If you’re a GWG L Bond investor, the past few years have likely been a rollercoaster of frustration and uncertainty. The bankruptcy of GWG Holdings, Inc. in 2022 left thousands of investors—many of whom are retirees or conservative savers—reeling from significant financial losses. At Iorio Altamirano LLP, we’ve been fighting tirelessly for GWG L Bondholders, successfully recovering over $2 million in claims against brokerage firms that misrepresented or inappropriately recommended these risky investments.
Now, a development in the GWG bankruptcy case could open new doors for recovery. On February 28, 2025, the bankruptcy trustee tasked with recovering funds for GWG creditors filed a lawsuit against the prominent law firm Holland & Knight. The complaint, accessible via the GWG bankruptcy docket (Case No. 22-90032, Docket No. 2531), seeks nearly $150 million in damages, alleging that Holland & Knight knowingly participated in a “fraudulent looting scheme and associated criminal enterprise” alongside Dallas-based Beneficient and its CEO, Bradley Heppner.
What Are GWG L Bonds, and Why Did They Fail?
GWG L Bonds were often marketed as safe, high-yield investments backed by life insurance policies. Brokerage firms pitched them to conservative investors, frequently retirees, as a reliable way to earn steady returns. However, the reality was far different. GWG Holdings used these bonds to fund a risky and unsustainable business model, relying heavily on new investor money to pay existing obligations—a structure eerily reminiscent of a Ponzi scheme. When the company filed for Chapter 11 bankruptcy in April 2022, it left bondholders with over $1.3 billion in losses.
Our investigation at Iorio Altamirano LLP revealed that many investors were misled by brokers who omitted critical risks or misrepresented the bonds’ safety. This misconduct has been the foundation of our successful claims, recovering millions for clients through securities arbitration. However, the new lawsuit against Holland & Knight suggests that the web of liability may extend beyond brokerage firms to include law firms and financial players who allegedly enabled GWG’s collapse.
The $150 Million Lawsuit: What It Means for GWG L Bond Investors
The trustee’s complaint alleges that Holland & Knight provided legal services that facilitated a scheme to siphon funds from GWG Holdings to Beneficient, a financial services firm tied to GWG’s operations. According to the filing, this “looting” contributed to GWG’s financial ruin, directly harming creditors—including L Bond investors. The trustee is seeking to claw back these funds, which could bolster the bankruptcy estate and potentially increase distributions to bondholders.
For GWG L Bond investors, this lawsuit is a glimmer of hope. While bankruptcy recoveries are often limited, significant wins like this could mean more money returned to creditors. However, pursuing your own claim against the brokerage firm that sold you these bonds remains a faster, more direct path to recovery—and that’s where our expertise comes in.
Why Choose Iorio Altamirano LLP for Your GWG L Bond Claim?
At Iorio Altamirano LLP, we focus our practice on helping investors hold negligent or fraudulent brokerage firms accountable through representations in securities arbitrations. Our track record speaks for itself: We’ve recovered over $3 million for GWG L Bond investors to date. Whether your broker failed to disclose the risks, recommended unsuitable investments, or ignored red flags about GWG’s financial health, we can build a strong case on your behalf.
Here’s how we can help:
- Free Case Evaluation: We’ll review your investment history and broker communications at no cost to determine if you have a viable claim.
- Proven Experience: Our firm has successfully navigated the complexities of GWG L Bond cases, securing substantial awards for clients.
- Contingency-Based Representation: You pay nothing upfront—we only get paid if we recover money for you.
- Personalized Attention: As a boutique firm, we treat every client like family, ensuring your case gets the focus it deserves.
Time Is Running Out: Act Now to Protect Your Rights
The GWG bankruptcy case is ongoing, and deadlines for filing claims—both in bankruptcy court and through securities arbitration—can be strict. The Bondholder Claims Bar Date passed in November 2022, but arbitration claims against brokerage firms often have separate timelines under FINRA rules, typically six years from the date of purchase or the discovery of misconduct. With the new Holland & Knight lawsuit shining a spotlight on GWG’s collapse, now is the time to explore your options.
Don’t let your losses sit unresolved. The $150 million lawsuit underscores that accountability is possible, and our firm is ready to fight for the compensation you deserve. Visit our GWG L Bond investigation page at or call us today for a free consultation.
How to Get Started
If you invested in GWG L Bonds and suspect you were misled by your broker, contact Iorio Altamirano LLP immediately. Here’s what to do:
- Gather Your Documents: Collect statements, correspondence, or marketing materials related to your GWG L Bond investment.
- Reach Out: Call us or submit a contact form on our website for a no-obligation case review.
- Let Us Fight for You: We’ll handle the legal heavy lifting, from filing your claim to representing you in arbitration.
A Path Forward for GWG L Bond Investors
The GWG L Bond saga has been a devastating ordeal for investors, but the tide can turn. The trustee’s $150 million lawsuit against Holland & Knight is a bold move to recover funds, and our firm’s arbitration victories prove that brokerage firms can be held liable for their role in this mess. At Iorio Altamirano LLP, we’re committed to helping GWG L Bond investors reclaim their financial security—one claim at a time.
Don’t wait to take action. Contact us today at 855-430-4010 and let’s discuss how we can help you recover your losses. Together, we can turn the page on this chapter and secure the justice you deserve.
About Iorio Altamirano LLP
Iorio Altamirano LLP is a securities arbitration law firm in New York, NY. We represent investors nationwide and vigorously pursue FINRA arbitration claims on behalf of investors to recover investment losses.
Iorio Altamirano LLP was at the forefront of the investigation into the GWG L Bonds starting in late 2021 and has already helped investors recover over $3 million in losses.
GWG L Bond investors should contact securities arbitration law firm Iorio Altamirano LLP to review their legal options. The firm will review the terms of investors’ GWG L Bond investments at no cost and provide a free consultation. Customers may be entitled to compensation without paying any out-of-pocket fees or costs through a contingency fee arrangement with securities arbitration law firm Iorio Altamirano LLP. To set up an evaluation, email securities arbitration attorneys August Iorio at august@ia-law.com or Jorge Altamirano at jorge@ia-law.com. Alternatively, call the firm toll-free at (855) 430-4010.