Richards-Donald, et al. v. Teachers Insurance and Annuity Association of America
and TIAA Plan Investment Review Committee Settlement
In the United States District Court, Southern District of New York
Civ. A. No. 15-cv-08040-PKC
The distribution in this matter to eligible Class Members has been completed. If you believe you are an eligible Class Member and have not received a disbursement, please Contact Us.
Your rights may be affected by the legal proceedings in this action if you are a person or entity who:
Are or have been a participant in either the Teachers Insurance and Annuity Association of America Code Section 401(k) Plan or the Teachers Insurance and Annuity Associateion of America Retirement Plan (the "Plans"), at some time during the period October 14, 2009 through April 30, 2017.
Plaintiffs, Cynthia Richards-Donald and Michelle DePrima claim that Defendants, Teachers Insurance and Annuity Association of America ("TIAA") and the TIAA Plan Investment Review Committee, et. al., breached their fiduciary duties under ERISA when they (a) caused the Plans to offer exclusively proprietary investment options managed by TIAA or an affiliate, resulting in “total plan costs” higher than those of comparable plans; (b) selected an affiliate as recordkeeper of the Plans, which charged fees higher than those for other plans; (c) failed to prudently evaluate Plan investment options; and (d) engaged in prohibited transactions under ERISA by receiving excessive fees. The lawsuit seeks damages based upon the alleged payment by participants of excessive fees for the investments included in the Plans and the recordkeeping services provided to the Plans.
Defendants deny these allegations. For more information regarding the Settlement, refer to the Notice, the Order Granting Preliminary Approval of Proposed Class Action Settlement, and the Stipulation of Settlement and Relase of Claims found on the Case Documents page.