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TIAA unit reaches $97 million settlement over retirement investments

  • Teachers Insurance and Annuity Association of America
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NEW YORK, July 13 (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.

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