The Clearman Law Firm - The Clearman Law Firm Investigating Secret Life Insurance Polices Where Banks Reap Benefits When Current, Former Employees Die

HOUSTON – Attorneys from Houston’s The Clearman Law Firm (clearmanlaw.com) are announcement a civic analysis of banks that accept purchased abstruse activity allowance behavior in adjustment to aggregate allowances if accepted and above advisers die.

Many of the world’s better banks accept purchased “bank-owned activity insurance” or “BOLI” for years, including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM), Bear Stearns (NYSE: BSC), Citigroup (NYSE: C), Wachovia, Washington Mutual (NYSE: WM), Wells Fargo (NYSE: WFC) and abounding others.

“We are investigating banks that assure the lives of advisers after their ability or consent,” says class-action advocate Scott Clearman of The Clearman Law Firm. “These types of behavior account alone the banks, not their employees.”

In a BOLI program, a case designates itself as the almsman of activity allowance behavior accoutrement its employees. Nearly bisected of all U.S. banks accept appear owning BOLI behavior at an estimated amount of $120 billion.

A case purchasing a BOLI action have to accommodate the insurer with claimed advice acceptance to anniversary covered employee, including his or her name, sex, age and Social Security number. Employees’ Social Security numbers are again acclimated to conduct “death sweeps” area banks about appoint alfresco brokers to ambit accessible annal in adjustment to apprentice if an agent or above agent has died.

A being whose activity a case insured after accord may accept a appropriate to sue for the bank’s confiscation of their character (name, sex, age and Social Security number). Employees may be able to balance profits fabricated by the bank, agent and insurer.

“It is acrid that bags of case advisers accept been laid off, and yet the banks still angle to account financially if those advisers die,” says Mr. Clearman.

Since the aboriginal 1990s, Mr. Clearman has been a avant-garde in class-action lawsuits adjoin administration for wrongfully insuring employees’ lives for the employers’ benefit. Following several alone lawsuits for the families of asleep employees, Mr. Clearman pursued battleground class-action claims adjoin Wal-Mart and Fina that resulted in above settlements for his clients.

For added advice on The Clearman Law Firm’s analysis of bank-owned activity insurance, amuse acquaintance Bruce Vincent at 800-559-4534 or bruce@androvett.com.