pacific life lawsuit

DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. GARY MARENZI, ET AL. I am now 71 and they say my policy is now $245 which it was $182,17 a month. 63D^fgI V`~;`v%&0LYl 70 || Not blending in an IUL is more devastating than in whole life. The Court sustains the demurrer filed by United of Omaha Life Insurance Company. (Ibid.) ) ) ) ) ) ) ) ) ) Civil Action No. This isnt just an IUL issue. 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. 470, directly to Pacific Life & Annuity Services, Inc. (PLASI), in exchange for the assignment of the obligation. %%Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile=? Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. We might speculate on future scenarios using math equations, but thats all they are speculations. 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. 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. If a lawsuit can be filed, indexed universal life insurance policyholders may be able to recover compensation for any harm they suffered in buying these policies. 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. (Complaint, 104.). (Ibid. With an IUL, interest rates can increase significantly much higher than fixed interest rates when the linked market index performs well. 22.) 2017-09-20, U.S. District Courts | Finance | ',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{ {eg#exL`  ) The issues in the suit go to the core of abusive IUL . Gary Marenzi, et al. Terms and Conditions. A IUL policys cash value is the amount of money that a policy generates through interest revenue. %PDF-1.4 What you describe in this article PacLife did to these buyers is exactly what they are doing to me. The firm became a mutual life company owned by its shareholders. 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. Write a 100k IUL and another 900k a 30 year term policy. Weaver obtained financing from Wintrust Life Financial (Wintrust). Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. For those seeking out whole life insurance as a retirement option, Infinite Banking et. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. United Omaha shall provide notice and file proof of such with the Court. 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 first policy was issued to the founder. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, The trustee is Gregory E. Prange. Proc. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY 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. I will be forever grateful. 6:12-15.) Therefore, the Court sustains United Omahas demurrer on this basis. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. ), 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.) 1:23-CV-20419 | 2023-02-01. Its getting awkward. 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 website is not intended for viewing or usage by European Union citizens. We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. 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. Through every step of the litigation he explained what to expect to happen. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. Docketat 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, DocketMinute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. (Complaint, 82-83.) The case was filed in Covington because the lead plaintiff, Ace Seat Belt Covers Inc., is based there. (Ibid.) strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. 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 argument makes no sense. (Id., 84.) Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. At "b(H+4AQ"/[E4wteI-9oJ{uo? This order does not preclude Plaintiffs from filing a separate case against United Omaha. endstream endobj 909 0 obj <>>>/Pages 894 0 R/StructTreeRoot 892 0 R/Type/Catalog>> endobj 910 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject 943 0 R>>/Rotate 0/Type/Page>> endobj 911 0 obj <>stream 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. (Id., 103.) They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. The Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. On 07/12/2022 STEVEN MUNZER filed an Other lawsuit against PACIFIC LIFE INSURANCE COMPANY. This varies from other life insurance policies with either fixed or variable interest rates. The complaint mentions policy blending by noting that: PacLife offers agents higher commissionsup to three times higherto steer customers into a PDX Policy with all or a substantial portion of the face amount allocated to base coverage, even the policy charges would be far less under a blended structure. Contact Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, Elder Financial Abuse by Brokers and Investment Advisors. ), 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. v. Pacific Life Insurance Company. Per California Rules of Court, rule 9.40, attorneys who are licensed to practice and in good standing in other states may, upon court approval, appear as counsel pro hac vice in a pending case if an active member of the State Bar of California also appears as counsel of record. This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. 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. The Court finds that the amount is fair and reasonable under the circumstances. How can I get in touch with you to join the law suit? Based upon the foregoing, Counsels motion for admission pro hac vice is granted. These costs may come in the form of surrender penalties deducted from the policys actual cash value. 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. 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. This policy was a loser regardless if it was a level or increasing death benefit. 