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A suit has been filed against Wal-Mart Stores Inc. alleging Wal-Mart had covered employees with a corporate-owned life insurance policy all of which name the company as sole beneficiary, and all of which were unknown to the employees.

The suit claims that collectively, policies on other rank-and-file Wal-Mart workers were worth millions of dollars. There is no requirement to report such corporate policies, and when the employee dies, Wall-Mart collects the insurance, none of which goes to the families.

Companies commonly take "key-man" policies out on high-level employees, the loss of whom would affect the overall business. But companies also take out "janitors insurance" on lower-level employees, in whom they have less stake.

But the practice is coming under fire, and Courts are rendering decisions against the corporate-owned life insurance, or COLI, policy system as the Internal Revenue Service looks into $6 billion in possibly illegal tax deductions by 85 companies.

If you feel you qualify for damages or remedies that might be awarded in this class action please click the link below to submit your complaint.

If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.


Last updated on Jan-1-03

SETTLEMENTS

Wal-Mart Settles Another Wage Class Action for $90 Million

Wal-Mart Settles Wages Class Action for $49 Million


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