Colorado Bankers Life Insurance Holders Should Speak With A Skilled Annuity Loss Lawyer
NC Appeals Court Rules Insurance Magnate Greg Lindberg Is Liable for Fraud
A unanimous North Carolina Court of Appeals panel has ruled that Colorado Bankers Life Insurance owner Greg Lindberg is liable for fraud and breach of contract related to the now insolvent insurers that he bought in 2014. He could end up having to pay hundreds of millions of dollars. The appellate judges overruled the 2022 ruling by a trial judge who had decided not to award damages. Now, the civil lawsuit will go back to a trial court where the “proper remedy” will be decided. The plaintiffs include Lindberg’s companies:
- Colorado Bankers Life Insurance
- Southland National Insurance
- Bankers Life Insurance
- Southland Reinsurance Company
The ruling comes just days after Lindberg sought to get a $524M judgment against his Private Bankers Life and Annuity Ltd. dismissed. However, the N.C. billionaire, who is set to face a federal retrial on bribery and fraud charges later this year—he was released from prison after his conviction was thrown out—received a brief reprieve in another criminal case, the one accusing him of defrauding thousands of insurance policyholders in an alleged $2B scam. That trial is now expected to happen in 2024.
It is important to note that these annuity holders, many of them seniors and retirees, have had their funds frozen in these Lindberg-owned insurers for years now. Considering that these insurance companies are currently in rehabilitation and awaiting liquidation, who knows when, or if, these investors will recover much from them?
This is why, more than ever, it is important you explore your legal options, as noted by Shepherd Smith Edwards and Kantas (investorlawyers.com) senior partner and broker fraud lawyer Kirk Smith in a recent Wall Street Journal article. Already, our seasoned annuity loss attorneys are representing more than 100 securities fraud lawsuits against the broker-dealers that sold annuities issued by Lindberg-owned companies, including the ones mentioned above as well as his insurers Northstar Financial Services (Bermuda) and PB Investment Holdings.
We are the trusted annuity fraud law firm that can help you determine whether you have grounds for pursuing damages against your brokerage firm for unsuitable investment recommendations, misrepresentations and omissions, overconcentration, due diligences failures, or failure to supervise related to Colorado Bankers Life Insurance or any of the other Lindberg insurers.
Should we decide to work together, you will be able to avail yourself of all of our discoveries that we’ve conducted over the years into how these investments failed and why your broker-dealer should be held liable. You will also become part of our unit of claims in which you will be represented by all of our annuity investment loss lawyers, legal assistants, consultants, and others while also receiving personalized attention.
Lindberg has been long suspected of funneling funds from his insurers to his special-purpose vehicles. Broker dealers should have been aware of these allegations and kept investors away. Instead, many financial firms appear to have ignored the red flags while earning high commissions and fees from annuity sales. Now, thousands of policyholders, including many older investors, have been blindsided by their investor losses.
Over the decades, more than 90% of investors we have represented in litigation, mediation, and arbitration have received full or partial financial recovery with our help. This means that thousands of our clients have collectively received many millions of dollars from the financial firms responsible for their losses.
How To Contact Our Colorado Bankers Life Insurance Broker Fraud Lawyer Team
Call (800) 259-9010 or contact us online to request your free, no-obligation case assessment.