Dodgers owner Mark Walter sued over alleged failure to disclose probe to policyholders
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MIAMI — Dodgers owner Mark Walter and multiple insurance companies he owns have been sued, alleging they failed to disclose an ongoing federal probe to customers while directing policyholders’ money into Walter’s other companies.
The lawsuit lists Walter, Delaware Life Insurance Co., Clear Spring Life and Annuity, TWG Global Holdings and Walter’s Guggenheim Partners investment firm as defendants.
Ira Rosner, a 67-year-old Florida man, brought the class-action lawsuit in U.S. District Court in Miami on Wednesday. He purchased a policy from Delaware Life in April and he had until late May to withdraw his money without penalty. However, the company did not disclose the investigation to him until June,
English Premier League’s Chelsea says co-owners Todd Boehly and Mark Walter have sold their stakes in the team.
Rosner is seeking a jury trial in the lawsuit that seeks damages for negligent misrepresentation, breach of contract and aiding and abetting fraud.
TWG Global didn’t immediately respond to a request for comment on the lawsuit.
Walter has been under investigation since last year by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission following a whistleblower complaint regarding alleged misrepresented loans made between companies within his business portfolio.
TWG Global Holdings is the holding company through which Walter controls Delaware Life, Clear Spring Life and Annuity Co. and his stake in Guggenheim Partners. TWG Global denied any wrongdoing involving the probe in a statement last month.
Mark Walter’s companies are under investigation, fueling speculation he may sell the Dodgers. Those close to him says it’s one of many wrong assumptions about Walter.
Walter and co-owner Todd Boehly sold their stakes in English Premier League club Chelsea this week. Last month, Walter agreed to sell the Lakers in a surprise move less than a year after buying the NBA franchise from the Buss family. The deal is under review by the league.
The Dodgers have been adamant that Walter has no plans to sell the baseball team.
