Wal-Mart Settles "Dead Peasant Insurance" Suit

Law360, New York (December 6, 2006, 12:00 AM EST) -- The estates of 73 former Wal-Mart employees in Oklahoma won a decisive victory on Monday when a federal judge gave final approval to a $5.1 million settlement of a class action that alleged the retailer benefited from “Dead Peasant Insurance” policies it wrongfully enacted.

Filed in the U.S. District Court for the Northern District of Oklahoma four years ago by families of employees, the suit took issue with Wal-Mart Stores Inc.’s practice of taking out life insurance policies on its employees while making itself the beneficiary....
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