Dodgers owner Mark Walter sued over alleged failure to disclose federal probe to policyholders
Summary
Mark Walter, owner of the Los Angeles Dodgers, and several insurance companies he controls are being sued for not telling customers about a federal investigation. The lawsuit claims they directed policyholders' money into Walter’s other companies without proper disclosure.Key Facts
- Mark Walter owns the Los Angeles Dodgers and several insurance companies, including Delaware Life and Clear Spring Life and Annuity.
- A class-action lawsuit was filed by Ira Rosner, who bought a policy from Delaware Life and was not informed of a federal probe until after the withdrawal period passed.
- The lawsuit accuses Walter and the companies of negligent misrepresentation, breach of contract, and helping fraud.
- Walter is under investigation by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission (SEC) after a whistleblower complaint.
- The investigation involves loans between companies within Walter’s business portfolio.
- TWG Global Holdings is the company Walter uses to control the insurance companies and his investment firm, Guggenheim Partners.
- TWG Global denied any wrongdoing related to the investigation.
- Recently, Walter and co-owner Todd Boehly sold their stakes in the Chelsea football club and Walter agreed to sell the Los Angeles Lakers basketball team.
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