College Faculty TIAA-CREF Retirement Account Class Action Settlement

A settlement has been reached in a class action lawsuit accusing retirement funds of profiting off of college professors’ savings by delaying trades in violation of the Employee Retirement Income Security Act (ERISA). If you had a an account with TIAA-CREF between August 17, 2003 and May 9, 2013 and requested a transfer or distribution of funds held in a TIAA or CREF variable annuity account covered by ERISA, and those funds were not transferred or distributed within seven days of the date the account was valued and you were denied the investment gains, you may be entitled to payments from the retirement account class action settlement.

The defendants named in the retirement fund class action lawsuit include Teachers Insurance and Annuity Association of America – College Retirement Equities Fund, College Retirement Equities Fund, Teachers’ Insurance and Annuity Association of America, TIAA-CREF Investment Management LLC, Teachers Advisors Inc. and TIAA-CREF Individual and Institutional Services LLC.

The TIAA-CREF class action lawsuit was filed in 2009 and alleged that the defendants failed to pay their customers the investment gains generated by their funds after customers asked that the funds be transferred or returned. They allege that the retirement funds improperly delayed payment in violation of ERISA. The class action lawsuit seeks the return of the allegedly improperly held investment gains.

The defendants deny the allegations but agreed to settle the class action lawsuit to avoid the expense and uncertainty of ongoing litigation.

Who’s Eligible

Class Members of the retirement fund class action lawsuit include: “All persons … who at any time during the Class Period requested a transfer or distribution of funds held in a CREF or TIAA variable annuity account covered by ERISA whose funds were not transferred or distributed within seven days of the date the account was valued and were denied the investment gains.”

Potential Award

Varies. Class Members will be paid based on the investment gains associated with their investments in CREF and/or TIAA variable annuity accounts during the period from the Effective Date of the Class Member’s withdrawal or transfer request and date on which the defendants processed the withdrawal or transfer.

Proof of Purchase

N/A

Claim Form Deadline

N/A

Case Name

Bauer-Ramazani v. Teachers Insurance and Annuity Association of America – College Retirement and Equities Fund (TIAA-CREF) et al., Case No. 1:09-cv-00190, in the U.S. District Court for the District of Vermont

Final Hearing

9/3/2014

Settlement Website

www.TIAA-CREF-Lawsuit.com [UPDATE: This website is no longer active. The Settlement is now closed.]

Claims Administrator

TIAA-CREF Lawsuit Administrator
P.O. Box 3770
Portland, OR 97208-3770
1-877-538-8889

Class Counsel

GRAVEL & SHEA PC

KOZYAK TROPIN & THROCKMORTON PA

Defense Counsel

O’MELVENY & MYERS LLP