25 PM

A retirement plan investor who sued Teachers Insurance & Annuity Association over its plan loan program on Thursday asked the Southern District of New York to certify her case as a class action.

Melissa Haley wants to represent a class of 401(k)-style retirement plans that received administrative services from TIAA and participated in TIAA’s plan loan program. The number of proposed class members has been redacted from Haley’s motion, but her amended complaint suggests the proposed class includes “tens of thousands” of people.

Haley accuses TIAA of earning more than $50 million per year by taking unauthorized cuts when investors ...

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