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.