West Virginia Record

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Federal judge OKs $5M settlement in ERISA case against TIAA

By Chris Dickerson | Oct 26, 2017

Law money 12

NEW YORK – Attorneys with a West Virginia-based law firm worked on a $5 million settlement in a retirement benefits lawsuit with TIAA.

A federal judge approved the settlement Oct. 20 that will award employees and retirees of TIAA $5 million and institute significant reforms for their retirement plan. The plaintiffs were represented by Gregory Porter of Bailey & Glasser’s Washington, D.C., office and Mark G. Boyko of the firm’s St. Louis office.

U.S. District Judge Kevin Castel of the Southern District of New York issued an order Oct. 20 granting final approval to the settlement, which was reached after two years of litigation.

The lawsuit alleged TIAA violated the federal Employee Retirement Income Security Act (ERISA) by forcing participants in its 401(k) and retirement plans into funds managed by TIAA, an investment firm, even though better-performing and lower-cost funds were available.

“In addition to the $5 million settlement fund, the settlement requires TIAA to open up their plans to new, low-cost investments, moving the plans forward and protecting the retirement savings of TIAA’s employees,” Porter said.

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Bailey & Glasser LLP