TIAA Opposes 200,000-Person Class in Retirement Plan Loan Suit

March 3, 2020, 7:23 PM

A lawsuit challenging Teachers Insurance & Annuity Association’s retirement plan loan program can’t be resolved on a class-wide basis, the plan service provider told the Southern District of New York.

TIAA on Monday opposed investor Melissa Haley’s request to certify a class of 401(k)-style retirement plans that received administrative services from TIAA and participated in TIAA’s plan loan program. Haley’s “unwieldy” proposed class of more than 200,000 retirement plan investors implicates hundreds of thousands of individual loan transactions that carried different interest and crediting rates, making the case impossible to resolve on a class basis, TIAA said.

“Plaintiff’s nationwide, muti-plan ...

To read the full article log in.

Learn more about a Bloomberg Law Subscription.