Thursday, June 15, 2006
Court Reinstates Wal-Mart's Suit Against AIG, Hartford Over Corporate-Owned Life Policies
Delaware's highest court has paved the way for giant retailer Wal-Mart Stores Inc. to pursue a fraud claim against AIG Life Insurance and Hartford Life Insurance Co.
Wal-Mart, which filed suit in 2002, alleges that AIG and Hartford sold it sham corporate-owned life insurance policies that caused the company to sustain more than $100 million in damages. The policies allegedly failed to generate significant tax benefits as was purported.
Court Reinstates Wal-Mart's Suit Against AIG, Hartford Over Corporate-Owned Life Policies
Source: A.M. Best (subscription required)
Wal-Mart, which filed suit in 2002, alleges that AIG and Hartford sold it sham corporate-owned life insurance policies that caused the company to sustain more than $100 million in damages. The policies allegedly failed to generate significant tax benefits as was purported.
Court Reinstates Wal-Mart's Suit Against AIG, Hartford Over Corporate-Owned Life Policies
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 10:09 AM 
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