On Remand, ERISA Plaintiff Loses Bid To Certify Large Multiplan Class In Loan Row

(June 28, 2023, 1:36 PM EDT) -- NEW YORK — Ruling on remand that predominance in a putative class action over collateralized loans serviced by Teachers Insurance and Annuity Association of America (TIAA) is defeated by individualized issues raised under the Employee Retirement Income Security Act’s “adequate consideration” exemption to prohibited transactions, a New York federal judge on June 27 denied certification of a class that would have encompassed thousands of 403(b) retirement plans....