A Colorado lawyer is examining Citigroup along with other banks to take out key life-insurance guidelines on present and former workers, and gathering the advantages once they die.
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HOUSTON, Jan 13 (BUSINESS WIRE)— Lawyers from Houstonis The Clearman Lawyer (www.clearmanlaw.com) are saying a nationwide analysis of banks which have bought key life-insurance procedures to be able to gather advantages when present and former workers die.
Most of The planet's biggest banks have bought "bank-held life-insurance" or "BOLI" for a long time, including Lender of America, JP Morgan Chase, Bear Stearns, Citigroup, Wachovia, Washington Mutual, Wells Fargo and many more.
"We're examining banks that guarantee the lifestyles of workers without their understanding or permission, " claims class action lawyer Scott Clearman of The Clearman Lawyer. "these kinds of guidelines gain just the banks, not their workers."
In a BOLI plan, a lender designates itself whilst the successor of life-insurance procedures addressing its workers. Almost 50% of all U.S. Banks have noted possessing BOLI plans at approximately worth of $120 million.
A lender investing in a BOLI plan should supply the insurer with private information owned by each protected worker, including their title, intercourse, era and Social Security number. Workers' Social Security figures are subsequently used-to perform "death sweeps" wherever banks usually employ outside agents to attract public record information to be able to discover if a worker or former staff has died.
An individual whose existence a bank covered without permission might have the right to prosecute for that lenderis misappropriation of the identification (title, intercourse, era and Social Security number). Workers might be ready to recuperate earnings produced by the financial institution, agent and insurer.
"It's interesting that a large number of bank workers have now been let go, but the banks still remain to gain economically when these workers die, " says Mr. Clearman.
Because The early 1990s, Mr. Clearman is a leader in class action lawsuits against employers for wrongfully covering workers' lives for that companies' advantage. Pursuing many personal lawsuits for that groups of dead workers, Mr. Clearman attacked milestone class action statements against Wal Mart and Fina that led to main negotiations for his customers.
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