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Text of Fifth Circuit Case Finding Wal-Mart Had No 'Insurable Interest' in COLI Policies (PDF)
U.S. Court of Appeals for the Fifth CircuitLink to more items from this source
[Opinion]
Feb. 2, 2004

23 pages. Excerpt: We hold that: 1) Texas law, which requires an 'insurable interest' for valid life insurance policies, governs the dispute; 2) an employer has no insurable interest in an ordinary employee under Texas law; ... Wal-Mart acted in pursuit of tax benefits related to the deductibility of premium payments ... After Congress and the IRS eliminated the tax advantages of Wal-Mart's COLI program, Wal-Mart unwound the otherwise unprofitable program ...

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