10th Circ. Hands Money Managers Good News

Law360 (April 2, 2019, 10:28 PM EDT) -- The Tenth Circuit’s decision that Great-West Life & Annuity Insurance Co. was free to set a reimbursement rate for an investment fund without facing extra scrutiny under the Employee Retirement Income Security Act has financial services companies breathing a sigh of relief.

The issue of whether money managers act as ERISA fiduciaries when they make decisions about investment funds that appear in retirement plans has been percolating in the courts for some time, with last week’s Teets v. Great-West ruling marking an early indication of how the litigation may play out.

Though it’s hardly a sure bet that the Tenth Circuit...

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