Losses Due To Northstar Financial Services (Bermuda) Ltd.?
Soreide Law has filed more than 10 separate Northstar Financial Services claims against Brokerage Firms that sold it for damages over $5 million dollars.
CONTACT US TODAY TO START YOUR CLAIM.
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Will the receiver get my money back?
No, Soreide Law Group is in communication with the liquidation trust and it appears as of now they are estimating 13 cents on the dollar will be returned at an unknown date.
Soreide Law Group continues to evaluate potential investor lawsuits against securities brokers and financial advisors. For instance, we evaluate those who possibly made unsuitable recommendations or misrepresentations regarding Northstar Financial Services (Bermuda) Ltd. Further, Northstar investment products include variable and fixed annuities.
Learn more about the problems related to Northstar and what to do if you suffered losses due to the purchase of a Northstar investment because of your financial advisor.
Who Is Northstar Financial Services (Bermuda) Ltd.?
Northstar is a Bermuda-based financial services company that has marketed and sold a variety of annuity products and other investments. Moreover, the company has attracted many conservative investors seeking liquidity and a low-risk way to generate returns and potential tax benefits.
The company’s product line includes Global Interest Accumulator, Global Advantage Select, Global Index Product, Global VIP Elite, and Global Advantage Plus Series. Additionally, some of the broker-dealers who reportedly recommended and sold Northstar products include SunTrust Investment Services,
JP Morgan Securities,
Cetera Investment Advisors, Bankoh Investment Services, and
Ocean Financial Services.
Is Northstar Financial Services now in liquidation?
Yes, Northstar Financial Services recently told policyholders and other investors that their returns would not be forthcoming at this time. In fact, the company was issued a winding-up order by the Supreme Court of Bermuda due to the failure of prior management to develop a viable restructuring plan for the company. Further, in this winding-up phase, the company is subject to court oversight. Additionally, the company is supposed to focus on making distributions to policyholders and creditors. The amount and timing of distributions, if any, are unknown at present. Notably, Northstar told policyholders that they will not receive any payment until the company’s solvency and segregated accounts issues are resolved.
Moreover, Northstar owner, Greg Lindberg, was convicted for corruption and sentenced to prison in August 2020. Lindberg reportedly tried to bribe a state insurance commissioner in order to get better treatment for his insurance companies.
Do my Financial Advisor's possible unsuitable recommendations or misrepresentations of Northstar Financial Services make them liable for my losses?
Yes, potentially. Financial advisors and securities brokers cannot recommend any investment to their clients without doing their homework. For investments to be suitable, they have to make sense based on the client’s financial situation, objectives, needs, and risk tolerance, among other things. Failing to consider these things when recommending or selling investments can amount to negligence. Further, it can amount to a breach of fiduciary duty, and a host of other sales practice violations by the financial professional and their employer.
It appears financial advisors and securities brokers have recommended Northstar products to conservative investors. For example, Northstar was marketed to investors as low-risk. As a result, this caused investors to buy what they thought to be CD-like products to would serve as an alternative to domestic products. However, among the risks that Northstar posed included being subject to Bermuda – not US – regulatory structures and rules. Northstar investments did not compare from a risk standpoint to United States government-backed investments or other products with FDIC or state-based insurance protections.
Investors who wanted principal protection seemingly suffered big losses because of acting on the advice of their financial advisors when it came to Northstar products.
Have You Experienced Losses By Investing In Northstar Products?
If a financial advisor or securities broker misrepresented Northstar products, or they unreasonably recommended Northstar investments to you, then you could potentially bring a lawsuit against the financial professional and their firm to recover your losses.
To learn more, contact
Soreide Law Group at (888) 760-6552 and speak with an experienced securities lawyer about your situation. Soreide Law Group represents clients on a contingency fee basis and advances all costs. Our expert
lawyers have recovered compensation for hundreds of United States investors who have been wronged by their securities brokers and financial advisors.
