Our securities team is currently investigating and filing legal claims on behalf of investors of Bermuda-based insurance company, Northstar Financial Services Ltd. Various brokerage firms and advisors around the U.S. have recommended and sold Northstar’s products, which includes annuity-type insurance products and other fixed and variable-rate investments. The company filed for bankruptcy in 2020, and is being forced to liquidate, with many investors unable to regain, liquidate, or surrender their investments.

If you were sold Northstar Financial Services products, you may have a legal claim. Speak with one of our experienced attorneys to learn more about your options.

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Northstar Financial Services marketed products as low-risk, potentially misleading investors

Northstar Financial Services (Bermuda) Ltd. offers annuity-type insurance products as well as other fixed and variable-rate investments, which have been sold through broker-dealers in the U.S., and around the globe. Many investors are alleging that Northstar Financial Services (Bermuda) investments were marketed to them as conservative or low-risk, and that they carried promises such as guaranteed monthly income, and no risk of loss of their principal investment.

A feature that the company claimed set its’ products apart from other insurance products was a “segregated account” structure that was supposed to add an added layer of security through maintaining investors’ funds separately from Northstar’s creditors. In addition, the company often touted that its’ products provided certain tax benefits not available for US-based investments.

In reality, Northstar Financial Services’ products were not as safe and secure as they purported to be, and the company has been unable to follow through on its’ promises to investors. The company has suspended monthly income payments, and has been unable to honor liquidation and surrender requests.

Northstar Financial Services files for Chapter 15 bankruptcy, owner convicted of fraud and bribery

The company seemed to run into financial trouble after it was purchased by holdings company, Global Growth (previously Eli Global), in 2018, which is owned by business executive Greg Lindberg. Shortly after acquiring the company, Lindberg was indicted and then convicted of wire fraud and bribery, and is now serving prison time. The Wall Street Journal that Lindberg may have used Global Growth to channel money into other companies he owned to further enrich himself and fund his lavish lifestyle. Funds from Global Growth’s purchase of Northstar may have been used for this purpose.

In 2020, Northstar Bermuda filed for Chapter 15 bankruptcy, and then commenced insolvency proceedings, which is a process that sometimes occurs when a company is in financial distress, and is legally required to liquidate in order to pay off outstanding debts. On March 26, 2021, the Supreme Court of Bermuda issued an order to appoint a liquidator and will require Northstar to liquidate its’ assets.

Brokerage firms and advisors may have improperly marketed and sold Northstar Financial Services products to investors

A number of U.S.-based brokerage firms and financial management institutions have recommended Northstar Financial Services (Bermuda) products, including:

  • Ocean Financial Services, LLC (a/k/a Ocean Bank),
  • Trust Investment Services, Inc. (formerly Suntrust),
  • Bankoh Investment Services, Inc.,
  • Hancock Whitney Investment Services
  • Cetera Financial
  • P. Morgan Securities

Financial advisors and brokerage firms have an obligation to do their due diligence, properly disclose potential risks, and recommend suitable products based on investor needs and requests. Gibbs Law Group and Silver Law Group are reviewing potential claims on behalf of Northstar (Bermuda) investors who may have suffered significant losses after they were recommended unsuitable products.

We are representing investors who suffered financial losses after investing in fixed and variable rate products offered by Northstar Financial Services (Bermuda) Ltd, including the following products:

  • Global Interest Accumulator
  • Global Advantage Plus Series
  • Global Advantage Select
  • Global VIP Elite
  • Global Index Product

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We are happy to discuss any questions related to our fees as well as different financial arrangements we can structure.

Scott Silver

Scott focuses his law practice on securities arbitration and litigation and plaintiff-side class action litigation, representing individual investors and institutions in claims against brokerage firms, investment advisors, commodities firms, hedge funds and others.

Michael Schrag

Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.

Eileen Epstein Carney

Eileen is involved in the firm’s securities practice and has over a decade of experience in the legal world. She received her law degree from American University in 2005.

David Stein

David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.

Alex Bukac

Alex represents clients in a broad range of complex litigation matters involving consumer protection, product defect, data breach, and privacy law. He is also involved in claims on behalf of consumers and investors.

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Gibbs Law Group

Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. The firm has successfully litigated against some of the largest companies in the United States, and has recovered more than a billion dollars on clients’ behalf.

Gibbs Law Group attorneys have fought some of the most complex cases brought under federal and state laws nationwide, and have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern CaliforniaTop Plaintiff Lawyers in CaliforniaThe Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).

Silver Law Group

Silver Law Group is a team of securities lawyers, forensic accountants, and support staff who are dedicated to helping investors recover losses through securities arbitration and litigation.

The firm is led by Scott Silver, a former Wall Street defense attorney who has been representing customers in securities and investment fraud cases since 2002. Scott is admitted to practice in New York and Florida and the firm’s FINRA arbitration attorneys represents investors nationwide.