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Violation Tracker Individual Record

Company: TIAA-CREF Individual & Institutional Services LLC
Current Parent Company: TIAA
Penalty: $97,000,000
Year: 2021
Date: July 13, 2021
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Secondary Offense: investor protection violation
Violation Description: The Securities and Exchange Commission announced that TIAA-CREF Individual & Institutional Services LLC, a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), agreed to pay $97 million to settle charges of inaccurate and misleading statements and a failure to adequately disclose conflicts of interest to thousands of participants in TIAA record-kept employer-sponsored retirement plans. The settlement was reached in cooperation with the New York Attorney General, whose office also announced the outcome (see separate entry).
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: non-profit
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.