Teachers Insurance, Annuity Association class action alleges data breach impacted client info

Teachers Insurance and Annuity Association class action lawsuit overview:

• Who: Plaintiff Sara Spohnheimer filed a class action lawsuit against Teachers Insurance and Annuity Association of America and TIAA-CREF Life Insurance Company.
• Why: The defendants allegedly failed to adequately safeguard clients’ sensitive personal data, leaving it vulnerable to a 2023 data breach.
• Where: The Teachers Insurance and Annuity Association class action was filed in New York federal court.

A new Teachers Insurance and Annuity Association class action lawsuit claims the company and its life insurance subsidiary failed to adequately safeguard client data, leaving it vulnerable to a 2023 data breach.

Plaintiff Sara Spohnheimer says an unauthorized third party accessed the personally identifiable information (PII) of current and former clients. The information illegally obtained via the Teachers Insurance Annuity Association data breach allegedly includes names, phone numbers, Social Security numbers, email addresses, job titles, geographic locations and social media profiles.

Spohnheimer alleges the defendants “intentionally, willfully, recklessly and/or negligently” failed to implement reasonable security measures to protect clients’ PII and failed to prevent unauthorized disclosure of the sensitive information.

Teachers Insurance Annuity Association data breach increases ID theft risk, plaintiff says

Clients affected by the Teachers Insurance Annuity Association data breach are now at risk of identity theft, scams, fraud and other potential misuses of their PII, Spohnheimer says.

She notes PII is often sold on the dark web, where criminals can purchase the data and use the information to commit identity theft and fraud.

PII can reportedly be sold on the dark web at prices ranging from $40 to $200, and bank details may be sold for as much as $2,000, the complaint alleges.

According to the Teachers Insurance and Annuity Association class action, Spohnheimer would not have provided the company with her sensitive information if she had known it would not adequately safeguard it.

She says the defendants failed to comply with regulatory standards and failed to comply with industry best practices for protecting sensitive data.

Spohnheimer seeks to represent herself and a proposed class of U.S. residents whose personal information was compromised in the Teachers Insurance and Annuity Association data breach.

In 2021, a $97 million Teachers Insurance and Annuity Association class action settlement was reached over allegations TIAA misled consumers into moving their retirement savings into accounts with higher fees.

Were you affected by the Teachers Insurance and Annuity Association data breach? Tell us about your experience in the comments.

Spohnheimer is represented by Steven Sukert and Jeff Ostrow of Kopelowitz Ostrow PA.

The Teachers Insurance and Annuity Association class action lawsuit is Sara Spohnheimer v. Teachers Insurance and Annuity Association of America, et al., Case No. 1:24-cv-06983, in the U.S. District Court for the Southern District of New York.

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