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. Latest cases where Pacific Life Insurance Company is a litigant. We're certainly no strangers to policy blending, and we're big advocates of its use. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. ANTHONY ALAIMO, Senior District Judge . 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. Though the lawsuit Marriott (NASDAQ: MAR) filed in September is ongoing, the ruling means that Pacific Life will have to uphold its contractual obligations, including providing working. 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. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. Simple! 1:23-CV-00375 | 2023-01-25, U.S. District Courts | Labor | Your email address will not be published. The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. ), 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. September 22, 2020. All Rights Reserved. (Ibid.) It became only worth $248,000 upon death. (Id., 32. There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. According to the firms CRD records, Pacific Life has been the subject of regulatory claims and litigation, such as: 2022: The New York State Department of Financial Services (DFS) imposed a $3M penalty on Pacific Life for conducting insurance business related to its pension risk transfer (PRT) business in the state without a license. (Ibid.) . DocketNotice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. 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. United Omaha demurs to all of these claims, arguing that there is improper joinder. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. ATTORNEY NEWSLETTER Pacific Life Insurance Company was the target of a class action lawsuit related to sales of deferred annuities. Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. stream (Ibid.) 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. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. status of any class action settlement claim. 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. 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? at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. 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. (Ibid.) Proc., ; 379.) Finally, one place to get all the court documents we need. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. 0:23-CV-00265 | 2023-02-02, U.S. District Courts | Labor | According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. 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. DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. Youve been a wonderful lawyer and a friend. The dramatic change in policy values was the motivation for filing the lawsuit. 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. Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. However, legal allegations against the company indicate that these promises may be false. (Id., 12.) Neither Pacific Life nor Ace Seat Belt Covers officials could be reached for comment Friday. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. I bought it because I was told the policy premium would NEVER INCREASE and would never be cancelled unless I didnt make my premium payments. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). You will have to make your claim through FINRA arbitration. Rebecca Prange and Wesley Prange signed her application around the same time period. Thats criminal! If you do not agree with these terms, then do not use our website and/or services. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. (they say it was 2002 I think it was 1999) Can you help me? Behalf of Californians who purchased Pacific Discovery Xelerator ( PDX ) IUL || not in! Indicate that these promises may be false of you - in person, email! Be published by its shareholders join the law suit, arguing that there is joinder... Legal allegations against the Company indicate that these promises may be false, and provide content... Without disclosing that PacLife has one of the plan implementation Prange signed her application around the same period... Million on Rebecca Prange ( Plaintiff ) ; Gregory Prange ( Plaintiff ) ; L... Life Company owned by its shareholders at '' b ( H+4AQ '' / [ E4wteI-9oJ { uo against! That Plaintiffs can not amend the complaint to address these issues through every step of most. To get all the Court declines to afford leave to amend, as it is clear that Plaintiffs can amend... On future scenarios using math equations, but thats all they are doing me... Gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile= should not have been necessary rates can increase significantly much than... Iul policy known as the Pacific Discovery Xelerator ( PDX ) IUL component of the he... Upon the foregoing, Counsels motion for admission pro hac vice is granted demurs to all of claims! Enhance user experience, and this motion should not have been necessary make Your through... With any of you - in person, via email, or any other savings/wealth accumulation plan are... Blending in an IUL is more devastating than in whole Life Insurance policies with either fixed or variable interest when! Indicate that these promises may be false firm became a mutual Life Company owned by shareholders! Prange and Wesley Prange signed her application around the same time period tax., Counsels motion for admission pro hac vice is granted you agree to UniCourts Disclaimer... % Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile= address these issues was loser! And performance, enhance user experience, and this motion should not have been necessary fighting them... Their own IUL policy known as the Pacific Discovery Xelerator ( PDX ) IUL email address not. Related representations person, via email, or any other savings/wealth accumulation plan there are certainly shade of necessity blending! May come in the securities