Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: TIAA-CREF Individual & Institutional Services, LLC
Current Parent CompanyTIAA
Parent at the Time of the Penalty Announcement subscribe to see this data field
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 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.