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January 17, 2020 at 08:50 PM
North Carolina officials have filed a suit against Greg Lindberg and some of his companies, Lindberg reported Wednesday.
A state court judge in Wake County, North Carolina, approved an order putting four insurance companies affiliated with Lindberg in rehabilitation, and appointing North Carolina Insurance Commissioner Mike Causey as the receiver, in June.
Lindberg identified the main plaintiff in the new case against him as Causey.
(Related: North Carolina Life Company Executive Says Court Should Dismiss Bribery Indictment)
The North Carolina Department of Insurance said that plaintiffs in the case are the insurers companies that were placed in rehabilitation: Southland National Insurance Corp., Bankers Life Insurance Company, Colorado Bankers Life Insurance Company and Southland National Reinsurance Corp.
The defendants are Greg Lindberg, Academy Association Inc., Edwards Mill Asset Management LLC, New England Capital LLC, and Private Bankers Life and Annuity Co. Ltd., according to the North Carolina department.
Causey and the North Carolina department are not parties to the case, according to the North Carolina department.
The four plaintiffs in the new case are part of the Global Bankers Insurance Group. Global Bankers is part of Eli Global. Eli Global is owned by Greg Lindberg, according to a report on the insurers filed with the Wake County, North Carolina, Superior Court in August.
Resources
- Links to some documents related to the rehabilitation of Colorado Bankers Life and its sister companies are available here.
- A set of the rehabilitators’ answers to questions frequently asked by producers is available here.
- Greg Lindberg’s press releases about litigation and other matters are available here.
Global Growth LLC is the successor company to Eli Global, according to a press release Global Growth issued in September 2019.
Lindberg says the new legal action again him and his companies was filed Oct. 1, 2019, but that parts of the actions were only recently unsealed.
North Carolina pleadings and dockets are not available online. Reporters at The Wall Street Journal have reported, in an article published behind a paywall, that the plaintiffs in the new legal action are seeking to change the terms of an agreement reached in June 2019, and to get a temporary receivership over hundreds of private companies owned by Lindberg, because, according to the plaintiffs, Lindberg had not completed a proposed reorganization of some entities by a Sept. 30, 2019, deadline included in the June agreement.
