Northstar Financial (Bermuda) Ltd Bankruptcy Update

There are many investors who have lost significant amounts of their investments in Northstar Financial (Bermuda) Ltd. (Northstar Bermuda) due to the recommendations of their brokers/financial advisors.  There has been some updates regarding Northstar Bermuda’s liquidation.
Currently they have divided up the various accounts into different groups:

1. Investors or policyholders holding variable investments.
2. Investors or policyholders holding fixed and/or indexed investments.
3. Creditors not holding fixed, indexed or variable investments.

The JPLs (Joint Provisional Liquidators) have now appointed Class Representatives for the Fixed and Variable Classes.
It is stated that certain policyholders, investors and creditors may wish to contact Legal Counsel for their particular class.
The JPLs have provided the Class Representatives and their Legal Counsel with initial documentation and information relating to the Companies’ accounts.  The JPLs will be applying to the Court for a Directions Hearing.  They anticipate it would take place no earlier than April 2022.
Class Representatives have been appointed to represent the interest of the class as a whole via the Order from the Court on August 26, 2021, and will represent the interests of the classes.
The class is determined by the type of investment currently held:

1. If currently invested in mutual fund assets only, you will belong to the Variable Class
2. If currently invested in fixed or indexed products only, you will belong to the Fixed Class
3. If you are a general creditor, you will belong to the General Creditor Class.

If invested in both mutual fund and fixed return or indexed products in Northstar Financial (Bermuda) Ltd and you wish to participate in the Court proceedings, you have a choice to join the Variable Class or the Fixed Class for the purpose of the proceedings based on what you believe best represents your interests.
In Northstar Financial (Bermuda) Ltd, there are 14 different types of product plans.  Each of the plans relates to a specific type of investment, fixed and/or variable.
Following the outcome of the Directions Hearing a date will be set for the Substantive Hearing when the Court will make a determination on the question of the segregation of the Companies’ accounts.
Soreide Law Group has had clients from various broker/dealers whose brokers/financial advisors recommended the purchase of Northstar Financial (Bermuda) Ltd., and they suffered financial losses. We were able to recover over $2,000,000.00 for our clients who suffered devastating losses in Northstar Bermuda. Contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment loss through a FINRA arbitration at:  888-60-6552.
Soreide Law Group works on a contingency fee basis, no fee to you if no recovery, and represents our clients nationwide before FINRA.