Welcome to the Great-West Class Action Website
This website has been established to provide general information related to John Teets v. Great-West Life & Annuity Insurance Company.
Status - On Appeal
On May 2, 2017, following the completion of discovery, the parties each filed motions for summary judgment, asking the court to rule in their favor on the entire case or portions of the case without a trial. Great-West also filed a motion to de-certify the class. The briefing on those motions was completed on June 6, 2017.
On December 14, 2017, the United States District Judge for the District of Colorado granted Great-West’s Motion for Summary Judgment and denied Plaintiff’s Motion for Partial Summary Judgment, terminating the case in favor of Great-West and vacating the trial date. A copy of the Court’s Order can be found here. At this time, the case is dismissed.
Plaintiff has appealed this decision to the Tenth Circuit Court of Appeal. The Notice of Appeal was filed on January 11, 2018. Briefing on the appeal was completed and the oral argument was held on November 14, 2018. The parties are awaiting a decision from the Court of Appeals.
A 401(k) plan participant who invested in the Great-West Key Guaranteed Portfolio Fund (the “Fund”) has sued Great-West Life & Annuity Insurance Company (“Great-West”) alleging that Great-West makes too much money from the Fund. Plaintiff claims that Great-West retains too much of the Fund’s investment return (minus certain costs), to the detriment of Fund participants and beneficiaries (the class members), and in violation of ERISA. The lawsuit is known as John Teets v. Great-West Life & Annuity Insurance Company, No. 14-02330. Judge William J. Martinez of the United States District Court for the District of Colorado (the “Court”) is overseeing this case.
The Court has certified this lawsuit to proceed as a class action under Federal Rule of Civil Procedure 23, subparts (b)(1)(A) and (b)(3) on behalf of the following class (the “Class”):
All participants in and beneficiaries of defined contribution employee pension benefit plans within the meaning of ERISA § 3(2)(A), 29 U.S.C. § 1002(2)(A), who had funds invested in the Great-West Key Guaranteed Portfolio Fund from six years before the filing of this action [June 4, 2008] until the time of trial.
The Court has not decided whether Great-West did anything wrong. There is no money available now, and no guarantee there will be. However, your legal rights may be affected, and, if you are a Class Member, you have a choice to make now. Your legal rights and options in the lawsuit are below.
Lawyers must prove the claims against Great-West to the satisfaction of the Court. If money is obtained from Great-West you will be notified about the share you are entitled to receive under a “Plan of Allocation.” A Plan of Allocation describes how money paid by a Defendant like Great-West is to be divided up in a case like this.
Your Legal Rights and Options in this Lawsuit
Stay in this lawsuit as a member of the Class. Await the outcome. Give up the right to bring your own lawsuit. By doing nothing, you keep the possibility of getting money or benefits that may come from a trial or a settlement. But, you give up any rights to sue Great-West separately about the claims that were brought in this lawsuit.
ASK TO BE EXCLUDED
Exclude yourself from the Class. Give up the right to money that may result from the lawsuit. Keep rights to bring your own lawsuit.
You have the right to exclude yourself from the lawsuit. If you ask to be excluded and money is later awarded, you won’t have a right to share in that. But you could decide to sue Great-West separately for that money. To ask to be excluded, you must act before May 31, 2017.