Guggenheim accused of siphoning annuity unit’s cash for LA Dodgers

Guggenheim Partners, overseen by billionaire Mark Walter, is facing a lawsuit claiming it defrauded annuity investors by saddling an insurance affiliate with risky assets, and siphoning cash for purposes including Walter's purchase of the Los Angeles Dodgers baseball team. It came as Guggenheim, which said it has more than $305 billion of assets under management, tries to quell client concerns after a year of bad press over its corporate culture. Guggenheim in April said it was cooperating with a U.S. Securities and Exchange Commission probe into an asset management unit.