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. And the best part of all, documents in their CrowdSourced Library are FREE! 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of $500,000 into an IUL, a policyholder ended up with a surrender value of under $400,000, having borrowed or withdrawn nothing. By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E? BM86"387ot/gCN"-3Yl`z5=iA,~FK? The largest life insurance companies include MetLife, Prudential Financial, New York Life, Lincoln Financial, Northwestern Mutual and AIG. An IUL class action lawsuit investigation is underway to probe into allegations that people who purchased Indexed Universal Life (IUL) insurance policies were misled into expecting unrealistic rates of return that comes after insurance companies presented used fabricated and false illustrations in marketing literature and sales material. Terms and Conditions. Weaver also misrepresented that the preexisting policies owned by the trusts were no longer necessary because the replacement policies from Lincoln and PacLife were more favorable. We can help you determine whether you have grounds for a claim for financial recovery and understand which financial firm you should pursue for damages. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). 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., 19.) 6?7$c+i)J"@hXR\1. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY (Id., 26.) An example of data being processed may be a unique identifier stored in a cookie. 3:23-CV-00355 | 2023-02-01, U.S. District Courts | Labor | This policy was a loser regardless if it was a level or increasing death benefit. Simple! (Ibid.) 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.) ", "My experience with Ryan Cook has been very positive. Proc., ; 379.) What you describe in this article PacLife did to these buyers is exactly what they are doing to me. ), 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. Rules of Court, rule 9.40, subds. (Complaint, 104.) You must contact the 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. 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. Why is this public record being published online? These claims relate primarily to premium financing issues and the related representations. The complaint does allege specific wrong-doing on the behalf of agent Xu. It will also be interesting to see what, if any, future regulation comes about from this lawsuit. To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. 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? 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. The crux of the complaint is both technical as well as . 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. Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. (Ibid.) (a).) 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. This was not disclosed to the policyholder. Any non-guaranteed element in any policy is necessarily a question mark. Proc. We've had our skepticism about the products for a long time. On 07/12/2022 STEVEN MUNZER filed an Other lawsuit against PACIFIC LIFE INSURANCE COMPANY. (Ibid.) Join a Free PacLife & Minnesota Life Lawsuit Investigation If you purchased the Pacific Discovery Xelerator (PDX) Universal Life policy from PacLife or the Eclipse IUL from Minnesota Life in the last 5 years, you may qualify to join this universal life insurance lawsuit or class action lawsuit investigation. Founded in 1868, Pacific Life is an American insurance company with $191B in assets. (Ibid.) 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. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. This isnt just an IUL issue. View Top 10 List (Ibid.) If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents investors of Pacific Life products that have suffered investment losses. (Id., 104. So PacLife could theoretically explain away its underperformance as variability in the market. (Ibid.) 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. With respect to Gary Marenzi and Rebecca Prange, Weaver told Silverman that his program would enable these clients to obtain more life insurance with little or no out-of-pocket expenses because the cause value of their existing policies would be used for initial funding. Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. That was largely the point of the blog post and podcast. 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? (Id., 81.) We need to be part of this fraudulent sales class law suit. Pacific Life also holds the mortgage on the hotel, which totaled $122.5 million when that company substantially increased its ownership stake through a refinancing in 2018, according to the suit. Consumers are accusing PacLife of violating consumer protection laws by deceiving their customers and failing to disclose the risks and fees associated with their PDX policies. Finally, one place to get all the court documents we need. Rules of Court, rule 9.40, subd. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Top Class Actions is a Proud Member of the American Bar Association, Various Trademarks held by their respective owners. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. ) ) ) ) ) ) ) ) ) Civil Action No. The Court finds that the amount is fair and reasonable under the circumstances. (Ibid.) The same should be done in IUL. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Learn more about the cookies we use. The contact form sends information by non-encrypted email, which is not secure. gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK But that application usually applies to whole life insurance. DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Ultimately, the blending discussion is one of simple suitability. Weaver represented that they would pay interest on the loan during the first year but nothing more out-of-pocket afterwards. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. 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. This website is not intended for viewing or usage by European Union citizens. %PDF-1.4 1. 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. (Id., 23.) Click Accept if you consent. 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 & Annuity Company is an affiliate of the investment firm. that reports on class action lawsuits, class action settlements, The agreement in Kentucky settles all claims arising from those policies. Inversely, when the market is not performing well, interest rates can be extremely low. Petersburg, and Washington, D.C. Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. In 1994 it became a publicly-traded company that managed fixed-income securities. (Id., 19-21. After making two $500,000 premium payments, Li became suspect of the policy when statements she received from PacLife reported value far different from the figures she anticipated. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. I will be forever grateful. Decide which cookies you want to allow. 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. Gary Marenzi, et al. All Rights Reserved. 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. (Ibid.) The Court need not reach the remainder of United Omahas arguments. Over the years, Pacific Life acquired many broker-dealers including Mutual Service Corporation, Associated Securities Corporation, M.L. Weaver obtained financing from Wintrust Life Financial (Wintrust). The policy in question is very new in relative terms. ), 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. 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | But unscrupulous agents are writing all 1 million in IUL. The lawsuit addressed their IUL product - PDX. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. United Omaha shall provide notice and file proof of such with the Court. 22.) Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. 908 0 obj <> endobj When a policy is surrendered, the policyholder will lose the premiums they paid. The NAIC amended AG49 this year to eliminate multipliers from sales illustrations. Consumers who surrendered their policy after relying on misleading representations from PacLife may be able to take action for their financial damages. ), 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.) PacLife seeks sanctions against Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, in the amount of $2,935. Counsel has not appeared pro hac vice in California in the past two years. Top-notch, efficient and effective firm.". Notice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. You might not like it, and thats completely fine. Wardman Hotel Owner has appealed the. al. 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. Blending for indexed universal life insurance policies normally has little long term effect on cash value accumulation and most typically results in a reduced surrender charge. 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. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. (Id., 10.) . NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S You can design it as 100k base policy and 900k as term in a whole life. 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 . Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. On 06/29/2021 ABIGAIL MAMBOLEO filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. Pac Life is not the only guilty party here, it is all of the dishonest IMOs who lure in frankly dumb agents my means of above average commissions for a high borrowing contract. This field is for validation purposes and should be left unchanged. Click Change Settings if you want to tailor the use of your cookies. Manage Settings 5 0 obj 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. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. The firm became a mutual life company owned by its shareholders. 937 0 obj <>/Filter/FlateDecode/ID[<58768771925F2449B604DCE4A3FB14BB>]/Index[908 52]/Info 907 0 R/Length 124/Prev 840995/Root 909 0 R/Size 960/Type/XRef/W[1 3 1]>>stream Defendants are listed as Tiffany Xu, Sky Vision Insurance Agency and Pacific Life Insurance. %%EOF Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. The 2005 lawsuit Were looking at the situation and noting the various implications of this lawsuit. 3. Union Pacific faces wave of lawsuits. 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). (Ibid.) ',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{ {eg#exL`  ) ; 379(a).) %%Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile=? Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. 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. PacLife issued a $20 million policy on Gary Marenzi, but declined to approve Rebecca Prange. He was very patient, and I never felt rushed. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. 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. Not blending in an IUL is more devastating than in whole life. (Id., 16.) @ 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 2. 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. GARY MARENZI, ET AL. (Complaint, 104.). 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. 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. Thats criminal! Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. Learn More 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. In 2008, SWS Group agreed to buy M.L. Notice of Case Management Conference; Filed by Clerk. PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. U.S. District Courts . 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. 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