WELLS FARGO BANK, N.A., as Securities Intermediary, and
Berkshire Hathaway Life Insurance Company of Nebraska, Defendants/Appellants/Cross-Appellees,
v.
ESTATE OF Phyllis M. MALKIN, Plaintiff/Appellee/Cross-Appellant.
Supreme Court of Delaware.https://leagle.com/images/logo.png
Brian E. Farnan, Esquire , FARNAN LLP, Wilmington, Delaware; Steven Sklaver, Esquire , SUSMAN GODFREY LLP, Los Angeles, California; Ari Ruben, Esquire , SUSMAN GODFREY LLP, New York, New York, for Hua Nan Commercial Bank, Ltd., Hua Nan Investment Trust Co., Bank Sinopac, Taichung Commercial Bank, Ltd., Entie Commercial Bank, Ltd., KGI Bank Co., Ltd, and Mediatek USA Inc. as amici curiae in support of Appellants.
Before SEITZ, Chief Justice; VALIHURA, VAUGHN, TRAYNOR, and MONTGOMERY-REEVES, Justices, constituting the Court en Banc.
TRAYNOR, Justice:
In a stranger-originated life insurance ("STOLI") scheme, a speculator contrives to purchase a policy on the life of a stranger. If the stranger dies before the value of the premiums paid by the speculator exceeds the death benefit of the policy, the speculator's bet pays off. STOLI policies violate Article II, § 17 of the...
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