ERISA Class Action Lawsuits Against TIAA-CREF Filed By Bailey & Glasser

Two class action lawsuits against TIAA-CREF were filed in federal court in Manhattan today by Bailey & Glasser partner Gregory Porter. Both these lawsuits complain about excessive fees charged by TIAA-CREF to retirement savings plans such as 401(k) plans. These filings mark the latest complaints filed by Porter as part of a broad attack on excessive and hidden fees that eat away at employee retirement savings. One of the lawsuits is on behalf of TIAA-CREF’s own employees. That lawsuit complaints that TIAA-CREF officers stuffed TIAA-CREF’s own 401(k) plan for its own employees full of expensive actively managed funds, yielding exorbitant fees for TIAA-CREF at the expense of its own employees. A copy of that complaint may be found here.

The other complaint is on behalf of numerous retirement plan clients of TIAA-CREF that have been unlawfully locked into long-term and onerous fee-sharing arrangements with TIAA-CREF costing these plans and their collective participants millions of dollars in excess fees taken by TIAA-CREF. A copy of that complaint may be found here. Both cases are expected to proceed as class actions. Both cases allege breaches of fiduciary duty and prohibited transactions under the federal pension law, the Employee Retirement Income Security Act. Over the past two years, Porter has recovered over $100 million for participants in retirement plans.

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