TIAA Retirement Plan Cross-Selling Lawsuit Narrowed by Judge

Retirement plan recordkeeper TIAA scored a court order significantly narrowing the scope of a lawsuit challenging its alleged practice of marketing unrelated services to participants in employer-sponsored retirement plans.

The three plaintiffs—who are together covered by retirement plans sponsored by Dartmouth College, Georgetown University, and Pacific Institute for Research and Evaluation—lack standing to challenge TIAA’s activities with respect to thousands of unrelated retirement plans, Judge Katherine Polk Failla said. The plaintiffs accuse TIAA of “knowingly participating” in the misdeeds of about 9,900 retirement plan sponsors, which is a fact-specific inquiry that can’t be resolved on a class-wide basis, Failla said ...