"Although the Court declined to impose ERISA's fiduciary obligations onto TIAA, the decision proved informative. First, the plaintiffs' bar is targeting service providers, and potentially plan sponsors, for representations and fees relating to rollovers. Second, much of the Court's reasoning was based on whether to apply retroactive effect to current DOL guidance, and had that guidance applied, the outcome may have been different." [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)]

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