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. (Ibid. Inversely, when the market is not performing well, interest rates can be extremely low. Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. ATTORNEY NEWSLETTER Pacific Life Insurance Company was the target of a class action lawsuit related to sales of deferred annuities. "l3241V G- z{3`}9/ $ HA This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. The lawsuit addressed their IUL product - PDX. When interest rates fall, insurance company general accounts have less money available to purchase the options on the SP500, which in turn forces a lower illustrated rate. ANTHONY ALAIMO, Senior District Judge . ", "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. Allianz acquired PIMCO in 2000. 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. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. We're certainly no strangers to policy blending, and we're big advocates of its use. Therefore, the Court sustains United Omahas demurrer on this basis. 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. DocketNotice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. . (Plaintiffs Memorandum of Points & Authorities, p. 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. 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. Heres how to claim your share, Newsom, IRS give Californians until October to file tax returns, Column: Hate Fox News? 0 NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation. 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. From our first meeting, I felt "heard" and that my situation and story were respected. (Ibid.) So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. Please review our Affiliate Link Disclosure for more information. 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. Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. The consent submitted will only be used for data processing originating from this website. 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. That is because these were already considered tax-deferred savings vehicles. 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. Decide which cookies you want to allow. ), 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. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Ultimately, the blending discussion is one of simple suitability. This surrender charge will reduce the policys available cash value thereby limiting the amount that a policyholder can collect after surrendering their policy. The firm offers these investment products to persons, pension funds, and businesses. (they say it was 2002 I think it was 1999) Can you help me? document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. 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. Additionally, the plaintiffs allege that PacLife knowingly brought the product to market under conditions it knew it had no chance of sustaining and used extremely optimistic assumptions to illustrate values to lure in unsuspecting new policy owners. 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. Li agreed to buy the policy and PacLife officially issued the policy effective mid-2018. Allow me to explain. With unexpectedly high premiums and subpar returns, consumers may be. 2017-09-20, U.S. District Courts | Finance | 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. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. In 2020, a California woman took legal action by filing a class action lawsuit against Pacific Life Insurance Company. 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. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. 2 and No. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. Case Details Parties Documents Dockets. Not that I want to discount the plaintiffs' potential suffering, I simply feel that the evidence provided in the complaint falls short of proving wrongdoing. However, legal allegations against the company indicate that these promises may be false. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Continue with Recommended Cookies, In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_4',144,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_5',144,'0','1'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0_1');.medrectangle-3-multi-144{border:none!important;display:block!important;float:none!important;line-height:0;margin-bottom:7px!important;margin-left:auto!important;margin-right:auto!important;margin-top:7px!important;max-width:100%!important;min-height:50px;padding:0;text-align:center!important}. . @ 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 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). 2005: In this class action lawsuit, Pacific Life and its sales team were accused of securities fraud. by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E? BM86"387ot/gCN"-3Yl`z5=iA,~FK? According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. ; 379(a).) The crux of the complaint is both technical as well as . For information on deleting the cookies, please consult your browsers help function. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. 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. Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted pro hac vice as counsel for Defendant Lincoln National Life Insurance Company (Defendant). Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. U.S. District Courts . 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. Learn more about the cookies we use. Do not miss the opportunity to let SSEK represent you. Finally, one place to get all the court documents we need. The Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. Docketat 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, DocketMinute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. Thats criminal! Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. With an IUL, interest rates can increase significantly much higher than fixed interest rates when the linked market index performs well. ", "Good intelligent attorneys who never miss a beat. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. If you make a purchase using DocketAnswer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. Wondering if you have grounds for a FINRA arbitration claim after suffering losses from Pacific Life products? 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. Case Number: *******7878 Hearing Date: October 21, 2021 Dept: 39. But we demand a fact-based level of argument around here. (Ibid.) But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. (Ibid.) Duh! Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. 5 0 obj 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. 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. Top Class 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. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. All Rights Reserved. Not Hollywood, not L.A., not the country, Davids Bridal files for bankruptcy protection, may close all stores, Vidiots returns: L.A. institution reveals opening date for new movie theater, video store, Stocks drift higher as earnings season kicks into gear, Quiet luxury: No flash, no logos, but big-time style. Pacific Life Insurance Co. of Newport Beach has agreed to pay more than $115 million to settle a class-action lawsuit claiming it cheated customers over 15 years by lying about its policies. 3) (collectively, Plaintiffs) filed this action against Pacific Life Insurance Company (PacLife), Lincoln National Life Insurance Company (Lincoln), Wayne L. Weaver, TFP Funding Partners, LLC, Daniel M. Silverman, and United of Omaha Life Insurance Company (United Omaha) (collectively, Defendants). When I spoke with him later he reviewed the process. United Omaha demurs to all of these claims, arguing that there is improper joinder. At the time of his misrepresentations, Weaver did not disclose that he had been named in lawsuits for over a decade relating to fraudulent practices in the sale of life insurance. With unexpectedly high premiums and subpar returns, consumers may be forced to surrender their policy due to the negative impact of the insurance, according to Investopedia. ), Finally, the Court cannot conclude that there is any overlap in the damages between the two sets of claims, as the allegations make clear that each set of damages stem from different transactions. The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). It sets expectations. The case status is Not Classified By Court. That's a big question many have asked for years. 6?7$c+i)J"@hXR\1. settlement administrator or your attorney for any updates regarding Any non-guaranteed element in any policy is necessarily a question mark. Any policy is necessarily a question mark for data processing originating from this website 500. - Other Pending to advance that Hearing unfortunately, misleading representations about the costs and risks a. 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