(Id., 12.) (Id., 23.) DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. Plaintiffs allege that the misrepresentations concerning the PacLife and Lincoln policies occurred years later, as early as September 8, 2016, and continued through 2017, and these policies were not issued until in or after August 2018. Not one of the facts of this case has anything to do with blending or worst case illustrations, because no worst case illustration ever contemplated this scenario. According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. 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. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. 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. DocketNotice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The firm offers these investment products to persons, pension funds, and businesses. Petersburg, and Washington, D.C. 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. Were looking at the situation and noting the various implications of this lawsuit. drug injury lawsuits and product liability 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. ", "Good intelligent attorneys who never miss a beat. 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. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. Then, Plaintiffs discovered that, in fact, the United Omaha policy was not paid-up for 20 years, requiring them to pay $596,960 to maintain this policy for the full 20 years, per their original plan. (2012) 209 Cal.App.4th 1228, 1238.). Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. 5 0 obj We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. 2:23-CV-00474 | 2023-01-20, U.S. District Courts | Labor | Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. 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. 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, . 1:23-CV-20419 | 2023-02-01. (Id., 31.) Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. Top Class Actionss website and social media posts use affiliate links. %PDF-1.6 % The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. Latest cases where Pacific Life Insurance Company is a litigant. 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. . By contrast, the complaint details all of the additional charges Plaintiffs were forced to pay as a result of Weavers alleged misrepresentations, as well as their severe emotional distress. (Id., 31-41.). Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. hTmHSa>\ Gary Marenzi, et al. 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. 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. Plaintiffs allege that [t]he one policy Silverman did not eliminate immediately was the United policy, because it was essentially paid-up for 20 years . The issues in the suit go to the core of. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. For those seeking out whole life insurance as a retirement option, Infinite Banking et. Proc., ; 452.) 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. 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. 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). (Ibid.) My husband and I bought this package in two. (Ibid. Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. The dramatic change in policy values was the motivation for filing the lawsuit. This varies from other life insurance policies with either fixed or variable interest rates. (Ibid.) Pacific Life Insurance Company may have sold their indexed universal life (IUL) policies under misleading sales representations, which resulted in some consumers surrendering their policies due to unexpected fees. . NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. 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. The firm became a mutual life company owned by its shareholders. Stern. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. Over the years, Pacific Life acquired many broker-dealers including Mutual Service Corporation, Associated Securities Corporation, M.L. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. These facts standing alone support the Courts decision. Through every step of the litigation he explained what to expect to happen. Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. From our first meeting, I felt "heard" and that my situation and story were respected. A IUL policys cash value is the amount of money that a policy generates through interest revenue. (Id., 17.) We need to be part of this fraudulent sales class law suit. Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. Youve been a wonderful lawyer and a friend. hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E? BM86"387ot/gCN"-3Yl`z5=iA,~FK? 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. United Omaha shall provide notice and file proof of such with the Court. An example of data being processed may be a unique identifier stored in a cookie. Stern and Company, as well as a majority interest in United Planners Financial Services of America. ) ) ) ) ) ) ) ) ) Civil Action No. 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. That's a big question many have asked for years. (Ibid.) In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. Gary Marenzi, et al. Terms and Conditions. Plaintiffs argue that there will be a common legal question, viz., whether the insurance companies are liable for misrepresentations or omissions, or negligence, by Silverman. (Id., 81.) We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. ? However, they may be able to recover a portion of the policys cash value. 4. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. (Complaint, 104.). strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. (Id., 26.) Founded in 1868, Pacific Life is an American insurance company with $191B in assets. Plaintiffs assert a First Cause of Action with five separate counts (for intentional misrepresentation, fraudulent concealment, professional negligence, unfair competition, and intentional infliction of emotional distress) against all defendants except United Omaha. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. 78aa, 78j(b), 78t, and 78cc(b), and Rule . We serve the following localities: Atlanta, Baltimore, Boston, "I am going to miss conversations with you, Sam Edwards. Decide which cookies you want to allow. 2:2-3.) administrator or law firm. ]K#5o}Z_ S!o9eY@+S6m;ZlZL)~Q[f'$>0=YgXa#j}G[0sVY|z:8|yR+sm4eyg>l$rCh*.g(R-Arlh;B)SZc{YFMb9w[=@ckK5s\u1v1rZ NmGz'O. Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . 3. Write a 100k IUL and another 900k a 30 year term policy. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. 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.) The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. On 07/12/2022 STEVEN MUNZER filed an Other lawsuit against PACIFIC LIFE 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. your claim status, claim form or questions about when payments are . stream The moving party shall provide notice and file proof of such with the Court. Manage Settings This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. The Court finds that the amount is fair and reasonable under the circumstances. Top Class Actions is a legal news source Allianz acquired PIMCO in 2000. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. 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