Great-West Life & Annuity Insurance Co. acted as an ERISA fiduciary when it managed annuity contracts for 401(k) investors, the AARP told a federal appeals court.
The industry group representing Americans 50 and older wants the U.S. Court of Appeals for the Tenth Circuit to revive a class action by 270,000 people who invested in Great-West’s guaranteed investment annuity contracts. Investors say that because Great-West kept the difference between the rate of return they received and the returns actually earned by the investment, the company essentially set its own compensation.
In an April 18 brief, the AARP supported the ...
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