"[The court] rejected claims that TIAA-CREF acted as an ERISA fiduciary in connection with soliciting, as part of a sales campaign, participants in employer-sponsored retirement plans for which TIAA-CREF served as recordkeeper to roll their balances out of the plans and into individual, fee-paying TIAA-CREF products. While the case deals with events that occurred prior to the DOL's most recent pronouncements, the decision provides a lengthy, fully reasoned analysis of ERISA's governing statutory and regulatory provisions and may affect how courts assess both current conduct and DOL's restrictive position." [Carfora v. Teachers Insurance and Annuity Association of America, and TIAA-CREF Individual & Institutional Services, LLC, No. 21-8384 (S.D.N.Y. Sep. 27, 2022)]  MORE >>