Mark Walter’s Holding Company Said Three Weeks Ago …
Mark Walter’s holding company said three weeks ago that nobody had claimed to be harmed by the way his insurers handled their money. On Wednesday, somebody did, in federal court, and the Lakers are written into the complaint. A proposed class action filed in Florida federal court names Walter, Delaware Life Insurance Company, Group 1001, TWG Global and Guggenheim Partners as defendants. The suit accuses the companies of understating how much of their policyholder-backed money was invested in businesses tied to Walter, and it frames the question the same way federal prosecutors reportedly have: whether that money helped bankroll assets like the Dodgers and the Lakers. The complaint runs nine counts, including fraudulent concealment, breach of contract and aiding and abetting fraud. It does not name a damages figure but anticipates at least $5 million, and it describes a class of “tens of thousands” of annuity buyers nationwide.
This article originally appeared on Hoops Hype: Mark Walter’s holding company said three weeks ago …
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