New York Court Revives Lawsuit Against TIAA Brought by Schlichter Bogard on Behalf of Retirement Plan Participants
As reported by Law360, a New York court has revived a lawsuit against TIAA brought by retirement plan participants represented by Schlichter Bogard. The lawsuit alleges, among other things, that TIAA caused participants to transfer retirement assets into higher-fee accounts, resulting in greater profits for TIAA.
As the court held in its order, the retirement plan participants represented by Schlichter Bogard “plead much more than TIAA simply receiving passive fees; instead, they plead that TIAA, through its own conduct, reaped massive increases in cross-selling revenues and used participant data through their dealings with plan sponsors[.]” Based on these and other allegations, the court found that the plan participants “raised the prospect of colorable relief.” For additional information about Schlichter Bogard’s retirement practice, please contact us at 800-873-5297 or via email at firstname.lastname@example.org.