In a separate lawsuit, a North Carolina trial court appointed a receiver over Lindberg’s finances, a decision that he has taken to the state Supreme Court. According to Universal Life, the $524 million award generates interest of $32,000 a day.
Lindberg also faces numerous lawsuits from other insurers and creditors, including a Dutch insurer that received $166 million and some insolvent insurers that allege he owes them $100 million or more. In addition, the U.S. Securities and Exchange Commission accuses Lindberg of embezzling $75 million from clients–an allegation he is battling. In a jury trial last June, he was found guilty of fraud and bribery as part of a scheme to corrupt North Carolina’s insurance commissioner.
The case is Universal Life Insurance Co. v. Lindberg, case number 23-1313, in the U.S. Court of Appeals for the Fourth Circuit.
