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If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd., Omnia Ltd., or the Puerto Rico-based PB Life and Annuity Co. Ltd., you should have experienced securities attorneys presenting you. Silver Law Group is an experienced team of lawyers who represent victims of securities and investment fraud. Silver Law already represents other Northstar claimants in FINRA arbitrations, and the firm’s team continues to investigate their and other claims. Silver Law has a long track record of success in these types of cases: Silver Law is a nationally-recognized securities law firm, and we specialize in helping investors recover losses from unscrupulous brokers. Our clients range the gamut, from individual investors who have lost their retirement savings and investment consortiums to large class actions. And with offices in New York and Florida, we serve clients from around the world—with frequent work in Latin America and the Caribbean. (Para clientes de habla hispana, haga clic aquí para obtener más información.) In the decade since Silver Law first opened its doors, its lawyers have recovered tens of millions of dollars for its clients, in FINRA arbitrations and court proceedings.If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd., Omnia Ltd., or the Puerto Rico-based PB Life and Annuity Co. Ltd., you should have experienced securities attorneys presenting you. Silver Law Group is an experienced team of lawyers who represent victims of securities and investment fraud. Continue reading ›

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Understandably, investors who have lost money in the bankruptcy of Northstar Financial Services (Bermuda) Ltd. have many questions to ask. Many, of course, are specific to their investment accounts, and to answer those, a phone call or email with counsel may be better. But we can address a few common questions our clients have been asking, to help Northstar investors better understand the issues they’re facing. Can I get my money back? Unfortunately, it’s unlikely that you will receive all of your investment, but you may be able to recover some losses as a creditor. Also, if warranted, you may recover money from your broker-dealer if they are liable for breach of fiduciary duties or other claims arising out of their promotion of Northstar investment products. If I go after my broker, does that mean giving up my Northstar claim? No, these are separate proceedings, and one doesn’t impact the other.Understandably, investors who have lost money in the bankruptcy of Northstar Financial Services (Bermuda) Ltd. have many questions to ask. Many, of course, are specific to their investment accounts, and to answer those, a phone call or email with counsel may be better. But we can address a few common questions our clients have been asking, to help Northstar investors better understand the issues they’re facing. Continue reading ›

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If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd. bankruptcy, there are ways to recover your investments. You probably will not recoup everything, but some recovery is possible from the liquidation. Silver Law Group already represents many investors in securities arbitration claims against the selling stockbrokers. First, you can fill a creditor claim in Northstar’s bankruptcy proceedings. But there are specified classes of creditors and strict requirements in terms of their eligibility for compensation. Next, you can sue Northstar and its former owner Greg Lindberg. However, your case can’t go forward while Northstar and other Lindberg-owned entities are still in bankruptcy proceedings. By the time a bankruptcy stay is lifted, any money you’d hope to win in a lawsuit may be gone.If you are among the investors who lost money due to the Northstar Financial Services (Bermuda) Ltd. bankruptcy, there are ways to recover your investments. You probably will not recoup everything, but some recovery is possible from the liquidation. Silver Law Group already represents many investors in securities arbitration claims against the selling stockbrokers. Continue reading ›

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With Northstar Financial Services (Bermuda) Ltd. in bankruptcy liquidation, and its former owner Greg Lindberg in prison, everyone with a Northstar investment account must be asking some version of these questions: Who is responsible for this? Is there anyone who can be made to pay back some of my losses? The short answer is: Yes, there is someone who you can probably hold accountable—your broker or investment agent. Of course, Northstar (and Lindberg) has the primary responsibility for your losses, so you can—and should—file a creditor claim with the bankruptcy court. But hundreds, if not thousands, of other creditors are vying for compensation. And the amount Northstar owes everyone vastly outnumbers its assets. (Last year, Northstar owed $260 million but only had $8 million in assets.) Therefore, if you recover anything from the bankruptcy proceeding, you’ll probably be getting just pennies on the dollar.With Northstar Financial Services (Bermuda) Ltd. in bankruptcy liquidation, and its former owner Greg Lindberg in prison, everyone with a Northstar investment account must be asking some version of these questions: Who is responsible for this? Is there anyone who can be made to pay back some of my losses? Continue reading ›

