pacific life lawsuit

By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. They lent their friend a van. (Ibid. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. I later notice about 2004 that the policy had cash value earned and I withdrew approximately $1200 to go on a trip not knowing they would deduct the amount from my $250,000 policy. I have already told friends how wonderful he is. . Its getting awkward. But that application usually applies to whole life insurance. ", "I want you to know that I very much appreciate your expertise, hard work, and guidance that led to a satisfactory resolution with Raymond James. In 2011, Silverman sold Gary Marenzi and Rebecca Prange a single premium policy from Mutual of Omaha, which was owned by the Marenzi Insurance Trust Number Three. Through every step of the litigation he explained what to expect to happen. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. Plaintiffs cannot satisfy the first element because the two sets of claims arise from different transactions. A IUL policys cash value is the amount of money that a policy generates through interest revenue. Notice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. DocketNotice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. 1:23-CV-00375 | 2023-01-25, U.S. District Courts | Labor | (Ibid.) 2:23-CV-00474 | 2023-01-20, U.S. District Courts | Labor | The largest life insurance companies include MetLife, Prudential Financial, New York Life, Lincoln Financial, Northwestern Mutual and AIG. 2. Allianz acquired PIMCO in 2000. With great appreciation, thank you! DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Proc., ; 379.) Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. (Ibid.) Duh! 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. (Ibid.) And the best part of all, documents in their CrowdSourced Library are FREE! A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. The agreement in Kentucky settles all claims arising from those policies. Pacific Life Insurance Company may have sold their indexed universal life (IUL) policies under misleading sales representations, which resulted in some consumers surrendering their policies due to unexpected fees. (Ibid.) Call us at (800) 259-9010 or contact us through our website to arrange a free confidential consultation with an attorney to discuss your experiences with an investment advisor or financial firm which resulted in losses. 5 0 obj The Court has considered Plaintiffs remaining arguments and finds them to be without merit. This is an interesting lawsuit for several reasons and while I'm not surprised PacLife is at the center of an indexed universal life insurance lawsuit, I'm suspect of the strength of the plaintiffs' argument. 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. This blog has done nothing to educate anybody. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. Gwendalyn Douglass v. Reliant Life Shares LLC et al. Each lawyer and staff member of our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. The trustee for these trusts is Wesley A. Prange. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. (Complaint, 82-83.) These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. ]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. Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. 2:23-CV-00460 | 2023-01-20, U.S. District Courts | Finance | The moving party shall provide notice and file proof of such with the Court. Gary Marenzi, et al. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. Those who listened won't have to worry about the coming wave of lawsuits. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. These and other securities firm subsidiaries ran under Pacific Select Group until March 2007 when LPL Financial Services (LPLA) acquired Mutual Service Corporation, Associated Financial Group, and Waterstone Financial Group. Actions does not process claims and we cannot advise you on the Union Pacific faces wave of lawsuits. (Id., 19.) Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. 22.) The first policy was issued to the founder. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. (a).) An additional $35 million is set aside for policy-holders with special circumstances, Parry said. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. that reports on class action lawsuits, class action settlements, ), In reliance on Weavers representations, Gary Marenzi and Rebecca Prange directed the trustees of the trusts to proceed with the applications for new $20 million PacLife policies, one on Marenzi and one on Prange. 2 and No. Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation. On 07/12/2022 STEVEN MUNZER filed an Other lawsuit against PACIFIC LIFE INSURANCE COMPANY. Li agreed to buy the policy and PacLife officially issued the policy effective mid-2018. The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. 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. For information on deleting the cookies, please consult your browsers help function. Blending for indexed universal life insurance policies normally has little long term effect on cash value accumulation and most typically results in a reduced surrender charge. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. So PacLife could theoretically explain away its underperformance as variability in the market. Pacific Life Insurance Company, Defendant. ) 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. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. These costs may come in the form of surrender penalties deducted from the policys actual cash value. Proc., ; 452.) Please review our Affiliate Link Disclosure for more information. These facts standing alone support the Courts decision. According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. Youve been a wonderful lawyer and a friend. After making two $500,000 premium payments, Li became suspect of the policy when statements she received from PacLife reported value far different from the figures she anticipated. I am shaking my head in utter astonishment your hijacking the Pac Life case into a discussion about blending is so far off the mark it borders on blogging malpractice. I can only speculate, but I'm guessing that the plaintiffs' legal team's case will hinge heavily on its ability to prove that PacLife cannot return to the capability it assumed at policy issue and that those assumptions were never going to materialize. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. This is ClassAction.org's current list of open lawsuits and investigations. hTmHSa>\ 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. (2012) 209 Cal.App.4th 1228, 1238.). Please let me know as soon as possible. 959 0 obj <>stream Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. It will also be interesting to see what, if any, future regulation comes about from this lawsuit. 6?7$c+i)J"@hXR\1. I will be forever grateful. Plaintiffs argue that there is some potential overlap in damages. 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. (Id., 23.) Allow me to explain. 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. (Ibid.) This field is for validation purposes and should be left unchanged. ) ) ) ) ) ) ) ) ) Civil Action No. 6:12-15.) The lawsuit seeks class-action status welcoming the possibility that the attorneys working for the plaintiffs can prove that PacLife's behavior in marketing a certain indexed universal life insurance policy violates the law and hurts many people across the United States. 