Life Insurers Face 3rd Complaint In Tax Shelter Case

Law360, New York (October 11, 2010, 5:27 PM EDT) -- A putative class of plaintiffs accusing several life insurance companies of marketing an employee-defined benefit plan that was also an illegal tax shelter is urging a judge to reconsider claims against the companies that have twice been thrown out of court.

While the insurers may not have been absolutely certain the life insurance plans they were offering plaintiffs in 2001 and 2002 were illegal, there’s substantial evidence they knew the plans were bound to be declared illegal soon after they were offered, the policyholder plaintiffs argue...
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