Articles Tagged with Global Advantage Series

Stoltmann Law Offices, P.C., a Chicago-based securities, investment, and consumer protection law firm offering representation on a contingency fee basis to investors and victims nationwide, is concerned about the slow drip of news coming out of Bermuda about the NorthStar Financial liquidation. Recently, investors received a letter from the NorthStar informing them about the appointment of  representatives for the various investor classes. These representatives would serve the function similar to a creditor’s committee in US bankruptcy court. These representatives would stand in the shoes of and represent the investors from each class of NorthStar investors. The Chief Judge overseeing the liquidation in Bermuda along with the group known as the “joint provisional liquidators” will ultimately choose the representatives.

Regardless of how this liquidation ultimately unfolds, investors need to realize they are looking at substantial losses on their annuities and insurance contracts. There does not appear to be assets sufficient to make investors whole, really, nowhere close to it.  As this liquidations process unfolds and crawls along through this process, investors hoping for a miracle, need to splash some cold water on their face and look to other options to recover their investment losses.

If you were sold your NorthStar Bermuda insurance or annuity contracts by a U.S.-based financial advisor, broker, or investment advisor, you could have viable claims to pursue against the brokerage firm that employed the advisor at the time of sale.  These actions cannot be filed in a U.S. Court. Instead, pursuant to the contract binding you, the investor/client, to the brokerage firm, you must submit all disputes to arbitration through the Financial Industry Regulatory Authority (FINRA).  The FINRA Arbitration process is simpler than filing a claim in court. There are no depositions and motion practice is limited, specifically, motions to dismiss which bar claims for legal reasons without being heard. In FINRA Arbitration, these sorts of motions to dismiss are greatly limited, making it easier for investors to gain access to the discovery they need from the brokerage firm to win their case.

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