TIAA headquaters (Photo: Wikipedia)
Earlier this month, four members of university-sponsored retirement plans filed a class-action lawsuit against TIAA (Teachers Insurance and Annuity Association of America) and Morningstar, alleging the firms devised an "unlawful scheme" to boost asset flows and breached their fiduciary duties. The suit alleged an investment advice tool the firms developed steered participants into investment products that were not in their best interest.
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