Great-West Wins 36(b) Fee Case | Carlton Fields

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Great-West Life & Annuity Insurance Co. and Great-West Capital Management, LLC (together, “Great-West”) have won a judgment that they did not violate their fiduciary duty by receiving excessive investment advisory and administrative fees from Great-West-sponsored funds.
The U.S. District Court in Colorado concluded, after a trial, that fund shareholder plaintiffs failed to prove, under Section 36(b) of the Investment Company Act, that:
the fees were so disproportionately large that they bore no reasonable relationship to the services rendered and could not have been the product of arm’s length bargaining; and

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