Frequently Asked Questions

JPL stands for Joint Provisional Liquidators. On September 25, 2020, the Bermuda Supreme Court appointed Rachelle Frisby and John Johnston of Deloitte Ltd. as JPLs to manage the court-supervised liquidation of Northstar Financial Services (Bermuda) Ltd. A full winding-up order followed on March 26, 2021.

Yes. The Bermuda liquidation addresses claims against Northstar itself, but may return only a fraction of losses — slowly. A FINRA arbitration claim against the U.S. broker-dealer that sold you the product is a completely separate avenue and is not blocked by the Bermuda proceedings.

Multiple U.S. broker-dealers recommended Northstar to clients, including Truist Investment Services (formerly SunTrust), Bankoh Investment Services, Raymond James, Wells Fargo, and Ocean Financial Services, among others. A FINRA claim names the selling firm, not Northstar itself.

Time may be limited, but there is still time to file a claim. Contact us today!

Nothing upfront. Bixby Law PLLC works on a pure contingency basis — you pay $0 in fees or costs to Bixby Law unless we recover for you.

Northstar Financial Services (Bermuda) primarily sold offshore private placement life insurance (PPLI) and annuity products — often marketed as tax-advantaged vehicles for high-net-worth investors. These products were frequently recommended by U.S. broker-dealers and financial advisors to clients as sophisticated investment solutions. In many cases, clients were not adequately informed of the risks, the offshore structure, or the near-total illiquidity of these instruments.

Potentially yes. FINRA arbitration targets the U.S. broker-dealer or registered investment advisor that recommended the product — not Northstar itself. If your advisor failed to conduct adequate due diligence, recommended a product unsuitable for your risk profile or investment objectives, or misrepresented the product's risks and liquidity, the firm may be liable for your losses under FINRA rules.

Recovery through the Bermuda liquidation is expected to be a fraction of total losses for the "Fixed" investors in particular, and distributions have been slow. The JPLs have recovered certain assets, but the estate is unlikely to make investors in the Fixed investments whole. A FINRA arbitration claim against the selling broker-dealer is a separate and often more direct path to meaningful recovery — and can proceed simultaneously with any Bermuda distribution you receive.

FINRA arbitration is a private dispute resolution process administered by the Financial Industry Regulatory Authority. Claims against broker-dealers are typically required to go through FINRA arbitration rather than court under the terms of your brokerage account agreement. It is generally faster and less expensive than federal litigation, with a panel of arbitrators deciding the outcome. Most securities investor claims against broker-dealers are resolved this way.

Most FINRA arbitration cases are resolved within 12 to 18 months from filing. Larger, more complex cases can take longer. By comparison, federal securities litigation can take three to five years or more. The streamlined FINRA process is one reason arbitration is often the faster path to recovery for defrauded investors.

Yes. FINRA arbitration claims are filed against the broker-dealer firm, not the individual advisor. Even if your advisor has left, retired, or had their license revoked, the firm that employed them and supervised their conduct remains liable. The firm had an independent obligation to supervise its registered representatives and ensure the suitability of their recommendations.

Useful documents include account statements, trade confirmations, new account forms, any promotional materials or prospectuses you were given, and correspondence with your advisor. If you no longer have these, do not worry — broker-dealers are required to maintain records, and we can obtain them through the arbitration discovery process. The most important first step is simply contacting us so we can evaluate your situation.