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SEC Announces $97 Million Settlement with TIAA Subsidiary Over Retirement Rollover Recommendations
U.S. Securities and Exchange Commission [SEC] 
July 13, 2021 "The [SEC] today announced that TIAA-CREF Individual & Institutional Services LLC (TC Services), a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), will pay $97 million to settle charges of inaccurate and misleading statements and a failure to adequately disclose conflicts of interest to thousands of participants in TIAA record-kept employer-sponsored retirement plans. The $97 million will be distributed to investors affected by the misconduct and settles both the SEC's case and a parallel action announced today by the Office of the New York Attorney General (NYAG)." |
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