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: 
employment-related offenses
Primary Offense: 
benefit plan administrator violation
Secondary Offense: 
investor protection violation
Violation Description: 

TIAA agreed to pay $97 million restitution in a settlement with the SEC and the New York Attorney General resolving allegations tens of thousands of customers were pressured by TIAA advisors to move their investments from low-cost, employer-sponsored retirement plans to individually managed accounts that generated higher fees for TIAA. The settlement was also announced by the SEC (see separate entry).

Level of Government: 
state
Action Type: 
agency action
Agency: 
New York Attorney General
Civil or Criminal Case: 
civil
Facility State: 
New York
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
non-profit
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.