Los Angeles Dodgers’ owner Mark Walter is facing a lawsuit along with several of his insurance companies, accusing them of withholding information about a federal investigation from customers. The legal action, brought by 67-year-old Florida resident Ira Rosner in U.S. District Court in Miami, alleges that Walter’s entities, including Delaware Life Insurance Co., Clear Spring Life and Annuity, TWG Global Holdings, and the Guggenheim Partners investment firm, failed to disclose the ongoing probe while diverting policyholders’ funds to other ventures.
Rosner, who bought a policy from Delaware Life in April with a withdrawal window until late May, claims that he was only informed of the investigation in June. Seeking a jury trial, the lawsuit seeks compensation for negligent misrepresentation, contract breaches, and complicity in fraud.
TWG Global Holdings, the umbrella organization overseeing Walter’s insurance and investment entities, has not yet provided a comment on the legal proceedings. Walter has been under scrutiny by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission since last year due to allegations of misrepresented loans between his affiliated companies, triggered by a whistleblower complaint. Despite this, TWG Global has denied any misconduct related to the investigation.
In recent business moves, Walter and co-owner Todd Boehly sold their interests in the English Premier League club Chelsea, following Walter’s surprise decision to divest the Los Angeles Lakers less than a year after acquiring the NBA franchise from the Buss family. The sale of the Lakers is pending league approval, while the Dodgers have clarified that Walter has no intentions of selling the baseball team.