Quote:
Originally Posted by Wolferz
They have done something positive though. Like hiring folks on their last legs.
Then they take out dead peasant life insurance policies on them that names Wal-Mart the sole beneficiary.
http://www.wvbusinesslitigationblog....-class-action/
I bet poor Sam is wallowing in his grave while his kids are trying to push Uncle Sam in there with him. |
I didn't believe you so I had to read the entire article:
http://www.wvbusinesslitigationblog....-class-action/
Quote:
In 1993, Wal-Mart adopted a corporate owned life insurance (“COLI”) program through which the company would purchase life insurance policies for its employees. Wal-Mart funded the policies, at no cost to the employees.
The policies provided benefits of $5,000 to $10,000 to the decedents’ beneficiaries, with the remainder of the policy amount paid to Wal-Mart. By 2000, as the result of new regulations, Wal-Mart had discontinued the COLI program.
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Yes, this is wrong, but they stopped it in the year 2000 and by the way Sam Walton died April 5th 1992 at the age of 74.