Schneider Wallace was appointed class counsel for approximately 200,000 participants in Teachers Insurance and Annuity Association (TIAA) retirement accounts, after the judge certified the class. The class certification covers nearly 8,000 retirement plans.

The certified class includes all members of TIAA retirement plans governed by ERISA, dating back to 2011, where borrowing participants provided 110% of the principal balance of the loans and TIAA invested in their general account. The Plaintiff is represented by Todd Schneider of Schneider Wallace Cottrell Konecky Wotkyns LLP.

Schneider Wallace secured a $23.6 million class-action settlement with more than a dozen banks. In approving the settlement, U.S. District Judge Lorna G. Schofield praised the settlement attorneys, stating: “I’m not sure I’ve ever seen a case without a single objection or opt-out, so congratulations on that”.

The settlement benefits eight classes of investors affected by forex-rigging in Arizona, California, Florida, Illinois, Massachusetts, Minnesota, New York and North Carolina. The claims allege these investors were harmed by the collusion and that the banks failed to maintain safeguards to protect the manipulation or spot the collusion.