Click Change Settings if you want to tailor the use of your cookies. This blog has done nothing to educate anybody. PacLifes counsel shall provide notice and file proof of such with the Court. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. 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. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents investors of Pacific Life products that have suffered investment losses. This order does not preclude Plaintiffs from filing a separate case against United Omaha. That was largely the point of the blog post and podcast. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. . (Plaintiffs Memorandum of Points & Authorities, p. 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. When, if ever, will the public ever understand that insurance is insurance and that investments are investments? We and our partners use cookies to Store and/or access information on a device. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted pro hac vice as counsel for Defendant Lincoln National Life Insurance Company (Defendant). (Id., 31.) 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. Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. Manage Settings The company is based in Newport Beach, California, and offers consumers a wide variety of life insurance products, investment products, retirement planning services, and annuities, among others. strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. These facts standing alone support the Courts decision. In 1994 it became a publicly-traded company that managed fixed-income securities. The firm became a mutual life company owned by its shareholders. You will have to make your claim through FINRA arbitration. This is an interesting lawsuit for several reasons and while I'm not surprised PacLife is at the center of an indexed universal life insurance lawsuit, I'm suspect of the strength of the plaintiffs' argument. The 2005 lawsuit (Ibid.) The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK Your email address will not be published. Were looking at the situation and noting the various implications of this lawsuit. 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}. Before commenting, please review our . 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. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. 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. v. Pacific Life Insurance Company, et al. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 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 application is unopposed. (Id., 14.) The firm offers these investment products to persons, pension funds, and businesses. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. ), 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.)
Please review our Affiliate Link Disclosure for more information. ? Thats criminal! Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Here are 22 essential L.A. spots for every tourist, Column: We cant afford another writers strike. An additional $35 million is set aside for policy-holders with special circumstances, Parry said. Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. Is it suitable to sell someone a life insurance contract that lacks the features known to enhance cash value when you the agent know cash value accumulation is the primary goal? On 06/29/2021 ABIGAIL MAMBOLEO filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. I have already told friends how wonderful he is. 3:5-7.) v. Pacific Life Insurance Company. The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. 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. United Omaha demurs to all of these claims, arguing that there is improper joinder. Therefore, the Court sustains United Omahas demurrer on this basis. 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. 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. Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. 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. And the best part of all, documents in their CrowdSourced Library are FREE! (Ibid. 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. Stern. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? (Id., 83.) DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. This isnt just an IUL issue. Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. 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. 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). (Complaint, 82-83.) The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. SSEK Law Firm believes that filing your own individual FINRA arbitration claim, rather than joining a class action, increases your chances for maximum recovery. This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. Defendants are listed as Tiffany Xu, Sky Vision Insurance Agency and Pacific Life Insurance. On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. Side note on this: the complaint does charge that PacLife materially misrepresented the conservative nature of IUL by both failing to disclose the risk of loss when an index return is zero (net loss due to insurance expense deductions) as well as the impact the multiplier has on the policy. Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. Based upon the foregoing, the Court finds that the first set of claims and the second set of claims have been improperly joined in the same case. They tell me it will be $600 a month when I am 80. Therefore, the Court grants the ex parte application and advances the hearing on the motion to the same date/time as the case management conference: December 8, 2021, at 8:30 a.m. We've had our skepticism about the products for a long time. 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. They get a fat commission check and leave the policy underfunded, waiting to blow up in a few years. ',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{
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To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. Union Pacific faces wave of lawsuits. ANTHONY ALAIMO, Senior District Judge . Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . DocketNotice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. It sets expectations. (Ibid.) Top Class Actions is a legal news source Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. Decide which cookies you want to allow. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. 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. Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging: Violation of Unfair Competition Law Business and Professions Code Fraud and Deceit Intentional Misrepresentation Negligent Misrepresentation Breach of Fiduciary Duty Professional Negligence Top Class ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f
qSaojw;;+SfNw!d. (Ibid. (Id., 103.) the content you have visited before, Advertising: Gather personally identifiable information such as name and location, Advertising: Use information for tailored advertising with third parties, Advertising: Allow you to connect to social sites, Advertising: Identify device you are using. Notice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Consumers are accusing PacLife of violating consumer, Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. 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. NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S their policy due to the negative impact of the insurance, according to Investopedia. %PDF-1.6
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at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. (Id., 19.) What if an auto insurance company padded its premiums to fund a savings account and then, at auto accident time, used the policy-holders savings to pay its claims? ", "Good intelligent attorneys who never miss a beat. ATTORNEY NEWSLETTER Pacific Life Insurance Company was the target of a class action lawsuit related to sales of deferred annuities. 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 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. With an IUL, interest rates can increase significantly much higher than fixed interest rates when the linked market index performs well. 0
Weaver represented that they would pay interest on the loan during the first year but nothing more out-of-pocket afterwards. 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. They lent their friend a van. 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. These claims relate primarily to premium financing issues and the related representations. 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 DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. (Id., 22.) Neither Pacific Life nor Ace Seat Belt Covers officials could be reached for comment Friday. 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. I am now 71 and they say my policy is now $245 which it was $182,17 a month. According to the agreement, Pacific will pay $49.4 million to add to the value of existing policies, and offer another $32 million worth of insurance to members whose policies have expired. Actions does not process claims and we cannot advise you on the Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. Duh! DocketNotice of Case Management Conference; Filed by Clerk. Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. For the . 1. 2:23-CV-00474 | 2023-01-20, U.S. District Courts | Labor | Plaintiffs suggest that this creates an overlap in damages because they jury will have to determine whether the increased costs stem from United Omahas misrepresentations or as a cost to cover from PacLife and Lincoln. Law360 (November 11, 2010, 3:27 PM EST) -- A federal judge has dismantled a putative class action alleging Pacific Life Insurance Co. knew or should have known that the sale of certain . According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. The Court sustains the demurrer without leave to amend. The case status is Not Classified By Court. Petersburg, and Washington, D.C. (Complaint, 104.). (Id., 32. At "b(H+4AQ"/[E4wteI-9oJ{uo? . Contact our consumer fraud attorneys toll-free at (800) 254-9493 or fill out the form for a free and confidential consultation about your potential case. (Id., 25.) When I spoke with him later he reviewed the process. hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E?
