Securities Loss Lawyers

CB Life Annuity Investors’ Best Chances For Financial Recovery May Be To Sue Broker-Dealer 

A North Carolina Court of Appeals has rejected billionaire Greg Lindberg’s appeal, which clears a path for his Colorado Bankers Life Insurance and Bankers Life Insurance to begin liquidation proceedings on June 30, 2024. The state’s insurance commissioner, Mike Causey, said the opinion by the three-judge panel on March 5 should allow state guaranty associations to start paying claims to policyholders at that time. However, Lindberg’s attorneys could once more appeal, which may cause another delay. That is what they did following an earlier ruling by a Wake County Superior Court judge to liquidate, and investors have been in limbo in their efforts to get back their money.

Lindberg, who has long been suspected of funneling funds from his insurers to his special purpose vehicles, is currently charged with allegedly defrauding annuity policyholders in a $2B scam. He is suspected of taking $1.2B of policyholders’ money for this. Convicted of trying to bribe Causey, that was overturned and he is scheduled for a retrial on those criminal charges.

Meanwhile, tens of thousands of Colorado Bankers Life Insurance investors, including many retirees and seniors, have had to contend with their funds being frozen over the last few years after the insurer went into formal rehabilitation. Many were blindsided by what happened thinking that they were keeping their money safe and instead discovering that they may have been defrauded.

Who knows if/when liquidation proceedings will happen especially if Lindberg decides to once again appeal.

As Shepherd Smith Edwards and Kantas (investorlawyers.com) Senior partner and CB Life Securities Loss Lawyers Kirk Smith told the Wall Street Journal, investors’ best chance for financial recovery at this point may be to explore their legal options and see whether they can sue their brokers that allegedly unsuitably recommended Colorado Bankers Life Insurance while making misrepresentations and omissions about the risks.

It’s not like Lindberg wasn’t under scrutiny over his business practices, which should have been a big red flag for brokerage firms. Not only that, but many financial advisers may have recommended investment amounts that exceeded how much state guaranty associations actually cover. This means that for many, full financial recovery even through that avenue may prove impossible.

Our Securities Loss Lawyers have been investigating Lindberg and his activities involving his insurers since 2020. We also have been looking into how dozens of brokers failed their clients when they purportedly ignored the signs indicating something was amiss.

There were ample opportunities to pull investors’ funds out before the situation became untenable. Unfortunately, it appears that the high commissions financial advisors stood to earn compelled many of them to disregard customers’ best interests and allegedly concentrate too much of retail investors’ money in CB life annuities and other Lindberg-issued annuities.

If your broker did any of this when marketing and selling you Colorado Bankers Life Insurance and Bankers Life Insurance, you may be able to file a Financial Industry Regulatory Authority (FINRA) lawsuit against them.

Why Hire Our Savvy Colorado Bankers Life Insurance Loss Attorneys?

When you retain Shepherd Smith Edwards and Kantas, you are hiring seasoned securities lawyers that are currently representing more than 100 investors in their broker fraud claims involving Lindberg insurance annuities. This means you will be working with a legal team that is well-versed in these investments and why your financial advisor should be held liable. Not only that, but you will become part of our unit of annuity fraud lawsuits that is represented by our entire firm, which can only benefit your claim.

Because of our hard work and zealous dedication, over the decades more than 90% of our clients have received full or partial financial recovery against the brokerage firms who breached their fiduciary duties to them or were negligent in other ways. With over a century’s worth of experience in the securities industry and securities law, we will provide you with quality securities representation and personalized attention.

How To Contact Our Trusted CB Life Annuity Securities Loss Lawyers

Call (800) 259-9010 or fill out our online form to schedule your free, initial case assessment with our Securities Loss Lawyers.