Cadillac Formula 1 shareholder Mark Walter has officially become the subject of a class-action lawsuit, while a concurrent investigation into potential fraud between his insurance companies is ongoing.
The class-action lawsuit was filed in the U.S. District Court for the Southern District of Florida, and the complaint alleges that Walter used his firms - TWG Global, alongside Delaware Life Insurance and Group 1001 - to execute a scheme aimed at concealing federal investigations and diverting billions of dollars from policyholders' funds.
