(Id., 12.) Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms. (Ibid.) Consumers are accusing PacLife of violating consumer protection laws by deceiving their customers and failing to disclose the risks and fees associated with their PDX policies. Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. The case status is Pending - Other Pending. https://topclassactions.com/wp-admin/admin-ajax.php. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. (Ibid.) In late August 2018, Gary Marenzi and Rebecca Prange met with Silverman and Weaver, during which Weaver represented that Marenzi and Prange would not have to pay premiums or interest out-of-pocket and while they might need to post a small amount of collateral, it would be refunded after the loan funded. When, if ever, will the public ever understand that insurance is insurance and that investments are investments? These costs may come in the form of surrender penalties deducted from the policys actual cash value. The plaintiffs are alleging misleading marketing materials and excessive policy charges. %PDF-1.4 Neither Pacific Life nor Ace Seat Belt Covers officials could be reached for comment Friday. Plaintiffs assert a First Cause of Action with five separate counts (for intentional misrepresentation, fraudulent concealment, professional negligence, unfair competition, and intentional infliction of emotional distress) against all defendants except United Omaha. ), In approximately March 2016, Silverman became acquainted with Wayne L. Weaver (Weaver), who said he had a program that they could market to Silvermans client on which they could split the commissions paid by the insurers. While many of us might look at market conditions and quickly draw such a conclusion, that case may be much more difficult to argue in a court of law. Plaintiffs allege that the misrepresentations concerning the PacLife and Lincoln policies occurred years later, as early as September 8, 2016, and continued through 2017, and these policies were not issued until in or after August 2018. The complaint spends several pages building a case to define PacLife's character.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-box-4','ezslot_3',133,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-box-4-0'); It also mentions another aspect of PacLife's product that touches on a very interesting subject. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. (Ibid. What you describe in this article PacLife did to these buyers is exactly what they are doing to me. (Id., 22.) strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. But we demand a fact-based level of argument around here. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Therefore, the Court sustains United Omahas demurrer on this basis. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. (Ibid. On October 20, 2020, Wintrust billed Gary Marenzi and Rebecca Prange for more than $300,000, including a demand for $79,499 in additional collateral. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. In 2008, SWS Group agreed to buy M.L. such links, we may receive a commission, but it will not result in any additional charges to you. Consumers who surrendered their policy after relying on misleading representations from PacLife may be able to take action for their financial damages. (Code Civ. Harris County District Courts | Other | The trustee for these trusts is Wesley A. Prange. February 22, 2022 04:00 PM Eastern Standard Time SAN FRANCISCO-- ( BUSINESS WIRE )--Leading fire litigation firm Singleton Schreiber LLP has filed a lawsuit in Siskiyou County, Calif., on behalf. Weaver represented that they would pay interest on the loan during the first year but nothing more out-of-pocket afterwards. 3:23-CV-00124 | 2023-02-02, U.S. District Courts | Labor | Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. This rule of liberal construction means that the reviewing court draws inferences favorable to the plaintiff, not the defendant. (Perez v. Golden Empire Transit Dist. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. Terrence Hersey sits for a portrait at his home Friday, June 17, 2022, in South Holland, Ill. Hersey underwent extensive rehabilitation for a stroke in 2015 . Counsel has not appeared pro hac vice in California in the past two years. The Judge overseeing this case is STEPHEN I. GOORVITCH. Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. to Revenue Procedure 93-34, 1993-2 C.B. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. v. Pacific Life Insurance Company. (Id., 11.) On 07/12/2022 STEVEN MUNZER filed an Other lawsuit against PACIFIC LIFE INSURANCE COMPANY. The company is based in Newport Beach, California, and offers consumers a wide variety of life insurance products, investment products, retirement planning services, and annuities, among others. ]K#5o}Z_ S!o9eY@+S6m;ZlZL)~Q[f'$>0=YgXa#j}G[0sVY|z:8|yR+sm4eyg>l$rCh*.g(R-Arlh;B)SZc{YFMb9w[=@ckK5s\u1v1rZ NmGz'O. 2:23-CV-00474 | 2023-01-20, U.S. District Courts | Labor | Hi Stewart, I think your oversimplifying by categorizing the world as only having investments. This isnt just an IUL issue. Those who listened won't have to worry about the coming wave of lawsuits. Here are 22 essential L.A. spots for every tourist, Column: We cant afford another writers strike. Stern. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. . However, legal allegations against the company indicate that these promises may be false. