NEW YORK (Reuters) – A unit of the Teachers Insurance and Annuity Association of America agreed to pay $97 million to tens of thousands of customers who were misled into moving their retirement investments into higher-fee accounts, regulators said on Tuesday.
The payout by TIAA-CREF Individual & Institutional Services includes a $9 million civil fine, and was announced by the U.S. Securities and Exchange Commission and New York Attorney General Letitia James.
(Reporting by Jonathan Stempel in New York)
