Barron v. Teachers Insurance and Annuity Association of America
Barron v. TIAA
50-2018-CA-014823-XXXX-MB

Frequently Asked Questions

 

Expand/Collapse All
  • You received a notice because records show that you worked for Teachers Insurance and Annuity Association of America (“TIAA”) and participated in an internal new-job training program  (“Training Period”) required for certain financial advisory positions (“Advisory Positions”) at any time between (i) August 25, 2011 through July 19, 2018 in New York or Vermont; (ii) August 25, 2012 through July 19, 2018 in Kentucky; (iii) August 25, 2013 through July 19, 2018 in California; or (iv) August 25, 2014 through July 19, 2018 anywhere else in the United States (the “Material Times”).

  • The lawsuit alleges that TIAA, referred to as the “Defendant,” failed to pay Named Plaintiffs and other similarly situated employees in Advisory Positions properly for all overtime hours they worked. The Plaintiffs allege that those in training for an Advisory Position role were misclassified as exempt from overtime and not paid properly for all hours worked in a Training Period during the Material Times.

  • In a collective action, one or more people called “Named Plaintiffs” sue on behalf of people who have similar claims. The other employees who have similar claims who opt into the collective action will become collective action members. You may opt into the settlement of the Litigation by signing the Consent to Join and Release on the back of your Settlement Check.

  • TIAA has agreed to pay up to $2,527,288.56 into a fund to pay Putative Collective Action Members’ settlement payments, less Court-approved attorneys’ fees and costs of $854,682.04, Court-approved Service Awards totaling $7,500.00 each to Named Plaintiffs in recognition of their service to the Collective Action, payroll and other applicable taxes, and the Claims Administrator’s fees and costs.

    After deducting the Court-approved attorneys’ fees and costs, Court-approved Service Awards, payroll and other applicable taxes, and the Claims Administrator’s fees and costs, the remaining amount was divided among current and former TIAA employees who are covered by the settlement, based on the number of weeks they participated in a Training Period for an Advisory Position during the Material Times. Settlement checks which are not cashed within 120 days of issuance will be null and void.

  • Based on the formula that has been approved by the Court, in exchange for properly executing your Consent to Join and Release, you are entitled to a gross settlement payment, half of which is subject to deductions for applicable taxes and withholdings like any other paycheck, and for which you will receive a W-2, and half of which will be reported on an IRS Form 1099.

    The settlement allocation formula takes into account the number of weeks you participated in a Training Period for an Advisory Position during the Material Times, according to TIAA’s records. The Settlement Agreement contains the exact allocation formula.

  • You will not become a member of the collective action and participate in the settlement of the Litigation unless you sign the Consent to Join and Release printed on the back of your Settlement Check and deposit/cash the Settlement Check by the deadline. Once you become a member of the collective action, you cannot sue, continue to sue, or be a party in any other legal action or arbitration against TIAA about any of the claims you are releasing which relate to your participation in an Advisory Position during a Training Period with TIAA during the Material Times. Nothing in the release shall limit your right to file a claim, give information, or participate in an investigation or proceeding with a government agency such as the EEOC, SEC or OSHA under any law protecting such rights. But you do give up, however, any money or other personal benefit that you might receive from TIAA (not a government agency) for any such claim or litigation regarding such rights, unless prohibited by law. By joining the collective action, it also means that all of the Court’s orders in this case will apply to you and legally bind you. A full copy of the release printed is below:

    RELEASE OF CLAIMS:

    By executing the Settlement Check, I consent to participate in the settlement of the Litigation entitled Barron, et al. v. TIAA, pending in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida, and agree to be bound by the Agreement negotiated by Plaintiffs’ Counsel in that case.

    Further, by executing this Settlement Check, I release TIAA together with its directors, officers, non-Plaintiff employees, agents, assigns, parent corporations, subsidiaries, any and all affiliated entities and any directors, officers, non-Plaintiff employees, agents or assigns of any of the foregoing entities from any state or federal wage and hour claims, including but not limited to overtime claims, arising from my employment with TIAA in an Advisory Position while in any Training Period during the Material Times, relating back to the full extent of the longer of my federal or state statute of limitations through November 26, 2018, including, without limitation, all related opt-in claims, opt-out claims, and claims for penalties, interest, liquidated damages, attorneys’ fees, costs, and expenses (“Released Claims”).

    By executing this Settlement Check, I also acknowledge TIAA’s prior release of my applicable W-2 information to the Claims Administrator as approved by Court order for purposes of administering the settlement.

    Nothing in this release shall limit my right to file a claim, give information, or participate in an investigation or proceeding with a government agency such as the EEOC, SEC or OSHA under any law protecting such rights. But I do give up, however, any money or other personal benefit that I might receive from TIAA (not a government agency) for any such claim or litigation regarding such rights, unless prohibited by law.

