WAL-MART STORES, INC., and Wachovia Bank of Georgia, N.A., in its capacity as Trustee of the Wal-Mart Stores, Inc. Corporation Grantor Trust, Plaintiffs,
v.
AIG LIFE INSURANCE COMPANY; Hartford Life Insurance Company; Westport Management Services, Inc.; International Corporate Marketing Group, LLC; National Benefits Group, Inc., d/b/a Marsh Financial Services; Seabury & Smith, Inc., Marsh, Inc., and Marsh & McLennan National Marketing Corporation, now known as J & H Marsh & McLennan Private Client Services, Inc., Defendants.
Court of Chancery of Delaware, New Castle County.https://leagle.com/images/logo.png
Submitted: February 24, 2005.
Decided: April 1, 2005.
Attorney(s) appearing for the Case
Robert K. Payson, Gregory A. Inskip, Potter Anderson & Corroon, L.L.P., Wilmington, DE; Michael Y. Horton, David S. Cox, Morgan Lewis & Bockius, L.L.P., Los Angeles, CA; Paul A. Zevnik, Morgan Lewis & Bockius, L.L.P., Washington, DC, for Plaintiffs.
Richard D. Heins, Carolyn Hake, Ashby & Geddes, Wilmington, DE; James F. Jorden, Paul A. Fischer, Kristin A. Shepard, Jorden Burt, L.L.P., Washington, DC, for Defendant AIG Life Insurance Co.
Harry Tashjian, IV, Richards Layton & Finger, Wilmington, DE; Barry A. Chasnoff, John Gillard, Akin Gump Strauss Hauer & Feld, L.L.P., San Antonio, TX; Michael Quigley, Jeffrey P. Kehne, Akin Gump Strauss Hauer & Feld, L.L.P., Washington, D.C., Michael Small, Esquire, Akin Gump Strauss Hauer & Feld LLP, Los Angeles, CA, for Hartford Life Insurance Company and International Corporate Marketing Group.
Elizabeth A. Wilburn, Blank Rome, L.L.P., Wilmington, DE; Ian M. Comisky, Roger F. Cox, Blank Rome, L.L.P., Philadelphia, PA, for Defendant National Benefits Group, Inc.
Edward P. Welch, Seth M. Beausang, Skadden Arps Slate Meagher & Flom, L.L.P., Wilmington, DE; Marco E. Schnabl, Michael S. Davi, Skadden Arps Slate Meagher & Flom, L.L.P., New York City, for Defendants Marsh Financial Services, Seabury & Smith, Inc., Marsh, Inc., and Marsh & McLennan National Marketing Corporation, formerly known as J & H Marsh & McLennan Private Client Services, Inc.
Court of Chancery of Delaware, New Castle County.
OPINION AND ORDER
LAMB, Vice Chancellor.
I.
In the early 1990s, a large national retailer embarked on a plan to acquire corporate-owned life insurance ("COLI") policies covering an enormous number of its employees. The principal purpose of this plan was to generate substantial federal income tax benefits for the retailer. Working with a number of insurance brokers and insurers, the retailer began purchasing blocks of policies in 1993 and...
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