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Ruling in TIAA retirement plan suit, may make class actions harder

Posted On: Jan. 25, 2023 10:11 AM CST

Retirement plan lawsuits brought by plaintiffs and their attorneys against retirement services providers and employers could face a more rigorous standard to having their class certified in the wake of a 2d U.S. Circuit Court of Appeals decision involving The Teachers Insurance and Annuity Association of America, reports Plansponsor. The 2nd Circuit overturned a class certification by the lower court and ordered the retirement plan lawsuit be remanded back to the U.S. District Court for the Southern District of New York to proceed without the previous class certification, the report says. Legal experts say that if the decision results in greater difficulty getting Employee Retirement Income Security Act claims certified as a class, it will remove much of the appeal and monetary motivation for a significant percentage of ERISA cases.