Cope Plastics asks court to figure out who gets worker's life insurance proceeds

Andrea Dearden Aug. 18, 2011, 1:26am

A Godfrey plastics company is asking the court to determine who should be the beneficiary of a former employee's life insurance proceeds.

Cope Plastics Inc. filed a lawsuit Aug. 9 in Madison County Circuit Court against Monica K. Knight and Michael D. Thomas.

According to the complaint, Michael L. Sharp worked for Cope Plastics until his death in April. Sharp had a profit-sharing plan with the company. At the time of the man's death, Knight was named as the beneficiary of the account which allegedly was executed in February 2004.

However, Knight and Sharp divorced in May 2009. She claims she is still entitled to the account based on being named as the primary beneficiary. Thomas, Sharp's son, says he should be the beneficiary because Sharp and Knight were no longer married. The account's balance is said to be more than $7,800.

Cope Plastics says they are unable to determine who is entitled to the money and asks the court to decide to limit the company's liability.

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