A unit of TIAA, the investment firm that runs retirement plans for many educators and others, will pay $97 million to settle charges from both the Securities and Exchange Commission and New York State that it misled thousands of investors. Attorney General Letitia James of New York said the company had “relied on its reputation as a trusted and objective financial adviser to profit off of clients through fraudulent and manipulative sales practices.”The state and federal securities regulators said TIAA employees had encouraged investors to move money out of retirement plans with their employers, where fees were lower, to different plans that helped the company make more money.

Source: New York Times July 13, 2021 22:52 UTC