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NorthstarNorthstar Financial Services (Bermuda) Ltd. is one of the dozens of firms in the US and abroad owned by businessman Greg E. Lindberg, now facing bankruptcy and other litigation. And investors are scrambling to recover their lost investments. Current estimates are that 1,773 Northstar account holders have potential claims totaling $426,825,594. Lindberg bought Northstar in 2018. Even then, Northstar, a Bermuda investment firm founded in the 1990s, was said to be on financially shaky ground, offering investment products much less secure than they were marketed to be. But just months after the acquisition, allegations began to surface that Lindberg was using the assets of his companies like Northstar—insurance and investment companies—to keep his other business interests afloat. Lindberg had allegedly taken $2 billion from his U.S. insurance companies to cover investments (and debts) of the other companies—while untold amounts went to his personal gain. Financial Services (Bermuda) Ltd. is one of the dozens of firms in the US and abroad owned by businessman Greg E. Lindberg, now facing bankruptcy and other litigation. And investors are scrambling to recover their lost investments. Current estimates are that 1,773 Northstar account holders have potential claims totaling $426,825,594. Continue reading ›

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While allegations of Activation’s discriminatory and harassing culture have been in the news lately, it is of course far from being the only company scandalized by such reports. Let’s take a look at how some other companies have been impacted by similar allegations…. Wynn Resorts Gambling industry tycoon Steve Wynn lost his job, running the company that bore his name, after the Wall Street Journal broke the news that he had a long history of sexual misconduct allegations. They now face a class-action lawsuit for securities fraud for having made material misrepresentations to investors regarding the allegations. In addition to the lawsuits, the company has had to pay millions in penalties to state gaming agencies. Signet Jewelers After an explosive expose in the Washington Post and elsewhere revealed a pattern of gross sexual harassment and other malfeasance at Signet Jewelers, the parent company of shopping mall stores such as Zales and Kay Jewelers, the CEO—who was alleged to be directly participating in the malfeasance—left the firm. The board was reconfigured to achieve gender parity, and the company had to agree to a $240 million settlement of a related shareholders’ derivative lawsuit.While allegations of Activision’s discriminatory and harassing culture have been in the news lately, it is of course far from being the only company scandalized by such reports. Let’s take a look at how some other companies have been impacted by similar allegations…. Continue reading ›

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For a bright shining moment, it looked like WeWork was going to be the Starbucks of office space—a worldwide company offering shared drop-in workspaces that people could rent for short or long-term. But lawsuits relating to sexual harassment filed before WeWork’s Initial Public Offering hurt the burgeoning company’s reputation. More allegations began to follow, including charges of gender discrimination and wasteful spending by leadership. Then there were accusations that the workspaces being rented were unsafe: “Some were found to have unsafe levels of formaldehyde.” Soon the company’s chief executive no longer had an office at WeWork. Research has shown that sometimes when a company is dealing with issues such as sexual harassment, the perpetrators are also often involved in other wrongdoing. Workplaces that are high in sexual harassment may also be higher in other forms of discrimination or worker mistreatment. In one dramatic example that arose during a due diligence investigation, investigators found a chairman and CEO of a company had a history of sexual misconduct, and, through further investigation, they discovered that he was also committing fraud and forgery.For a bright shining moment, it looked like WeWork was going to be the Starbucks of office space—a worldwide company offering shared drop-in workspaces that people could rent for short or long-term. But lawsuits relating to sexual harassment filed before WeWork’s Initial Public Offering hurt the burgeoning company’s reputation. More allegations began to follow, including charges of gender discrimination and wasteful spending by leadership. Then there were accusations that the workspaces being rented were unsafe: “Some were found to have unsafe levels of formaldehyde.” Soon the company’s chief executive no longer had an office at WeWork. Continue reading ›

