Cadillac F1 backer at center of Florida class-action over alleged insurer scheme

A Florida-based class-action lawsuit targets Cadillac F1 shareholder Mark Walter and his investment firm TWG Global, accusing them of using affiliated insurers to divert billions from policyholders to support Walter's private business network, which included stakes in sports teams and helped launch Cadillac F1 with General Motors. The allegations suggest about $17 billion was funneled into Walter's network; a concurrent fraud inquiry is underway with no criminal charges yet. TWG has defended itself and says Cadillac assets are not for sale.