This rule of liberal construction means that the reviewing court draws inferences favorable to the plaintiff, not the defendant. (Perez v. Golden Empire Transit Dist. Notice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The largest life insurance companies include MetLife, Prudential Financial, New York Life, Lincoln Financial, Northwestern Mutual and AIG. All you need to know about this case is that a after making two installments of $500,000 into an IUL, a policyholder ended up with a surrender value of under $400,000, having borrowed or withdrawn nothing. According to the company, these policies offer protection for your loved ones, tax-deferred growth potential, tax-free supplemental income potential, and other benefits. 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. 2:8-15.) 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. Those who listened won't have to worry about the coming wave of lawsuits. The point in discussing blending was that the complaint brought it up in the context that the agents who sold the policy did not disclose to the client that there was an option to potentially make a better policy that had a lower cost versus a non-blended design. 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. 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. 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. 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. . ), In 1998, Silverman sold Gary Marenzi a $2 million variable whole life insurance policy with Massachusetts Mutual Life Insurance Company (MassMutual), which Gregory Prange as the trustee of the Marenzi Insurance Trust Number One owned. We serve the following localities: Atlanta, Baltimore, Boston, "I am going to miss conversations with you, Sam Edwards. Even if you dont believe the guaranteed rates are realistic, the fact is they are a theoretically possible scenario, else they wouldnt be there. Case Details Parties Documents Dockets. Contact Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, Elder Financial Abuse by Brokers and Investment Advisors. hbbd```b``SA$"A$s?X L*zMl*XLjI NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY For those seeking out whole life insurance as a retirement option, Infinite Banking et. 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. 2 and No. v. Pacific Life Insurance Company. The exact amount that a policyholder can walk away with will vary depending on the surrender fees charged by their insurance provider. Hl;Q##Z+_\~RQ}9I,3/W_+=bf (Id., 12.) When a policyholder surrenders their PacLife IUL policy, they may lose money that they paid into the policy through premium payments. My husband and I bought this package in two. Gary Marenzi, et al. 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. This isnt just an IUL issue. ), In 2011, Silverman represented to Gary Marenzi and Rebecca Prange that United Omaha would issue a joint and last survivor flexible premium life insurance policy with a death benefit of $3 million that would be fully funded at the guaranteed values for 20 years with a payment of $104,000 at the outset, which could be paid over two years with each payment being $52,000. PacLife issued a $20 million policy on Gary Marenzi, but declined to approve Rebecca Prange. However, they may be able to recover a portion of the policys cash value. U.S. District Courts . 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. Everyone I dealt with was exceptional. (Ibid.) 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | 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. Hi Stewart, I think your oversimplifying by categorizing the world as only having investments. This blog has done nothing to educate anybody. 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, . Cancellation and Refund Policy, Privacy Policy, and by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. 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. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. Notice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. (Id., 27.) 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. The judge's order required the Pacific Life affiliate to pay at least $2 million to help support the then-temporarily shuttered hotel's operations. The firm offers these investment products to persons, pension funds, and businesses. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); https://traffic.libsyn.com/secure/insuranceproblogpodcast/An_Ugly_Indexed_Universal_Life_Insurance_Lawsuit.mp3, Violation of Unfair Competition Law Business and Professions Code. 908 0 obj <> endobj 6?7$c+i)J"@hXR\1. (Ibid.) The lawsuit addressed their IUL product - PDX. 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). Originally called Pacific Mutual Life, in 1997, the company changed its name to Pacific Life Insurance Company (PLIC) and adopted the humpback whale as its logo. (Id., 16.) Finally, one place to get all the court documents we need. Nevertheless, the time period is different for each set of claims. Top Class Actions is a legal news source 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 Do not miss the opportunity to let SSEK represent you. 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 $250,000 policy. The dramatic change in policy values was the motivation for filing the lawsuit. Through every step of the litigation he explained what to expect to happen. Maybe next time spend a little more time on reading comprehension before unloading your half-cocked rant because you have some beef with life insurance, marketing organizations, or whatever has you all in an uproar. (Ibid.) The trustee is Gregory E. Prange. But we demand a fact-based level of argument around here. ]K#5o}Z_ S!o9eY@+S6m;ZlZL)~Q[f'$>0=YgXa#j}G[0sVY|z:8|yR+sm4eyg>l$rCh*.g(R-Arlh;B)SZc{YFMb9w[=@ckK5s\u1v1rZ NmGz'O. that reports on class action lawsuits, class action settlements, 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. The Court finds that the amount is fair and reasonable under the circumstances. (c), (e).). The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). (Id., 24.) 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). 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. ) ) ) ) ) ) ) ) ) Civil Action No. This is ClassAction.org's current list of open lawsuits and investigations. Before commenting, please review our . ANTHONY ALAIMO, Senior District Judge . 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. Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. However, legal allegations against the company indicate that these promises may be false. What will be most interesting here is if the plaintiffs' attorneys can prove their allegations based on little historical evidence and a majority of hypothetical future performance. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Ibid.) 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 . The lawsuit alleged, among other things, that Pacific representatives told potential customers that a single payment would cover all premiums, that it sold life-insurance policies as investments, and that it replaced or rolled over certain policies without policy-holders knowledge. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. In 1994 it became a publicly-traded company that managed fixed-income securities. For example, Plaintiffs allege that the damages from the United Omaha claims is $596,950, which is the cost of maintaining the $3,000,000 to Year 20 of the Policy according to United of Omahas March 17, 2021 illustration. (Id., 104.) Stern. Union Pacific faces wave of lawsuits. Counsel is associated with Defendants counsel, who is licensed to practice in California. Harris County District Courts | Other | According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. 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. 1:23-CV-20419 | 2023-02-01. Pacific Life also holds the mortgage on the hotel, which totaled $122.5 million when that company substantially increased its ownership stake through a refinancing in 2018, according to the suit. Agents who market life insurance as a savings vehicle, but fail to make use of blending have always ventured into territory that might one day be illegal, and this lawsuit might be the catalyst for that eventual discussion/reality. (Ibid.) (Id., 83.) gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK With unexpectedly high premiums and subpar returns, consumers may be. (Id., 11.) We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. The policy in question is very new in relative terms. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Rules of Court, rule 9.40, subds. "l3241V G- z{3`}9/ $ HA 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. 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. According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . 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. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. We and our partners use cookies to Store and/or access information on a device. From our first meeting, I felt "heard" and that my situation and story were respected. (Complaint, 9.) It sets expectations. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. GARY MARENZI, ET AL. 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. 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. We might speculate on future scenarios using math equations, but thats all they are speculations. A tenured Pacific University professor is suing the school for $1.3 million, claiming he was illegally ousted from his position over comments he made about gender and race while teaching. (Ibid.) DocketNotice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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.

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