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The law is clear on this point: If you are a whistleblower who reports a possible violation to the Securities and Exchange Commission (SEC), the company cannot retaliate against you. For example, as stated in the Dodd-Frank legislation that created the SEC whistleblower program, “No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower.” Depending on the exact facts at issue, if a company does retaliate against someone for making a lawful report, the company can be liable to the employee, having to pay back pay (or double that) and other compensatory damages. In some cases, punitive damages are also possible.The law is clear on this point: If you are a whistleblower who reports a possible violation to the Securities and Exchange Commission (SEC), the company cannot retaliate against you.

For example, as stated in the Dodd-Frank legislation that created the SEC whistleblower program, “No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower.” Continue reading ›

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Under the law, the Securities and Exchange Commission (SEC) can investigate and enforce violations of the nation’s securities laws. On the agency’s website, the SEC provides examples of conduct it is “interested in,” such as Ponzi schemes, insider trading, bribery of foreign officials, and false or misleading statements about a company in SEC reports or financial statements. But all of that seems worlds away from allegations relating to sexual harassment at a company—even if it’s a publicly-traded one. So how does the SEC get “interested” in that? Ironically enough, allegations of sexual harassment themselves are probably not enough for the SEC to get involved. That is not to say that targets of sexual harassment would be without recourse. For example, they could file complaints with the Equal Employment Opportunity Commission or a state labor office. But for the SEC to become involved, there needs to be a tie into securities laws.  This can include a corporate culture that leads to misconduct or an impact on the company’s stock price. This can be at a publicly traded company of at a Wall Street brokerage firm. One of the primary ways that occurs is if a company fails to reveal harassment-related complaints against its leadership or resolution of lawsuits. Companies are required to disclose to the SEC, and shareholders, any litigation or other controversies. Therefore, if a company was investigating the staff’s behavior, or if it had responded to related litigation, that should be included in required SEC filings. Companies also have duties not to mislead investors in filings. So a company can’t promote the excellence of its leadership team, if they know that the team is operating under a cloud.Under the law, the Securities and Exchange Commission (SEC) can investigate and enforce violations of the nation’s securities laws. On the agency’s website, the SEC provides examples of conduct it is “interested in,” such as Ponzi schemes, insider trading, bribery of foreign officials, and false or misleading statements about a company in SEC reports or financial statements. But all of that seems worlds away from allegations relating to sexual harassment at a company—even if it’s a publicly-traded one. So how does the SEC get “interested” in that? Continue reading ›

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Last September, the Wall Street Journal first broke the story: The Securities and Exchange Commission (SEC) was investigating Activision Blizzard Inc., relating to allegations of how the company had been handling allegations of sexual harassment and gender discrimination. The SEC was reportedly looking into allegations made against Activision, asking for documents relating to six women’s personnel files and separation agreements, board meeting minutes since 2019, and other documents relating to the allegations. Even in a male-dominated industry such as computer game design, Activision had been known for a drunken “frat boy culture.” Supervisors were alleged to have made passes at women, even groping them at public events. Day-to-day, women were said to have been harassed. They were also alleged to be paid less than their male counterparts, as the men belittled them and took credit for their work. Allegedly, if women complained to the Human Resources Department, the company purportedly took no actions against the offending employees, but they did retaliate against the women, laying them off, depriving them of promotions, and other punishment. And while senior leaders were not directly implicated in having participated in the actual malfeasance, there were complaints that they had failed to take action if and when they’d learned of the problems.Last September, the Wall Street Journal first broke the story: The Securities and Exchange Commission (SEC) was investigating Activision Blizzard Inc., relating to allegations of how the company had been handling allegations of sexual harassment and gender discrimination. The SEC was reportedly looking into allegations made against Activision, asking for documents relating to six women’s personnel files and separation agreements, board meeting minutes since 2019, and other documents relating to the allegations. Continue reading ›

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