Hagens Berman has filed a class-action lawsuit against Guggenheim Partners, LLC and its subsidiaries on behalf of annuity purchasers, alleging that the defendant illegally siphoned surplus from insurance companies it acquired to finance purchases of other high-risk investments, including ownership of the LA Dodgers.
The suit, filed in the U.S. District Court of Illinois, Northern District on Feb. 11, 2014, seeks damages for those who purchased annuity products on or after Jan. 1, 2010 issued by Guggenheim and insurance companies bought by the firm – Security Benefit Life Insurance Company, Guggenheim Life and Annuity Company, and EquiTrust Life Insurance Company.
The suit claims that over a two-year period, Guggenheim acquired insurance companies and raided their cash stores, leaving policyholders and annuity holders with insufficient reserves. Guggenheim concealed the financial impact of these actions through fraudulent accounting practices, concealing liabilities and inflated assets.
The suit cites a variety of high-risk purchases by Guggenheim using insurance-reserve funds, including using more than a billion dollars of insurance company surplus funds to acquire the Los Angeles Dodgers, reported to be the most expensive sports franchise in world history.
For more information about this case please email Guggenheim@hbsslaw.com or complete the web form.
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