Los Angeles Dodgers owner Mark Walter and various insurance companies under his ownership are facing a lawsuit that claims they did not reveal an ongoing federal investigation to clients while channeling policyholders’ funds into other entities linked to Walter. The legal action, initiated by 67-year-old Ira Rosner from Florida as a class-action suit in U.S. District Court in Miami, names Walter, Delaware Life Insurance Co., Clear Spring Life and Annuity, TWG Global Holdings, and Guggenheim Partners as defendants.
Rosner alleges that he bought a policy from Delaware Life in April and was only informed about the investigation in June, despite having until late May to withdraw his funds without penalties. The lawsuit, seeking a jury trial, aims to secure damages for negligent misrepresentation, breach of contract, and complicity in fraud.
TWG Global Holdings, one of the accused entities, has not yet released a statement in response to the legal action. Walter has been the subject of a federal probe by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission since last year due to allegations of misrepresented loans between companies within his business conglomerate. TWG Global Holdings, the holding company overseeing Delaware Life, Clear Spring Life and Annuity Co., and Walter’s interest in Guggenheim Partners, refuted any misconduct related to the investigation in a recent statement.
Despite recent divestments in the English Premier League club Chelsea and the Los Angeles Lakers, Walter has conveyed no intention to sell the Los Angeles Dodgers baseball team, as per the team’s official stance.
