Los Angeles Dodgers’ owner Mark Walter and a group of insurance companies under his ownership are facing a lawsuit for allegedly withholding information about a federal investigation while diverting policyholders’ funds into other entities owned by Walter.
The legal action, filed by 67-year-old Ira Rosner in U.S. District Court in Miami, accuses Walter, along with Delaware Life Insurance Co., Clear Spring Life and Annuity, TWG Global Holdings, and Guggenheim Partners, of failing to disclose the ongoing federal probe to customers. Rosner purchased a policy from Delaware Life in April and was not informed about the investigation until June, after the deadline to withdraw funds without penalty had passed.
The lawsuit seeks damages for negligent misrepresentation, breach of contract, and aiding and abetting fraud, with Rosner requesting a jury trial. TWG Global Holdings, one of the defendants, did not provide an immediate response to inquiries regarding the lawsuit.
Mark Walter has been under scrutiny by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission since last year following allegations of misrepresented loans within his business network. TWG Global Holdings, which oversees Delaware Life, Clear Spring Life and Annuity Co., and Walter’s interests in Guggenheim Partners, has refuted any misconduct related to the investigation.
Recently, Walter and co-owner Todd Boehly divested their stakes in the English Premier League club Chelsea. Additionally, Walter made headlines by agreeing to sell the Los Angeles Lakers less than a year after acquiring the NBA team from the Buss family, a transaction currently pending league approval. Despite these sales, the Los Angeles Dodgers have confirmed that Walter has no intentions of selling the baseball franchise.
