Retirees Seek Up to $500K in Northstar Financial Services (Bermuda) Claim Against...

Retirees Seek Up to $500K in Northstar Financial Services (Bermuda) Claim Against J.P. Morgan Securities


HOUSTON, April 27, 2021 /PRNewswire-HISPANIC PR WIRE/ — A retired couple from Mexico is requesting up to $500K plus interest and costs from J.P. Morgan Securities, LLC over losses they suffered from investing in a Northstar Financial Services (Bermuda) variable annuity. Because the carrier, Northstar Bermuda, is located off-shore in Bermuda, the policy that the investors purchased was not protected in the same way as those sold by US-based carriers.

Shepherd Smith Edwards & Kantas LLP.

Now, the claimants are alleging the following: misrepresentations & omissions, unsuitable recommendations, failure to supervise, breach of contract, overconcentration, negligence & gross negligence, and breach of fiduciary duty, and other violations that resulted in their significant investment losses.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at are representing these Mexican investors in their case against J.P. Morgan Securities. The Financial Industry Regulatory Authority (FINRA) arbitration hearing will take place in Houston, Texas. 

These senior investors specifically travelled to Texas to set up a US bank account. They wanted protection for their assets from Mexico’s fluctuating currency that was being negatively affected by government and economic instability. 

While it was reasonable for their J.P. Morgan Securities broker to recommend that they invest in a variable annuity — typically a safe and suitable investment for most retail investors seeking principal protection — it was unsuitable to recommend a variable annuity from Northstar Bermuda. 

The fact that this was an offshore carrier automatically exposed the claimants to undue risk. 

According to SSEK Law Firm attorney, Luis J. Acevedo-Bengoechea, “People from Latin America bring their assets to invest in the US seeking stability. It is reprehensible that a licensed financial advisor would then recommend a product that is held off-shore when reasonable US investments were available.”

Northstar Financial Services (Bermuda) has offered variable- and fixed-rate annuity investment products to investors, many of whom were drawn to these products because of the tax benefits offered in Bermuda. 

SSEK Law Firm is looking into similar complaints brought by customers of Ocean Financial Services, Bankoh Investment Services, J.P. Morgan Securities, Truist Investment Services and other broker-dealers who may have unsuitably recommended these products to their customers. 


Kirk Smith

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SOURCE Shepherd Smith Edwards & Kantas LLP

Retirees Seek Up to $500K in Northstar Financial Services (Bermuda) Claim Against J.P. Morgan Securities