The nearly $1 trillion Teachers Insurance and Annuity Association has long been admired for its commission-free adviser structure and trustworthiness. But the organization came under fire in 2017 after several lawsuits—including one filed by TIAA employees and settled for $5 million—alleged that the company had been pushing clients into unsuitable investments that would generate higher fees for the company. The company denied violating its fiduciary duties, and has seen little financial impact from the suits. In 2017, TIAA significantly expanded its banking business by completing its $2.5 billion acquisition of Everbank, a nationwide consumer and commercial bank with $27.8 billion in total assets and $19.3 billion in total deposits.
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