Monthly Archives: March 2018
Schneider Wallace’s $50M Suit Against TIAA To Proceed
BNA reports that Schneider Wallace’s “proposed class action accusing TIAA of taking improper cuts from the loan repayments workers make to their retirement plans is moving forward.”
“The retirement plan service provider may have to turn over the money it kept from these loans—allegedly more than $50 million per year—under a theory of disgorgement, a federal judge ruled March 28. TIAA was credibly accused of wrongly generating profits off retirement plan assets that it obtained through transactions that violated federal benefits law, Judge J. Paul Oetken of the U.S. District Court for the Southern District of New York said.”
Schneider Wallace files class action against Georgetown University alleging mismanagement of employee retirement plans
Schneider Wallace has filed a proposed ERISA class action against Georgetown University accusing it of mismanaging two employee retirement plans by loading them with far too many investment options, many of which underperformed or charged excessive fees.