A putative class action against Great-West Life and Annuity Insurance claiming excessive fees and self-dealing violations under the Employee Retirement Income Security Act will move forward after a federal judge denied the insurer's motion to dismiss the case.
The plaintiff, John Teets, a participant in the Farmers' Rice Cooperative 401(k) plan, originally filed his complaint in the Eastern District of California in June 2014, but Great-West successfully had the case moved to U.S. District Court for the District of Colorado, in Great-West's backyard in Denver.
Teets brought three claims against Great-West and the Group Annuity Contract the plan entered into with the provider in 2008.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