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Your email address will not be published. Pacific Life provides annuities, life insurance products, mutual funds, and different kinds of investment products and services. With unexpectedly high premiums and subpar returns, consumers may be forced to surrender their policy due to the negative impact of the insurance, according to Investopedia. . The issues in the suit go to the core of abusive IUL . The policy claimed to use a 6% which in reality was 24% by dint of a 4x multiplier. The lawsuit does not specify a monetary reward Hughes hopes to receive from Pacific, but it asks for a sum that would compensate Hughes for economic and non-economic losses, as well as attorney fees. ), Beginning on or about September 8, 2016, and continuing during 2017, Weaver and Silverman made proposals to Gary Marenzi and Rebecca Prange under which the trusts would obtain tens of millions of dollars of premium-financed life insurance without paying out-of-pocket except for the first year. 3:23-CV-00355 | 2023-02-01, U.S. District Courts | Labor | When a policyholder surrenders their PacLife IUL policy, they may lose money that they paid into the policy through premium payments. Gary Marenzi, et al. On that same date, Gary Marenzi and Rebecca Prange established the Marenzi Insurance Trust Number Three for the purpose of holding title to one or more life insurance policies on their lives. hTmHSa>\ Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. 3. Pac Life Sued for Fraud in Class Action Over Deceptive IUL Sales To read the class action complaint (a MUST read), click on the following link: http://advisorshare.com/pac-life-class-action-pdx-iul I've been warning about Pac Life's PDX IUL policy for years. . 2017-09-20, U.S. District Courts | Finance | 959 0 obj <>stream Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. Pacific Life Insurance Company, Case 0:10-cv-60754-JIC) alleging that Pacific Life Insurance marketed and sold high premium payment Flex XII life insurance policies that Pacific Life represented were appropriate for use in funding Internal Revenue Code IRC 412 (i) pension plans, that premiums paid on the policies were fully tax deductible and (Ibid.) (Ibid.) The policy in question is very new in relative terms. After the fifth annual payment, Xu claimed Li would owe no future premiums and even be able to take income from the indexed universal life insurance policy in the amount of $175,000 per year. (Id., 24.) Pacific Life Insurance Company, Defendant. ) Through every step of the litigation he explained what to expect to happen. Top Class Plaintiffs would have had the option to keep the United policy if they wished to pay the then necessary premium, which presumably would have meant resuming the planned premium payments. (Plaintiffs Memorandum of Points & Authorities, p. Plaintiffs filed a notice of non-opposition to the motion, which states: Plaintiffs will be actively working on the discovery responses and hopes to have them served by, or very shortly after, the hearing date of this motion. (Plaintiffs Notice of Non-Opposition, p. From our first meeting, I felt "heard" and that my situation and story were respected. Maybe next time spend a little more time on reading comprehension before unloading your half-cocked rant because you have some beef with life insurance, marketing organizations, or whatever has you all in an uproar. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); https://traffic.libsyn.com/secure/insuranceproblogpodcast/An_Ugly_Indexed_Universal_Life_Insurance_Lawsuit.mp3, Violation of Unfair Competition Law Business and Professions Code. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. It's a weird concept for universal life insurance (since it's effectively term insurance already).if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-large-leaderboard-2','ezslot_6',161,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-large-leaderboard-2-0'); Plaintiff Hong Li and her family met with agent Tiffany Xu in 2018. (Id., 104. In 1994 it became a publicly-traded company that managed fixed-income securities. Plaintiffs argue that they were forced to surrender their polices from PacLife and Lincoln, forcing them to pay more for substitute coverage, i.e., a United Omaha policy. You can design it as 100k base policy and 900k as term in a whole life. Top Class Actionss website and social media posts use affiliate links. (Id., 10.) We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. How can I get in touch with you to join the law suit? Policyholders from all states may be eligible for legal action, though lawyers are especially interested in speaking to consumers from Arizona, California, Florida, Illinois, Michigan, Minnesota, and New Jersey. Misleading PacLife IUL Marketing Could Lead to Policy Surrender, GE Capital Assurance universal life price hikes may be unlawful and excessive, Creditor and debt collector calls class action lawsuit investigation, Essential: Remember your cookie permission setting, Essential: Gather information you input into a contact forms, newsletter and other forms across all pages, Essential: Keep track of what you input in a shopping cart, Essential: Authenticate that you are logged into your user account, Essential: Remember language version you selected, Functionality: Remember social media settings, Functionality: Remember selected region and country, Analytics: Keep track of your visited pages and interaction taken, Analytics: Keep track about your location and region based on your IP number, Analytics: Keep track of the time spent on each page, Analytics: Increase the data quality of the statistics functions, Advertising: Tailor information and advertising to your interests based on e.g. All you need to know about this case is that a after making two installments of $500,000 into an IUL, a policyholder ended up with a surrender value of under $400,000, having borrowed or withdrawn nothing. In 1972, the investment management subsidiary, Pacific Investment Management Company (PIMCO), was launched. By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. We've had our skepticism about the products for a long time. Our law firm represents institutional and individual investors nationwide with significant losses in their portfolios, retirement plans and investment accounts. Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. GARY MARENZI, ET AL. "l3241V G- z{3`}9/ $ HA (Id., 31.) ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. 3:21-cv-01444-BHH Opinion and Order This matter is before the Court on Defendant Pacific Life Insurance Company's ("Pacific Life") motion to dismiss the second amended complaint pursuant to Federal Rule of Civil Procedure 12(b)(6).1 (ECF No. An indexed life insurance policy is a special type of insurance with an interest rate directly linked to a market index, such as the S&P 500. (Ibid.) Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. With an IUL, interest rates can increase significantly much higher than fixed interest rates when the linked market index performs well. The plaintiffs are alleging misleading marketing materials and excessive policy charges. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. The case was filed in Covington because the lead plaintiff, Ace Seat Belt Covers Inc., is based there. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. Join a Free PacLife & Minnesota Life Lawsuit Investigation If you purchased the Pacific Discovery Xelerator (PDX) Universal Life policy from PacLife or the Eclipse IUL from Minnesota Life in the last 5 years, you may qualify to join this universal life insurance lawsuit or class action lawsuit investigation. Privacy Policy | Required fields are marked *. Write a 100k IUL and another 900k a 30 year term policy. Contact our consumer fraud attorneys toll-free at (800) 254-9493 or fill out the form for a free and confidential consultation about your potential case. Then, Plaintiffs discovered that, in fact, the United Omaha policy was not paid-up for 20 years, requiring them to pay $596,960 to maintain this policy for the full 20 years, per their original plan. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Other than the initial investment, which would be returned, Weaver said that Gary Marenzi and Rebecca Prange would have $40 million of free life insurance. administrator or law firm. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. ANTHONY ALAIMO, Senior District Judge . In 2005, Silverman sold Gary Marenzi a $2 million term life insurance policy from First Colony that included an option to convert the policy to a permanent one. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. Why is this public record being published online? United Omaha demurs to all of these claims, arguing that there is improper joinder. . 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife), Pacific Life Insurance Company offers their own IUL policy known as the, . Plaintiffs assert a First Cause of Action with five separate counts (for intentional misrepresentation, fraudulent concealment, professional negligence, unfair competition, and intentional infliction of emotional distress) against all defendants except United Omaha. (Ibid.) This is the first I'm aware of blending showing up in an official legal complaint against a life insurer, and it introduces something I have long wondered about the life insurance industry and the marketplace for cash value-focused life insurance sales. The contact form sends information by non-encrypted email, which is not secure. This is not a matter of failing to illustrate the worse case scenario as someone suggested. With respect to the first set of claims, Plaintiffs allege that Weaver made a series of misrepresentations concerning the terms of the PacLife and Lincoln policies, and that Silverman was negligent in not verifying this information. status of any class action settlement claim. (Complaint, 104.). Youve been a wonderful lawyer and a friend. Pacific Life Insurance Co. of Newport Beach has agreed to pay more than $115 million to settle a class-action lawsuit claiming it cheated customers over 15 years by lying about its policies. When I spoke with him later he reviewed the process. (2012) 209 Cal.App.4th 1228, 1238.). Weaver did not disclose the terms of the loan or life insurance policy, but stated that the only circumstances under which they would have to make payments would be in the event of a multi-year stock market decline. