Thousands of GWG Holdings Bondholders Are Still Waiting To Get Their Money Back. Contact our GWG L Bond Attorneys
If you are a GWG Holdings investor and are waiting to recoup your losses, contact Shepherd Smith Edwards and Kantas (investorlawyers.com) so we can help you explore your legal options. Approximately 27,000 investors were sold this high-risk junk bond from an alternative asset firm that has since filed for bankruptcy. Now, many have been left wondering how they can get their money back.
Earlier this year, the GWG L bond investors who bought $1.6M in these supposed life settlement-backed bonds were offered pennies on the dollar in a proposal by Beneficient. That illiquid alternative investment platform offered to pay $50.5M to settle claims over lawsuits submitted in federal court. This would equate to a little over 3 cents for every dollar. It is not enough.
Recently, GWG bondholders filed a class action lawsuit accusing three law firms, former judge David R. Jones, and GWG wind-down trustee Liz Freeman of pursuing a fire sale of GWG Holding’s assets. The purpose of this, they contend, was to render the bonds “entirely or nearly worthless,” allegedly to conceal and profit from the romantic relationship between Jones and Freeman.
The plaintiffs are accusing the defendants of bankruptcy fraud, mail and wire fraud, obstruction of justice, violation of the RICO Act, and unjust enrichment. They contend that the romantic relationship was an undisclosed conflict of interest.
How Can You Recoup Your L Bond Losses?
Who knows if GWG investors will get back any money at all from the bankruptcy case or any class action litigation? What we do know is that around 40 regional brokerage firms marketed and sold these junk bonds to investors, including many retirees and seniors, for whom this was an unsuitable investment recommendation from the start.
If you were the victim of unsuitability, overconcentration, best interest violations, misrepresentations and omissions, negligence, gross negligence, or a failure to supervise involving the sale of these L Bonds, you may be able to pursue damages from the brokerage firm you worked with.
This is not the kind of legal claim you want to make without trusted securities attorneys by your side. If we were to work together, you would become part of our unit of GWG L Bond lawsuits that is represented by everyone at our firm. We are well-versed in the collapse of this investment and why brokerage firms owe investors damages.
Speak To One Of Our GWG L Bond Attorneys
The broker-dealers that sold L Bonds will not readily admit to any kind of misconduct or negligence. Already, we have filed claims against many of these firms. If Shepherd Smith Edwards and Kantas GWG L Bond Attorneys were to represent you, we would build a solid investment loss recovery case on your behalf and represent you in FINRA arbitration.
Our securities law firm is known for providing experienced securities representation and personalized attention. More than 90% of the investors we have worked with over the years have secured full or partial financial recovery.
Call (800) 259-9010 or fill out this online contact form.