Great-West’s Win in 401(k) Class Action Appealed to SCOTUS

A class of 270,000 401(k) investors who sued Great-West Life & Annuity Insurance Co. over its guaranteed investment products asked the U.S. Supreme Court to revive their case against the company.

Great-West made “hundreds of millions in profits” off these investment products in violation of the Employee Retirement Income Security Act, retirement plan investor John Teets told the Supreme Court. He asked the court to take his case and hold that companies that use ERISA plan assets to earn excessive compensation for themselves can be forced to surrender those “ill-gotten gains,” even if they don’t qualify as fiduciaries under the ...