"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 its brief, the AARP argued that Great-West could be liable as an ERISA fiduciary because it exercised discretion over the guaranteed investment's crediting rate, which in turn affected both investors' returns and Great-West's compensation." [Teets v. Great-West Life & Annuity Ins. Co., No. 18-1019 (10th Cir. amicus brief filed Apr. 18, 2018)]  MORE >>