The Supreme Court of Bermuda issued an Order to “Wind Up,” and Liquidators were appointed in September 2020. This means all assets are frozen, and investors will have no access to their assets.
In all likelihood, the majority of the Northstar (Bermuda) investment is gone. Generally speaking, when a company is in this situation, the outcome is usually pretty bad. There is a possibility that some assets may be returned, but they will likely be pennies on the dollar when and if it is returned. The process will likely take a few years.
The best course of action is to file a lawsuit against the bank and/or brokerage firm that recommended Northstar Financial Services (Bermuda). Investors can’t sue Northstar directly while the Liquidators are winding up the company.
Nothing. You hold on to the Northstar (Bermuda) investment just the same. If successful, you will get money from the bank and brokerage firm, and you will still have your Northstar investment. A few years later, the Liquidators will pay out your portion of the investment. Your options are to either sue the bank/brokers and wait for the Liquidators or do nothing and wait for the Liquidators.
No! The case will be filed on your behalf without you having to pay any money. If the case is unsuccessful and no money is recovered, you will owe NO fees or expenses. The fee is applied only if there is a successful recovery. No recovery, no fee/expenses. At the end of the case, you will still own your Northstar Financial Services (Bermuda) investment, win or lose.
No! The contingency fee only applies to monies recovered from the bank/brokerage firm. If and when the liquidators return anything, you will receive it as long as you still hold the investment. The fee is NOT applied to the return of Northstar Financial Services (Bermuda) assets.
No. All available information indicates the insurance products will be treated the same as the bank products.
It should take approximately one year. Your participation is limited. Everything is done by email, phone, and Zoom. There will be no depositions. If needed, we can petition to have the hearings done via Zoom.
It does not matter. Almost all Northstar Financial Services (Bermuda) clients are in Latin America or Asia, and cases are being filed constantly. Due to COVID, most hearings are being conducted via Zoom.
It is not a class action, which rarely works, and usually only returns pennies on the dollar. It will be your own personal case where your identity and personal financial information are kept strictly confidential. However, if you have a family member or friend that has a Northstar (Bermuda) investment, we encourage you to group together in one case. However, that is your decision.
No. The lawsuit does not involve Northstar Financial or the liquidators. It involves the bank/brokerage firm that made the unsuitable recommendation to invest in an offshore product. It involves misrepresentations/omissions and a lack of due diligence on the part of the bank/brokerage firm.
Overseas investors bring assets to the United States, seeking a safe haven for the family’s savings. The most unsuitable thing an advisor can do is recommend a dodgy offshore investment from Bermuda when viable alternatives are available in the United States. You can sue the bank/brokers and wait for the Liquidators or do nothing and wait for the Liquidators. In the end, you will get whatever they deem you are owed. Be proactive and go after the bank/brokerage firm.
If you are an investor that was sold Northstar (Bermuda) products by a bank or brokerage firm, reach out to our securities lawyers. We can represent you in FINRA arbitration against the specific broker-dealer and help you recover your losses. Contact us today.