Beneficient issues response to claims made by GWG Litigation trustee

Beneficient issued the following statement in response to a complaint filed on April 19, 2024 by the trustee of the GWG Litigation Trust: Beneficient is disappointed but not surprised that the Litigation Trustee has decided to file suit against Beneficient, affiliated entities, and its officers and directors. The Litigation Trustee crafted a deliberately selective reading of complex and permissible business transactions, negotiated at arm’s length that spanned many years as GWG Holdings sought to implement its disclosed business strategy to diversify away from its concentrated investment in life insurance policies. Although he was appointed ten months ago to conduct another investigation, the Litigation Trustee’s claims are similar to issues previously asserted in GWG Holdings bankruptcy proceeding, at great expense to the GWG Holdings estate. The market has been aware of the allegations asserted in the GWG Holdings bankruptcy since 2022. As it extensively laid out in various GWG Holdings bankruptcy filings, Beneficient has robust defenses to these claims. Beneficient looks forward to dismantling the Litigation Trustee’s allegations in court and providing a clear, factual and complete response to the complaint’s narrative.