Cadillac F1 team owner accused of insurance fraud in new lawsuit

TWG Holdings - the company which owns the Cadillac F1 team through its motorsports division TWG Motorsports - have been named in a class-action lawsuit, along with their CEO and co-chairman, Mark Walter.

Walter's name has been in the headlines a lot lately, with the 66-year-old currently part of a federal investigation which hit the headlines when he sold the storied Los Angeles Lakers NBA franchise for a record $12.5billion last month.

Walters has also since sold his 12.8 per cent stake in Premier League football club Chelsea. Those sales led to speculation that Cadillac could be next to go, but TWG have so far insisted that is not the case.

“TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsports," a TWG Global spokesperson told The Athletic last month.

Cadillac F1 owner Mark Walter named in lawsuit

Now, Walter and his companies find themselves in the headlines once again, with a lawsuit having been filed against them in the U.S. District Court for the Southern District of Florida on September 16.

67-year-old Ira Rosner of Florida is the plaintiff in the case, with Delaware Life Insurance Company, Group 1001 Insurance Holdings, LLC, Group 1001, Inc., TWG Global Holdings, LLC, Guggenheim Partners, LLC and Mark Walter all named as defendants.

The lawsuit alleges that Walter’s insurance companies misrepresented the extent of their investments in Walter-affiliated and other related parties. The filing claims that Delaware Life had reported only about 3% of its invested assets as related-party investments, while the lawsuit alleges that the actual figure was around 42 per cent.

The plaintiff also alleges that the insurers knew they had received federal grand-jury subpoenas concerning these investments when they sold Rosner his $1 million-plus annuity. However, Rosner claims they did not disclose the subpoenas or the alleged misclassification before his 30-day period to cancel the annuity and receive a full refund expired.

Rosner says that had he known the truth, he would have returned the annuity and recovered his premium. Instead, he later surrendered the annuity and, according to Rosner's allegations in the lawsuit, Delaware Life deducted $116,575.53 in surrender charges and a Market Value Adjustment.

As such, Rosner is suing on behalf of himself and a proposed class that the filing, upon information and belief, claims consists of 'tens of thousands' of annuity purchasers nationwide.

GPFans has contacted TWG Global Holdings for comment on the filing.

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