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. The list is updated frequently, so check . by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. The exact amount that a policyholder can walk away with will vary depending on the surrender fees charged by their insurance provider. They lent their friend a van. Pacific Life Named One of World's Most Ethical Companies for Sixth Consecutive Year In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer. ? Terms and Conditions. Learn More It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Top Class Actions is a Proud Member of the American Bar Association, Various Trademarks held by their respective owners. U.S. District Courts . Stipulation and Order - STIPULATION AND ORDER PROPOSED STIPULATED PROTECTIVE ORDER GOVERNING CONFIDENTIAL INFORMATION, Minute Order - MINUTE ORDER (COURT ORDER: NOTICE OF RELATED CASE), Certificate of Mailing for - CERTIFICATE OF MAILING FOR (COURT ORDER: NOTICE OF RELATED CASE) OF 05/03/2022, Notice - NOTICE COURT ORDER RE NOTICE OF RELATED CASE, Declaration - DECLARATION OF M. LILLY ISO MOTION TO COMPEL DISCOVERY, Motion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion, Notice - NOTICE NOTICE OF WITHDRAWAL OF MISTY A. MURRAY AS COUNSEL OF RECORD, Opposition - OPPOSITION PLAINTIFFS' OPPOSITION TO DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S DEMURRER TO COMPLAINT, Reply - REPLY DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S REPLY BRIEF ISO ITS DEMURRER, Cases involving other agreements or torts not classified elsewhere, 190, 1190, 2190, 3190, 4190, 4194, 5190, 5196. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. expected to be mailed out. ), Finally, the Court cannot conclude that there is any overlap in the damages between the two sets of claims, as the allegations make clear that each set of damages stem from different transactions. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. (Ibid.) Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. Heres how to claim your share, Newsom, IRS give Californians until October to file tax returns, Column: Hate Fox News? DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. In fact, the policies required that both Gary Marenzi and Rebecca Prange to have received an underwriting rate class of standard non-smoker or better. Gwendalyn Douglass v. Reliant Life Shares LLC et al. Notice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The Court finds that the amount is fair and reasonable under the circumstances. This policy was a loser regardless if it was a level or increasing death benefit. {5G X0cxM]lWo^&e}5M&ui:)X|;m{iC0Y\w&. Plaintiffs cannot satisfy the first element because the two sets of claims arise from different transactions. (Ibid.) What will be most interesting here is if the plaintiffs' attorneys can prove their allegations based on little historical evidence and a majority of hypothetical future performance. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. (Id., 103.) On June 28, 2001, Rebecca Prange established the Marenzi Insurance Trust Number Two for the purpose of holding title to one or more life insurance policies on her life. My husband and I bought this package in two. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Ibid. Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. Plaintiffs, David J. Nelson and Samuel Cooper, filed the above-captioned case against Defendants, Pacific Life Insurance Company and Pacific Life Distributors, Inc. (collectively, "Pacific Life"), pursuant to the Securities and Exchange Act of 1934 (the "Exchange Act"), codified in pertinent part at 15 U.S.C. According to the agreement, Pacific will pay $49.4 million to add to the value of existing policies, and offer another $32 million worth of insurance to members whose policies have expired. September 22, 2020. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. In other words, Plaintiffs allege that their insurance plan involved keeping the United Omaha policy, because it purportedly had been paid-up for 20 years. ), It is black letter law that a demurrer tests the legal sufficiency of the allegations in a complaint. (Lewis v. Safeway, Inc. (2015) 235 Cal.App.4th 385, 388.) Pacific Life Insurance Co. of Newport Beach has agreed to pay more than $115 million to settle a class-action lawsuit claiming it cheated customers over 15 years by lying about its policies. They are both named as defendants in the complaint. Gwendalyn Douglass v. Reliant Life Shares LLC et al, Ed Baeza et al v. Reliant Life Shares, LLC et al, Auletto v. United of Omaha Life Insurance Company, HENDERSON v. UNITED OF OMAHA LIFE INSURANCE COMPANY, Kaza v. United of Omaha Life Insurance Company, Hack v. Lincoln National Life Insurance Company, Magliato v. The Lincoln National Life Insurance Company. Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. (a).) On October 26, 2020, Wintrust sent another bill for $210,424.58 for interest due, of which $103,775.57 was due by November 19, 2020, and sought additional collateral of $52,150. @ l4_T}VO;+}^jrv]wtuo}IrH'QZSVH KVUJ'4`h1yr[U|em.vLZU%`R 2`c@Gs{&7H DRYt glU1{jEiZ w^8U4P=Txs-&Cb_V PacLifes counsel shall provide notice and file proof of such with the Court. Not one of the facts of this case has anything to do with blending or worst case illustrations, because no worst case illustration ever contemplated this scenario. But that application usually applies to whole life insurance. Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. Weaver represented that the cash value of their then-existing policies with MassMutual would be applied to the new policies to minimize the interest and collateral requirements. The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). Plaintiff alleges the following on information and belief, except for those allegations relating to Plaintiff, which are alleged on personal knowledge. 937 0 obj <>/Filter/FlateDecode/ID[<58768771925F2449B604DCE4A3FB14BB>]/Index[908 52]/Info 907 0 R/Length 124/Prev 840995/Root 909 0 R/Size 960/Type/XRef/W[1 3 1]>>stream Pacific Asset Management, which now concentrates on corporate credit securities, was created. 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Action suits in Life insurance in touch with you to join the law suit much!