    For Qualified Claimants in California: This release is intended to be effective as a general release of and bar to all of the aforementioned Released Claims, including, but not limited to all claims of the foregoing nature that arise under the California Labor Code, Business and Professions Code, the Private Attorneys General Act of 2004, or California Industrial Welfare Commission Wage Orders. I release all Released Claims under the Fair Labor Standards Act based upon the facts in the Litigation and acknowledge and agree that TIAA has a bona fide dispute of whether any wages or commissions are owing to me and, therefore, in exchange for the payment made by this check, hereby settle and release any such Released Claims. I understand that TIAA’s payment of the amount set forth in this Settlement Check in exchange for the release set forth herein constitutes full and complete satisfaction of all Released Claims asserted by me for any disputed unpaid overtime, penalties, interest, liquidated damages, attorneys’ fees, costs, and expenses. By executing this Settlement Check, I specifically waive the protections of California Civil Code Section 1542, which states: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” I acknowledge that I may later discover claims or facts in addition to or different from those which I now know or believe to exist with respect to the subject matter of this Agreement, and which if known or suspected at the time of executing this Agreement, may have materially affected its terms. Nevertheless, I waive any and all Released Claims that might arise as a result of such different or additional claims or facts.

    For Qualified Claimants in Massachusetts: This release is intended to be effective as a general release of and bar to all of the aforementioned Released Claims, including, but not limited to all claims of the foregoing nature that arise under the Massachusetts Wage Act, M.G.L. ch. 148 §§ 148 to 150. I understand that TIAA’s payment of the amount set forth in this Settlement Check in exchange for the release of all Released Claims under the Massachusetts Wage Act, M.G.L. ch. 148 §§ 148 to 150, constitutes full and complete satisfaction of all Released Claims asserted by me for any disputed wages or compensation covered by the Massachusetts Wage Act including, but not limited to, unpaid overtime, penalties, interest, liquidated damages, attorneys’ fees, costs, and expenses.

  • If you are receiving this Notice, you are already eligible to participate in the settlement. You need only sign the Consent to Join and Release Form on the back of the enclosed Settlement Check and deposit/cash it before the 120-day deadline. However, if you have any questions, you can contact the Claims Administrator at:

    TIAA Claims Administrator
    c/o JND Legal Administration
    P.O. Box 91231
    Seattle, WA 98111

    Phone: (888) 663-1724
    Facsimile: (844) 626-9275
    E-mail: Info@AdvisoryJobTrainingSettlement.com

  • The Court has decided that the lawyers at the law firms of the Shavitz Law Group, P.A. and Outten & Golden LLP are qualified to represent you and all Putative Collective Action Members. These lawyers are called “Plaintiffs’ Counsel.” You will not be charged for these lawyers. You can find more information about Plaintiffs’ Counsel at: www.shavitzlaw.com and www.outtengolden.com.

    Otherwise, if you have any questions, you may contact Plaintiffs’ Counsel at:

    Gregg I. Shavitz
    Paolo C. Meireles
    Shavitz Law Group, P.A.
    951 Yamato Rd, Suite 285
    Boca Raton, FL 33431
    Telephone: (561) 447-8888
    info@shavitzlaw.com

    Justin M. Swartz
    Outten & Golden LLP
    685 Third Avenue, 25th Floor
    New York, NY 10017
    Telephone: (212) 245-1000
    trainingsettlement@outtengolden.com

    You do not need to retain your own attorney in order to participate in the settlement of the Litigation. However, if you want to be represented by your own lawyer, you may hire one at your own expense.

  • The Court has approved payment of $842,429.52 for attorneys’ fees for Plaintiffs’ Counsel. These fees will compensate Plaintiffs’ Counsel for investigating the facts, litigating the case, and negotiating the settlement.  The Court also has approved reimbursement to Plaintiffs' Counsel of $12,252.52 for their out-of-pocket costs.

  • This website and the notice summarize the settlement. More details are in the Joint Stipulation of Settlement and Release (“Settlement Agreement”). If there is any discrepancy between this website or the notice and the Settlement Agreement, the terms of the Settlement Agreement will control. You can obtain a copy of the Settlement Agreement by sending a request in writing, to the Claims Administrator to the address or email address listed below. Alternatively, you can contact your lawyers at Shavitz Law Group, P.A. or Outten & Golden LLP.

For More Information

Visit this website often to get the most up-to-date information.

Mail

Barron v. TIAA Settlement Administrator
c/o JND Legal Administration
PO Box 91231
Seattle, WA 98111

You may also contact Plaintiffs’ Counsel with questions at:
Gregg I. Shavitz
Paolo C. Meireles
Shavitz Law Group, P.A.
951 Yamato Rd, Suite 285
Boca Raton, FL 33431
Telephone: (561) 447-8888
info@shavitzlaw.com
Justin M. Swartz
Outten & Golden LLP
685 Third Avenue, 25th Floor
New York, NY 10017
Telephone: (212) 245-1000
trainingsettlement@outtengolden.com