WAL-MART STORES, INC., a Delaware corporation, and Wachovia Bank of Georgia, N.A., in its capacity as Trustee of the Wal-Mart Stores, Inc. Corporation Grantor Trust, Plaintiffs Below, Appellants,
v.
AIG LIFE INSURANCE COMPANY, a Delaware corporation; Hartford Life Insurance Company, a Connecticut corporation; Westport Management Services, Inc., a Delaware corporation; International Corporate Marketing Group, LLC, a Delaware limited liability company; National Benefits Groups, Inc., dba Marsh Financial Services, a Minnesota corporation; Seabury & Smith, Inc., a Delaware corporation; Marsh, Inc., a Delaware corporation; and Marsh & McLennan National Marketing Corporation, now known as J & H Marsh & McLennan Private Client Services, Inc., a Delaware corporation, Defendants Below, Appellees.
Supreme Court of Delaware.https://leagle.com/images/logo.png
Submitted: March 8, 2006.
Decided June 6, 2006.
Attorney(s) appearing for the Case
Robert K. Payson, and Gregory A. Inskip, of Potter, Anderson & Corroon, L.L.P., Wilmington, DE; Michael Y. Horton (argued), and David S. Cox, of Morgan, Lewis & Bockius, L.L.P., Los Angeles, CA; and Paul A. Zevnik, of Morgan, Lewis & Bockius, L.L.P., Washington, DC, of counsel, for Appellants.
Richard D. Heins, and Carolyn S. Hake, of Ashby & Geddes, Wilmington, DE, and James F. Jorden (argued), of Jorden Burt, L.L.P., Washington, DC, for Appellee AIG Life Insurance Company; R. Franklin Balotti, Lisa A. Schmidt, Michael R. Robinson, and Catherine G. Dearlove, of Richards, Layton & Finger, P.A., Wilmington, DE, and Barry A. Chasnoff (argued), of Akin, Gump, Strauss, Hauer & Feld, L.L.P., San Antonio, TX, for Appellees Hartford Life Insurance Company and International Corporation Marketing Group; Edward P. Welch, Seth M. Beausang, and James A. Whitney, of Skadden, Arps, Slate, Meagher & Flom, L.L.P., Wilmington, DE, and Marco E. Schnabl, of Skadden, Arps, Slate, Meagher & Flom, L.L.P., New York City, for Appellees Marsh Financial Services, Seabury & Smith, Inc., Marsh, Inc., and Marsh & McLennan National Marketing Corporation, formerly known as J & H Marsh & McLennan Private Client Services; and Elizabeth A. Wilburn, and Alisa E. Moen, of Blank Rome, L.L.P., Wilmington, DE, and Roger F. Cox (argued), of Blank Rome, L.L.P., Philadelphia, PA, for Appellee National Benefits Group, Inc.
Before HOLLAND, BERGER, JACOBS and RIDGELY, Justices, and HERLIHY, Judge, constituting the Court en Banc.
Supreme Court of Delaware.
BERGER, Justice:
In this appeal, we consider whether the Court of Chancery correctly decided that appellants' Amended Complaint must be dismissed for failure to state a claim. The complaint purports to state several different claims arising out of appellants' purchase of corporate-owned life insurance (COLI) policies that were supposed to generate significant tax benefits. In fact, the COLI policies did not generate tax benefits...
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