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. Absent that rating, United Omaha would charge a greater premium. Cancellation and Refund Policy, Privacy Policy, and Certain plaintiffs (Marenzi, Rebecca Prange, and Wesley Prange) assert a Second Cause of Action with four separate counts (for negligence misrepresentation, breach of contract, professional negligence, and declaratory relief) against United Omaha and Daniel Silverman. That is because these were already considered tax-deferred savings vehicles. The dramatic change in policy values was the motivation for filing the lawsuit. The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). Ace Seat Belt said when it bought a $50,000 life insurance policy, it was incorrectly told that dividends from a previous policy would cover the premiums, the Kentucky Post reported. (Id., 104. Plaintiffs argue that there will be a common legal question, viz., whether the insurance companies are liable for misrepresentations or omissions, or negligence, by Silverman. Now what. Based upon the foregoing, the Court grants the motion and orders Plaintiffs to produce verified responses, without objections, within thirty (30) days, to the extent they have not done so already. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 05/16/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Jury Trial, 05/05/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Final Status Conference, 11/17/2022 at 09:00 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Hearing on Motion to Compel Discovery (not "Further Discovery"), Motion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion; Filed by Pacific Life Insurance Company (Defendant), Declaration (of M. Lilly iso Motion to Compel Discovery); Filed by Pacific Life Insurance Company (Defendant), Case Management Statement; Filed by Daniel M Silverman (Defendant). This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. 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. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); Please note: Top Class Actions is not a settlement 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. On May 9, 2005, the Court granted Plaintiffs' motion for class certification (the "Certification Order"), on behalf of all persons or entities who purchased an individual deferred variable annuity contract, or who received a certificate to a group variable deferred annuity contract, issued by Pacific Life Insurance Company, or who made an additional . ", "Good intelligent attorneys who never miss a beat. ANTHONY ALAIMO, Senior District Judge . Again, Plaintiffs ignore their own allegations: The contract with United Omaha was only 20 years, so their claims against United Omaha do not stretch beyond the 20-year period of the contract. With unexpectedly high premiums and subpar returns, consumers may be. Certain plaintiffs (Marenzi, Rebecca Prange, and Wesley Prange) assert a Second Cause of Action with four separate counts (for negligence misrepresentation, breach of contract, professional negligence, and declaratory relief) against United Omaha and Daniel Silverman. 0:23-CV-00265 | 2023-02-02, U.S. District Courts | Labor | The crux of the complaint is both technical as well as . As a result, Plaintiffs have suffered damages in the amount of $596,950, the cost of the maintaining the $3 million death benefit to the 20th year of the policy. Counsel is associated with Defendants counsel, who is licensed to practice in California. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. ), 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. According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. 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, . xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY Top Class Actionss website and social media posts use affiliate links. (Ibid.) Code of Civil Procedure section 379 permits joinder of defendants if there is: (1) Any right to relief jointly, severally, or in the alternative, in respect of or arising out of the same transaction, occurrence, or series of transactions, and (2) [I]f any question of law or fact common to all of these persons will arise in the action. (Code Civ. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). PacLifes counsel shall provide notice and file proof of such with the Court. 2:8-15.) Weaver also misrepresented that the policies would have sufficient values to offset any loan interest and collateral requirements, assuming there was not a multi-year decline in the stock market. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Plaintiff alleges the following on information and belief, except for those allegations relating to Plaintiff, which are alleged on personal knowledge. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. This order is without prejudice to Plaintiffs filing a notice of related case and/or seeking reconsideration of this ruling if any defendant asserts a viable claim for offset. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. Acting on a tip she received from a family member, who holds an insurance license, Li requested several in force illustrations from PacLife depicting varying scenarios premium payment scenarios to the policy moving forward; one of those scenarios included staying the course.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-leader-1','ezslot_9',162,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-leader-1-0'); The in-force illustrations provided by PacLife depicted much lower values than the ones Li saw in the original illustration used by agent Xu to sell her the PacLife PDX policy. If you make a purchase using Based upon the foregoing, Counsels motion for admission pro hac vice is granted. Stern and Company, as well as a majority interest in United Planners Financial Services of America. What you describe in this article PacLife did to these buyers is exactly what they are doing to me. 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 The plaintiffs are alleging misleading marketing materials and excessive policy charges. Wondering if you have grounds for a FINRA arbitration claim after suffering losses from Pacific Life products? These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. The Court sustains the demurrer without leave to amend. This was an aside because, to my knowledge, this is the first time a complaint filed spoke to blending as under the suggestion that the agent(s) broker their duty to the client (fiduciary or otherwise) because they did not use this method of policy design. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. They are both named as defendants in the complaint. 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. Inversely, when the market is not performing well, interest rates can be extremely low. 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. . (Plaintiffs Memorandum of Points & Authorities, p. 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. Circuit Judge Douglas Stephens in Covington approved the settlement--estimated to have a total value of close to $140 million when administrative fees and other costs are included--in a written order Thursday. Any non-guaranteed element in any policy is necessarily a question mark. The lawsuit was filed by Bonnet, Fairbourn, Friedman and Balint, a law firm in Phoenix with a long track-record of class action suits in life insurance, including huge settlements in vanishing premium and COI increases. Click Accept if you consent. (Id., 25.) DocketNotice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. We and our partners use cookies to Store and/or access information on a device. Case Details Parties Documents Dockets. Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. ), In 1998, Silverman sold Gary Marenzi a $2 million variable whole life insurance policy with Massachusetts Mutual Life Insurance Company (MassMutual), which Gregory Prange as the trustee of the Marenzi Insurance Trust Number One owned. (Ibid.) I set my expectations high, and they delivered above and beyond. (Ibid.) Pacific Life & Annuity Company is an affiliate of the investment firm. settlement administrator or your attorney for any updates regarding

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