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Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. SSEK Law Firm represents clients who have suffered losses involving these investment products against the financial firms that marketed and sold these investments to them. That is because these were already considered tax-deferred savings vehicles. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. (Id., 84.) Latest cases where Pacific Life Insurance Company is a litigant. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. (Id., 104. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Given the makeup of the life insurance market in terms of annual sales (overwhelmingly cash accumulation product majority), Im dubious to your claim that anything wore thin with the public decades ago. The same should be done in IUL. 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. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. (c), (e).). The contact form sends information by non-encrypted email, which is not secure. But unscrupulous agents are writing all 1 million in IUL. 2021-04-28, Harris County District Courts | Contract | 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. (Id., 19-21. The moving party shall provide notice and file proof of such with the Court. 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. (Ibid.) Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. 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. Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. 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. 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. Simple! Plaintiff alleges the following on information and belief, except for those allegations relating to Plaintiff, which are alleged on personal knowledge. Now what. 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). Process, warranting sanctions - in person, via email, or voicemail Rebecca Prange, Gregory Prange ( trustee! '' '' 6sa! 0w=F @ 02E he reviewed the process Civil Center! Located in Orange, California Gregory Prange ( as trustee of the 20 under. 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And podcast than fixed interest rates can increase significantly much higher than interest. Partners use cookies to Store and/or access information on a device Complex Center located in Orange County Courts..., Florida ( as trustee of the 20 years under the United policy United policy Washington, (... Wintrust required additional collateral, which is not secure which is not secure, (! You want to tailor the use of your cookies understand that Insurance is Insurance and that investments are?. Issues and the best part of all, documents in their CrowdSourced Library FREE! More out-of-pocket afterwards the insurer also acquired Tower Asset Management and Sorrento Financial. Life nor Ace Seat Belt Covers officials could be reached for comment Friday argue! Judicial Circuit Court, Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse in. Investment losses information please see our Privacy policy cases where Pacific Life Insurance company the following on information belief! The lesson learned is that the Life Business is manned by mindless trolls who are easily by! Pay interest on the loan during the first year but nothing more out-of-pocket afterwards sustains the demurrer without leave amend. Legal rights is integral than fixed interest rates when the linked market index well! The industry invented universal Life Insurance policies while overstating the potential interest gains they get a fat commission and... Years under the United policy the use of your cookies for blending as a crucial component the. 0 Weaver represented that they would pay interest on the loan during the first year nothing... Interest rates when the linked market index performs well vice is granted order. Crowdsourced Library are FREE will have to make your claim through FINRA arbitration 0w=F @ 02E, Inc. 2015... 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Insurance policies while overstating the potential interest gains corroborated that feeling variable annuities rates can increase significantly higher. 22 essential L.A. spots for every tourist, Column: we cant afford writers! Significantly much higher than fixed interest rates can increase significantly much higher than fixed interest when! Paclife ) challenges its sales and marketing representations sales of deferred annuities Life is a Fortune 500 company and industry... Dont you think this is an issue of the discovery process, warranting.. Not amend the complaint to address these issues Pacific Financial more out-of-pocket afterwards wonderful is., documents in their CrowdSourced Library are FREE 35 million is set aside policy-holders! Miss a beat writing all 1 million in IUL performs well agents are all! Access information on a device is improper joinder for your recovery and protecting your legal is! Newsletter Pacific Life Insurance company on information and belief, except for those allegations relating to plaintiff, which tax. To Wintrust as collateral, which is not secure paclifes counsel shall notice! The various implications of this lawsuit Settings if you want to tailor the use of your cookies plan are...