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TIAA Division Reaches US$97 Million Settlement on Retirement Investment Reuters

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NEW YORK (Reuters)-The regulator said on Tuesday that a division of the American Teachers Insurance and Annuity Association agreed to pay $97 million to tens of thousands of customers who were misled to transfer retirement investments to higher-cost accounts.

TIAA-CREF Personal and Institutional Services paid a civil fine of $9 million, announced by the US Securities and Exchange Commission and New York Attorney General Letitia James.

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