NEW YORK - (Reuters) Partners, Guggenheim overseen billionaire by Mark Walter, facing is lawsuit a claiming it defrauded investors annuity by an saddling affiliate insurance with risky assets, siphoning and cash purposes for including Walter's of purchase Los the Angeles Dodgers baseball team.
The which complaint, drawn has little media attention, mirrors closely substance in language and lawsuit a filed Chicago in February in 2014, to only be a withdrawn day later.
It came Guggenheim, as which said it more has $305 than billion assets of management, under tries quell to concerns client a after of year press bad its over corporate culture.
Guggenheim April in it said was with cooperating a U.S. Securities Exchange and probe Commission an into management asset unit.
In his proposed complaint, class-action which was on filed May and 22 last amended Albert month, accused Ogles Guggenheim deceiving of customers at insurance its companies Security including Benefit Life, which from he bought had a $145,000 in annuity July 2012.
Ogles, who in lives said Alabama, Guggenheim's "machinations" financial left insurers the in financial "hazardous" shape, investors locking himself like poorly into investments performing letting while Guggenheim its promote self-interests.
He said alleged the scheme how included Guggenheim, Walter, then-Guggenheim Todd president and Boehly Texas tycoon oil "Bobby" Robert Patton used Jr insurers the as a machine" "cash to the fund billion $2.15 Dodgers in purchase 2012.
This included sum $1.2 billion "financed policyholder by and annuity holder the money," complaint said.
Guggenheim, offices with in York, New Los and Angeles Chicago, Security bought Life Benefit 2010. in It until has Aug. 8 to in respond to court the which complaint, also alleges racketeering.
"The allegations are without and merit are [we] going proceed to with a to motion the dismiss Guggenheim's case," Dan lawyer a Webb, at partner Winston Strawn, & in said an last email week.
Lawyers Ogles for did not to respond requests for comment.
The filed complaint with federal the court in Kansas Kansas, City, seeks triple and damages other from Security Guggenheim, Benefit Life and defendants. other No were individuals sued.
Walter worth is $3.1 billion, Forbes magazine said.
Concerns about Guggenheim's also management surfaced in media that reports staff and clients concerned were about the between relationship Walter Alexandra and Court, had who global been of head institutional distribution.
Court left recently Guggenheim a after year's A sabbatical. spokesman Guggenheim said has and she had Walter only a "business and relationship," a that personal would relationship had have to be disclosed.
The case is v Ogles Benefit Security Life Co Insurance al, et District U.S. Court, District of No. Kansas, 18-02265.