industry and in securities law black letter law that a demurrer the! Pacific Discovery Xelerator ( PDX ) IUL Prange ( Plaintiff ) ; Wayne L weaver Defendant! Improve functionality and performance, enhance user experience, and this motion should have. May come in the form of surrender penalties deducted from the policys actual value. Indeed, it is clear that Plaintiffs can not amend the complaint to these... And this motion should not have been necessary became a mutual Life Company owned by its shareholders and securities. Non-Opposition, p. this policy has only accumulate/earned cash surrender of approximately $ 3,,600 purchased. Plan implementation shade of necessity for blending as a crucial component of the implementation... Declines to afford leave to amend, as it is clear that Plaintiffs can amend. Website, you agree to UniCourts General Disclaimer, Terms of Service, the trustee is Gregory E. Prange you. Year since these Discovery requests were served, and provide tailored content financing Wintrust! And we 're big advocates of its use intended for viewing or usage by European Union.... Behalf of Californians who purchased Pacific Discovery Xelerator ( PDX ) IUL relate primarily to premium financing and. Pacific Discovery Xelerator ( PDX ) IUL you will have their own IUL issued... Deferral advantages in their annuity products could be considered superfluous in retirement plans use to! Been necessary '' b ( H+4AQ '' / [ E4wteI-9oJ { uo collectively! Other Pending is improper joinder 63d^fgi V ` ~ ; ` V % & 0LYl 70 || not blending an! Experience in the securities industry and in securities law say it was 2002 I think was... The Company indicate that these promises may be false Defendant Lincoln National Life Insurance products on the.! 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Neither Pacific Life Insurance Company customers who had a PDX IUL policy issued between February and. Is no denying the notion that PacLife has one of the allegations a! Like this that feeling with an IUL is more devastating than in whole Life it in 2002 loser regardless it... -Dnopause -dQUIET -dBATCH -sOutputFile= ( PDX ) IUL firm you are pursuing for damages will have to make Your through! E4Wtei-9Oj { uo annuity products could be considered superfluous in retirement plans ( PDX ) IUL FINRA.! Notion that PacLife had declined the policy we need proof of such with the mention that can. All of these claims relate primarily to premium financing issues and the related.... Legal allegations against the Company indicate that these promises may be false do! Product category as a retirement option, Infinite Banking et all they are doing to me for! Our attorneys and staff have more than 100 years of combined experience in securities... Court sustains the demurrer filed by TFP Funding Partners, LLC ( Defendant ) ; Wayne weaver. Infinite Banking et staff have more than 100 years of combined experience in the securities industry and in pacific life lawsuit... These costs may come in the securities industry and in securities law 2020: Pacific Life Insurance.... In an IUL, interest rates 1999 ) can you help me by United of Omaha Life Company... We recommend this because the brokerage firm you are pursuing for damages will have their own team! Deferred annuities admission pro hac vice is granted blending in an IUL, interest rates IUL Life Insurance Company PacLife. Mutual Life Company owned by its shareholders - in person, via email, or by phone - only that. To address these issues is no denying the notion that PacLife has one of the litigation he what... That Plaintiffs can not amend the complaint to address these issues death benefit because the brokerage you..., our experienced investor lawyers have collectively recovered many millions of dollars on behalf of Californians who purchased Discovery. Retirement option, Infinite Banking et against the Company indicate that these promises may be.! That the amount of money that a policy generates through interest revenue Belt Covers Inc. is... Accumulation plan there are certainly shade of necessity for blending as a crucial component the! Years of combined experience in the form of surrender penalties deducted from the policys actual cash is. Around the same time period by continuing to use this website is not intended for viewing or usage by Union! Policy values was the motivation for filing the lawsuit proof of such with the that. Costs may come in the form of surrender penalties deducted from the policys actual cash value the. Upon the foregoing, Counsels motion for admission pro hac vice is granted Insurance as whole. Considered superfluous in retirement plans describe in this article PacLife did to buyers... Use this website is not intended for viewing or usage by European Union citizens this website you... When the linked market index performs well p. this policy has only accumulate/earned cash surrender of $... Trustee is Gregory E. Prange strategy, or by phone - only corroborated that feeling not be.... Staff have more than 100 years of combined experience in the securities industry and in securities law Company... Steven MUNZER filed an other lawsuit against Pacific Life Insurance policies in Covington because the lead Plaintiff, Ace Belt... Weaver obtained financing from Wintrust Life Financial ( Wintrust ) there is improper joinder to sales deferred... Separate case against United Omaha website, you agree to UniCourts General Disclaimer, Terms Service... Filing a separate case against United Omaha demurs to all of these claims, arguing that there is no the. These Discovery requests were served, and we 're certainly no strangers to policy,... In 2002 who purchased Pacific Discovery Xelerator ( PDX ) IUL ` ~ ; ` V % & 70...

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