The fact that the Los Angeles Dodgers find themselves in a 2-0 hole in the NLCS isn’t Mark Walter’s only worry right now.
The majority owner and chairman of the Dodgers was the subject of a lawsuit alleging that he and two of his insurers, Clear Spring and Gainbridge, sold annuities based on false representations and promises.
The suit was filed Monday by Rick Phillips, a Los Angeles retiree, who asks that he and other Clear Spring and Gainbridge policyholders either be released from their annuity contracts without penalty or, depending on the The Wall Street Journal Heather Gillers, “reimbursed for the difference between what they paid and the cheaper price the companies should have accepted if they had been upfront about the scale of their affiliate investments.”
A 76-year-old Florida resident, Robert Kalinsky, filed a separate lawsuit Wednesday against Clear Spring and Delaware Life (one of Walter’s other insurance companies), alleging they misrepresented the extent of their affiliated assets in his policy.
Delaware resident Ira Rosner filed the lawsuit last month, meaning three complaints have piled up against Walter and his companies in the past six weeks.
A spokesperson for 1001 Group, the insurers’ parent company, released a statement that said: “No court has found that 1001 Insurance Group or Delaware Life Insurance Company did anything wrong, and we intend to defend the case vigorously, consistent with our long track record of serving policyholders with integrity.” »
Walter sold his majority stake in the Los Angeles Lakers NBA franchise over the summer for $12.6 billion. The timing of this sale raised eyebrows, given that Walter’s financial empire was under SEC scrutiny over whether billions of dollars in funds from his affiliated insurance companies had been properly disclosed.
Walter and his companies have denied any wrongdoing and have not been charged with any crimes. There is also nothing to directly suggest that the SEC’s findings are related to Walter’s sale of the Lakers.
Gn bussni
