Banking on Strangers’ Death? Insurer’s Suit Spotlights ‘Sinister’ Life Insurance Scheme
https://www.law.com/njlawjournal/2023/04/06/banking-on-strangers-death-insurers-suit-spotlights-sinister-life-insurance-scheme/
A Wells Fargo branch office in Baltimore, Maryland. Photo: Diego M. Radzinschi/ALMNEWS
Wells Fargo’s alleged involvement was one of many similarities between the Silbiger policy and another stranger-originated life insurance policy that the New Jersey Supreme Court declared null and void in 2019.
April 06, 2023 at 02:39 PM
5 minute read
What You Need to Know
- The lawsuit says Wells Fargo is the owner and beneficiary of an illegal insurance policy brought by strangers who gambled on the life of an elderly woman.
- The U.S. Supreme Court and New Jersey Supreme Court spoke out against stranger-originated life insurance policies.
- A crop of litigation emerged involving stranger-originated policies, with Cozen O’Connor developing a niche practice in that area.
Wells Fargo was hit with a lawsuit over its alleged role in a scheme involving strangers who bought a life insurance policy on a New Jersey woman.
Ameritas Life Insurance Corp. brought the suit in the U.S. District Court for the District of New Jersey against Wells Fargo in its role as a securities intermediary.
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