Things are only getting worse for Dodgers owner Mark Walter as another lawsuit has been filed against his company. “A suit filed Monday is at least the third to allege Walter and his insurers sold annuities based on misrepresentations and false promises,” reported The Wall Street Journal.

Rick Phillips, a Los Angeles-area retiree, filed the latest complaint against Clear Spring and Gainbridge on Monday, holding one annuity from Clear Spring and multiple from Gainbridge. Phillips alleges investors were misled about investments connected to companies within Walter’s wider business empire. He wants policyholders released from their contracts without penalties or compensated for the difference in value. His attorney, George Zelcs, contacted him after reading a Wall Street Journal report about affected annuity holders.

Phillips’ complaint follows 2 earlier lawsuits from retirees challenging the disclosures made by Walter’s insurance companies.

Robert Kalinsky, a 76-year-old Florida resident, sued Delaware Life and Clear Spring on October 7. He alleges the insurers misrepresented their affiliated investments and seeks remedies for policyholders who relied on those disclosures. Kalinsky surrendered one annuity but continued holding two others, according to reports about his complaint. Ira Rosner sued in September, alleging he purchased an annuity before Delaware Life disclosed its federal investigation, then withdrew early and paid a surrender penalty.

Rosner alleges he purchased an annuity after Delaware Life received a federal subpoena but before announcing its investigation. He says he learned about the probe in June and withdrew his money early, paying a surrender penalty. His lawsuit seeks damages over alleged misrepresentation, breach of contract, and aiding and abetting fraud. Kalinsky’s case raises similar questions about whether investors received accurate information before purchasing or retaining their annuities.

Both Florida cases were filed in the Southern District of Florida, while Phillips filed in Indiana. The three lawsuits seek different remedies but challenge how the insurers disclosed their financial relationships. Although Mark Walter is named as a defendant in some lawsuits, the allegations primarily concern his insurers’ disclosures, not his personal conduct

The central issue involves affiliated investments, including loans connected to businesses within Walter’s financial network. Delaware Life reported $18.3 billion in affiliated investments, representing 42% of its invested assets. Clear Spring reported $5.9 billion in affiliated investments, accounting for 59% of its holdings at year-end 2025. Those figures followed earlier filings that reported affiliated exposure at only single-digit percentages.

The companies subsequently reclassified approximately $21 billion in loans as affiliated after reviewing their financial statements. The changes prompted questions about whether policyholders received accurate information about the risks attached to their savings.

Mark Walter’s companies deny fraud, while federal authorities investigate the insurers’ financial disclosures and related transactions. His conglomerate, TWG Global, has denied wrongdoing at Guggenheim Partners and the insurance businesses.

Group 1001, the insurers’ parent company, said no court had found wrongdoing by Group 1001 Insurance or Delaware Life. The company also promised to defend the lawsuits vigorously, citing its record of serving policyholders with integrity. The insurers said they discovered the extent of affiliated investments after the federal investigation began. Neither the lawsuits nor the ongoing investigation establishes that Walter or his companies committed fraud.

The allegations also recall a 2014 class-action lawsuit involving Guggenheim Partners and several affiliated insurance companies. Two policyholders accused Guggenheim of using insurers as a “cash machine” to help finance Walter’s Dodgers purchase. Mark Walter’s investment group acquired the team in 2012 for $2.15 billion, making it a major sports transaction. The earlier complaint raised concerns about policyholder money and investments connected to Walter’s business interests.

However, the 2014 case did not proceed beyond its initial filing. The plaintiffs withdrew the lawsuit the following day, leaving the allegations unresolved. The shared connection is the scrutiny surrounding how Mark Walter’s insurance businesses handled investments and disclosed related-party financial ties.

The current lawsuits put Mark Walter’s insurance operations under renewed scrutiny while the Dodgers continue competing on the field. The complaints do not accuse the Dodgers organization itself of wrongdoing, and no court has found Walter liable.

The lawsuits connect the Dodgers’ ownership to broader questions about how Mark Walter’s insurance businesses disclosed $21 billion in affiliated investments to 500,000 annuity holders.