TIAA, Amici Urge Reversal Of Class Certification In Pension Plan Loan Procedure Suit

Mealey's (September 27, 2021, 7:33 AM EDT) -- NEW YORK — A pension plan participant seeking equitable relief for plan loan procedures that allegedly violate the Employee Retirement Income Security Act should not have been granted class certification because she failed to prove commonality and because the court improperly “absolved Plaintiff of her evidentiary burden under Rule 23,” Teachers Insurance and Annuity Association of America (TIAA) argues in its July 20 opening brief before the Second Circuit U.S. Court of Appeals; in a joint amicus curiae brief filed the same day, the Chamber of Commerce of the United States of America and four other nonprofits also urge reversal....