TIAA Strikes Deal to End Suit Challenging Retirement Plan Loans

Teachers Insurance & Annuity Association of America reached a settlement with a retirement investor who filed a proposed class action challenging the company’s plan loan program.

TIAA and plaintiff Melissa Haley have a tentative agreement and “anticipate resolution” of the case by mid-January, they said in a Dec. 15 letter to Judge J. Paul Oetken of the US District Court for the Southern District of New York. The letter didn’t include details about the terms of the deal, and an attorney for Haley declined to comment. A lawyer for TIAA didn’t immediately respond to an emailed inquiry.

Haley, a participant ...