Wal-Mart Suit Against Insurers Dismissed
A judge for the second time dismissed a lawsuit filed by Wal-Mart Stores Inc. seeking more than $100 million in damages related to corporate-owned life insurance policies.
Wal-Mart sued American International Group Inc.’s AIG Life Insurance unit and Hartford Financial Services Group Inc.’s Hartford Life Insurance Co. in Delaware Chancery Court in 2002, blaming underwriters for the loss of tax deductions for $1.3 billion in policies Wal-Mart bought from 1993 to 1995. The court said Wal-Mart “failed to state a claim” in the lawsuit.
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