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. 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. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. 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. 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. Stern. 470, directly to Pacific Life & Annuity Services, Inc. (PLASI), in exchange for the assignment of the obligation. Everyone I dealt with was exceptional. Weaver obtained financing from Wintrust Life Financial (Wintrust). It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. ATTORNEY NEWSLETTER Pacific Life Insurance Company was the target of a class action lawsuit related to sales of deferred annuities. (Ibid.) This is exactly why showing the worst-case scenario on a life insurance illustration is important. 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. Here are 22 essential L.A. spots for every tourist, Column: We cant afford another writers strike. (Ibid. (Cal. We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. 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. 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. 3:23-CV-00355 | 2023-02-01, U.S. District Courts | Labor | The moving party shall provide notice and file proof of such with the Court. NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S 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. Li agreed to buy the policy and PacLife officially issued the policy effective mid-2018. The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. The lawsuit addressed their IUL product - PDX. Click Accept if you consent. . VS PACIFIC LIFE INSURANCE COMPANY, ET AL. 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 lawsuit does not specify a monetary reward Hughes hopes to receive from Pacific, but it asks for a sum that would compensate Hughes for economic and non-economic losses, as well as attorney fees. <> 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. Rules of Court, rule 9.40, subds. 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). This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. (Ibid.) The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. 937 0 obj
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(Code Civ. 2:8-15.) Even if you dont believe the guaranteed rates are realistic, the fact is they are a theoretically possible scenario, else they wouldnt be there. Cancellation and Refund Policy, Privacy Policy, and 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. Proc., ; 452.) Those who listened won't have to worry about the coming wave of lawsuits. 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. With great appreciation, thank you! Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. How, you ask? 1:23-CV-20419 | 2023-02-01. . . Not blending in an IUL is more devastating than in whole life. (Ibid. This argument makes no sense. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. Learn More Why is this public record being published online? I'm not necessarily saying that was the circumstance in this specific case, but the complaint brought it up and itcould become a subject for further exploration among insurance regulators. Hl;Q##Z+_\~RQ}9I,3/W_+=bf In 2009, Silverman sold Gary Marenzi and Rebecca Prange a $2 million second-to-die or survivorship policy with MassMutual, which Wesley Prange as the trustee of the Marenzi Insurance Trust Number Three owned. DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Docketat 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, DocketMinute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. Privacy Policy | 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 ), 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. 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. I will be forever grateful. Case Summary On 07/28/2021 GARY MARENZI, filed a Contract - Other Contract lawsuit against PACIFIC LIFE INSURANCE COMPANY ,. ) ) ) ) ) ) ) ) ) Civil Action No. (Ibid.) Before commenting, please review our . On October 20, 2020, Wintrust billed Gary Marenzi and Rebecca Prange for more than $300,000, including a demand for $79,499 in additional collateral. Counsel has not appeared pro hac vice in California in the past two years. %%Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile=? In late August 2018, Gary Marenzi and Rebecca Prange met with Silverman and Weaver, during which Weaver represented that Marenzi and Prange would not have to pay premiums or interest out-of-pocket and while they might need to post a small amount of collateral, it would be refunded after the loan funded. 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. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. 6:12-15.) ", "My experience with Ryan Cook has been very positive. 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. 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. Public Records Policy. %%EOF
But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. The Court finds that the amount is fair and reasonable under the circumstances. Top Class Actions is a legal news source Further, Counsel has demonstrated that he served this application on the State Bar of California at its San Francisco office, and paid the $50 fee as required. The trustee is Gregory E. Prange.
Counsel is associated with Defendants counsel, who is licensed to practice in California. Learn more about the cookies we use. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). (Complaint, 82-83.) By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. (Complaint, 9.) 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | The Court need not reach the remainder of United Omahas arguments. I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. 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. You can design it as 100k base policy and 900k as term in a whole life. endstream
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(Ibid.) 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. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Id., 31.) Guided us through a difficult process and was pleased with the outcome. 4. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. 2017-09-20, U.S. District Courts | Finance | Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. 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? Terrence Hersey sits for a portrait at his home Friday, June 17, 2022, in South Holland, Ill. Hersey underwent extensive rehabilitation for a stroke in 2015 . (Ibid. v. Pacific Life Insurance Company. PacLife seeks sanctions against Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, in the amount of $2,935. 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. 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. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? 2:23-CV-00474 | 2023-01-20, U.S. District Courts | Labor | v. Pacific Life Insurance Company. They tell me it will be $600 a month when I am 80. The exact amount that a policyholder can walk away with will vary depending on the surrender fees charged by their insurance provider. According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. o PLASI would then utilize the funding to purchase an annuity contract from Pacific Life to fund its obligations under the structured attorney fee payout. Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. "l3241V G- z{3`}9/ $ HA (Id., 19.) You might not like it, and thats completely fine. On that same date, Gary Marenzi and Rebecca Prange established the Marenzi Insurance Trust Number Three for the purpose of holding title to one or more life insurance policies on their lives. Party shall provide notice and file proof of such with the agent Xu... 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