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. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al.
A lawsuit could also help enact change in the industry - and stop insurance companies from engaging in these allegedly deceptive practices. 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. gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. Rules of Court, rule 9.40, subd. 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. Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. On 06/29/2021 ABIGAIL MAMBOLEO filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. ) ) ) ) ) ) ) ) ) Civil Action No. This argument makes no sense. Hl;Q##Z+_\~RQ}9I,3/W_+=bf That said, I do have some additional thoughts on what the plaintiffs' legal team might have in their possession that could be bad news for PacLife, and potentially bad news for the insurance industry as a whole.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-medrectangle-4','ezslot_2',158,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-4-0'); At the core of this lawsuit are PacLife's PDX Indexed Universal Life Insurance policy and its extremely obtuse multiplier bonus. To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. But outside of a very complex legal/ethical issue for selling life insurance, it's amusing to me that indexed universal life insurance is the focal point for a blending conversation and its necessity when marketing and selling life insurance. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. 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. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. 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.. (Complaint, 9.) 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. Weaver also misrepresented that the preexisting policies owned by the trusts were no longer necessary because the replacement policies from Lincoln and PacLife were more favorable. The largest life insurance companies include MetLife, Prudential Financial, New York Life, Lincoln Financial, Northwestern Mutual and AIG. An additional $35 million is set aside for policy-holders with special circumstances, Parry said. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. That's a big question many have asked for years. Founded in 1868, Pacific Life is an American insurance company with $191B in assets. Finally, one place to get all the court documents we need. DocketAnswer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). 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. With an IUL, interest rates can increase significantly much higher than fixed interest rates when the linked market index performs well. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. United Omaha shall provide notice and file proof of such with the Court. 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. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. Neither Silverman nor United Omaha disclosed that the premiums and financial projections depended on Gary Marenzi and Rebecca Prange having a particular insurance rating or classification. Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms. In March 2021, after the policy had been in effect for ten years, United Omaha imposed substantial additional premiums beyond those agreed to at the outset. The same should be done in IUL. PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. Parry has been involved in similar suits against other insurers, including Prudential, New York Life, TransAmerica and Sun Life. Even if you dont believe the guaranteed rates are realistic, the fact is they are a theoretically possible scenario, else they wouldnt be there. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. The Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. 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. This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. The case was filed in Covington because the lead plaintiff, Ace Seat Belt Covers Inc., is based there. 5 0 obj hbbd```b``SA$"A$s?X L*zMl*XLjI 2005: In this class action lawsuit, Pacific Life and its sales team were accused of securities fraud. If you purchased a PacLife PDX Policy and are not satisfied with how your policy has performed, you may be entitled to compensation for yourself and for other policy owners by joining this Pacific Life Insurance class action lawsuit. In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. 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. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. Weaver obtained financing from Wintrust Life Financial (Wintrust). ", "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. (Id., 23.) 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. 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. On or about November 11, 1997, Gary Marenzi established the Marenzi Insurance Trust Number One for the purposes of holding title to one or more life insurance policies on his life. 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. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. (Ibid.) (Cal. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f
qSaojw;;+SfNw!d. your claim status, claim form or questions about when payments are 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. However, they may be able to recover a portion of the policys cash value. 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. 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. The issues in the suit go to the core of. Thats criminal! Everyone I dealt with was exceptional. Notice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. (Ibid.) 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. 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. 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. 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. Those who listened won't have to worry about the coming wave of lawsuits. The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. Pacific Asset Management, which now concentrates on corporate credit securities, was created. 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. Cancellation and Refund Policy, Privacy Policy, and 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. In 1994 it became a publicly-traded company that managed fixed-income securities. If you have suffered significant investment losses involving a Pacific Life annuity or another kind of product, you must speak with a skilled securities attorney. (Id., 17.) ), 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. I loved learning legal jargon from you. Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . Weaver represented that they would pay interest on the loan during the first year but nothing more out-of-pocket afterwards. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. The plaintiffs are alleging misleading marketing materials and excessive policy charges. This is ClassAction.org's current list of open lawsuits and investigations. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. Plaintiffs suggest that this creates an overlap in damages because they jury will have to determine whether the increased costs stem from United Omahas misrepresentations or as a cost to cover from PacLife and Lincoln. 470, directly to Pacific Life & Annuity Services, Inc. (PLASI), in exchange for the assignment of the obligation. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? But we demand a fact-based level of argument around here. that reports on class action lawsuits, class action settlements, What great work you do on behalf of people like me who have been wronged, yet don't know how to navigate the appeals/mediation/arbitration process as you do. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). Through every step of the litigation he explained what to expect to happen. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. Therefore, the Court sustains United Omahas demurrer on this basis. What you describe in this article PacLife did to these buyers is exactly what they are doing to me. The first policy was issued to the founder. (c), (e).). (Ibid.) Not blending in an IUL is more devastating than in whole life. their policy due to the negative impact of the insurance, according to Investopedia. We can help you determine whether you have grounds for a claim for financial recovery and understand which financial firm you should pursue for damages. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. @
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w^8U4P=Txs-&Cb_V Ultimately, the blending discussion is one of simple suitability. Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. Pacific Life & Annuity Company is an affiliate of the investment firm. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. Click Change Settings if you want to tailor the use of your cookies. (Ibid.) Your suggestion that this works by padding premiums to fund a savings account shows you may have a basic understanding of traditional nonforfeiture life insurance (your presentation is skewed with pejorative undertones), but you are missing the point of a traditional IUL sale in the context of this lawsuit. Rebecca Prange and Wesley Prange signed her application around the same time period. 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. at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. The lawsuit, filed in 1997, charged that Pacific Life, the largest life insurer based in California, cheated its customers in policies it had written from 1982 to 1997. This blog has done nothing to educate anybody. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. 2:23-CV-00460 | 2023-01-20, U.S. District Courts | Finance | Required fields are marked *. Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. 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