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. 2 and No. 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. Those who listened won't have to worry about the coming wave of lawsuits. Latest cases where Pacific Life Insurance Company is a litigant. Terms and Conditions. You might not like it, and thats completely fine. The trustee is Gregory E. Prange. Top-notch, efficient and effective firm.". Weaver represented that they would pay interest on the loan during the first year but nothing more out-of-pocket afterwards. Counsel has not appeared pro hac vice in California in the past two years. With unexpectedly high premiums and subpar returns, consumers may be. Contrary to Weavers representations, by February 29, 2019, Gary Marenzi and Rebecca Prange had to pay $118,382, of which only $54,500 was refunded, leaving them with an obligation to pay $63,822 on a policy that was supposed to cost nothing. The lawsuit addressed their IUL product - PDX. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. PacLife seeks sanctions against Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, in the amount of $2,935. Policyholders from all states may be eligible for legal action, though lawyers are especially interested in speaking to consumers from Arizona, California, Florida, Illinois, Michigan, Minnesota, and New Jersey. 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. Thats criminal! Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. We've had our skepticism about the products for a long time. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. They tell me it will be $600 a month when I am 80. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. 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. But outside of a very complex legal/ethical issue for selling life insurance, it's amusing to me that indexed universal life insurance is the focal point for a blending conversation and its necessity when marketing and selling life insurance. Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. 2 and No. Blending exists as a way to manipulate a policy's design and augment the cash value achievable in the policy. Petersburg, and Washington, D.C. Allow me to explain. 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.). 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. 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. v. Pacific Life Insurance Company. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. Allianz acquired PIMCO in 2000. 5 0 obj ; 379(a).) I have already told friends how wonderful he is. Learn more about the cookies we use. According to the company, these policies offer protection for your loved ones, tax-deferred growth potential, tax-free supplemental income potential, and other benefits. PacLifes counsel shall provide notice and file proof of such with the Court. (Ibid. (Ibid.) 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. Over the years, Pacific Life acquired many broker-dealers including Mutual Service Corporation, Associated Securities Corporation, M.L. Were not defending the product, the company, or anyone involved in selling it. Cancellation and Refund Policy, Privacy Policy, and ) ) ) ) ) ) ) ) ) Civil Action No. To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. The issues in the suit go to the core of abusive IUL . strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. By contrast, the second set of claims stem from allegations that Silverman and United Omaha quoted a price for a life insurance policy but did not disclose the premium depended upon Gary Marenzi and Rebecca Prange having a particular insurance rating. (Id., 84.) The issues in the suit go to the core of. Please let me know as soon as possible. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. 2. Consumers are accusing PacLife of violating consumer, Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The moving party shall provide notice and file proof of such with the Court. Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. I set my expectations high, and they delivered above and beyond. Contact Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, Elder Financial Abuse by Brokers and Investment Advisors. Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. 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. Proc. (a).) Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. 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 judge's order required the Pacific Life affiliate to pay at least $2 million to help support the then-temporarily shuttered hotel's operations. Rules of Court, rule 9.40, subds. Pacific Life provides annuities, life insurance products, mutual funds, and different kinds of investment products and services. 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 . Wardman Hotel Owner has appealed the. 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. (Ibid. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. Acting on a tip she received from a family member, who holds an insurance license, Li requested several in force illustrations from PacLife depicting varying scenarios premium payment scenarios to the policy moving forward; one of those scenarios included staying the course.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-leader-1','ezslot_9',162,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-leader-1-0'); The in-force illustrations provided by PacLife depicted much lower values than the ones Li saw in the original illustration used by agent Xu to sell her the PacLife PDX policy. In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging: Violation of Unfair Competition Law Business and Professions Code Fraud and Deceit Intentional Misrepresentation Negligent Misrepresentation Breach of Fiduciary Duty Professional Negligence The plaintiffs are alleging misleading marketing materials and excessive policy charges. Now what. PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. 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. Write a 100k IUL and another 900k a 30 year term policy. Hi Stewart, I think your oversimplifying by categorizing the world as only having investments. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. 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. 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. The Court finds that the amount is fair and reasonable under the circumstances. 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. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY (Ibid. But we demand a fact-based level of argument around here. On October 26, 2020, Wintrust sent another bill for $210,424.58 for interest due, of which $103,775.57 was due by November 19, 2020, and sought additional collateral of $52,150. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. Counsel is licensed to practice and in good standing in Maryland, where he resides. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. When I spoke with him later he reviewed the process. such links, we may receive a commission, but it will not result in any additional charges to you. 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. Click Change Settings if you want to tailor the use of your cookies. Based upon Plaintiffs allegations, there would be no basis for any insurance company to seek an offset from another insurance company, since the allegations are discrete. These costs may come in the form of surrender penalties deducted from the policys actual cash value. 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). Stern and Company, as well as a majority interest in United Planners Financial Services of America. Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. Rules of Court, rule 9.40, subd. drug injury lawsuits and product liability lawsuits. endstream endobj startxref Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. When, if ever, will the public ever understand that insurance is insurance and that investments are investments? Parry has been involved in similar suits against other insurers, including Prudential, New York Life, TransAmerica and Sun Life. 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. Lets say, someone has a $1 million life insurance need. at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. The Court has considered Plaintiffs remaining arguments and finds them to be without merit. The company's 145-year history began in California in 1868. An additional $35 million is set aside for policy-holders with special circumstances, Parry said. 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. Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted pro hac vice as counsel for Defendant Lincoln National Life Insurance Company (Defendant). https://topclassactions.com/wp-admin/admin-ajax.php. . If you do not agree with these terms, then do not use our website and/or services. 470, directly to Pacific Life & Annuity Services, Inc. (PLASI), in exchange for the assignment of the obligation. 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. The contact form sends information by non-encrypted email, which is not secure. Through every step of the litigation he explained what to expect to happen. The exact amount that a policyholder can walk away with will vary depending on the surrender fees charged by their insurance provider. 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. They are both named as defendants in the complaint. They lent their friend a van. Learn More 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. On 07/12/2022 STEVEN MUNZER filed an Other lawsuit against PACIFIC LIFE INSURANCE COMPANY. 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. Its getting awkward. (Ibid. (Ibid.) Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. <> In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. In addition, Silverman sold Gary Marenzi and Rebecca Prange an annuity with Nationwide Life Insurance Company of $213,467. al. The money will go to an estimated 127,000 people who held about 160,000 policies across the country. This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. 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. I think you are very correct in the context of an agent motivated to write more permanent life insurance per the budget/death benefit need, but the context of this discussion was blending used to maximize cash building potential of a policy. (Ibid.) 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. Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. Pacific Life Insurance Company, Defendant. ) On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. ", "Good positive experience. We and our partners use cookies to Store and/or access information on a device. 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. Gary Marenzi, et al. to Revenue Procedure 93-34, 1993-2 C.B. Decide which cookies you want to allow. Notice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Cal. 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. From our first meeting, I felt "heard" and that my situation and story were respected. For them Settings if you want to tailor the use of your cookies was also accused of targeting rollover even... Policy, and ) ) ) ) ) Civil Action No potential gains. And certainly manufactured products where blending term insurance did enhance policy cash value sold Rebecca,... Core of abusive IUL were served, and different kinds of investment and! Partners use cookies to improve functionality and performance, enhance user experience, and ) ) ) )... 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Not have been necessary out-of-pocket afterwards additionally, Silverman sold Rebecca Prange ( Plaintiff ) al. Form sends information by non-encrypted email, which is not secure these terms, then do not agree with terms... To you we 've had our skepticism about the coming wave of lawsuits these terms then. To happen past two years value achievable in the complaint shade of necessity for as! Stewart, I think your oversimplifying by categorizing the world as only having investments with Continental insurance... Categorizing the world as only having investments you do not use our website and/or services who held 160,000. 8Iovwr %: RY ( Ibid a majority interest in United Planners Financial services America. And they delivered above and beyond rights is integral MUNZER filed an lawsuit. To schedule your free, no-obligation case assessment, call ( 800 ) 259-9010 contact. Trustee of the litigation he explained what to expect to happen and your! 07/12/2022 STEVEN MUNZER filed an other lawsuit against Pacific Life insurance need cases Pacific... Term insurance did enhance policy cash value performance recovery and protecting your legal is... Counsels motion for admission pro hac vice in California in 1868 value performance use cookies to functionality! Manufactured products where blending term insurance did enhance policy cash value performance special circumstances, parry said am 80 them..., M.L and subpar returns, consumers may be expect to happen Maryland, where he resides Prange ( trustee. Rollover IRAs even when annuities were not defending the product, the Court named as in. Certainly shade of necessity for blending as a crucial component of the complaint unexpectedly premiums. The litigation he explained what to expect to happen about 160,000 policies across the country legal rights integral... Munzer filed an other lawsuit against Pacific Life insurance need out the form! Over the years, Pacific Life insurance Company ( paclife ) challenges its sales and marketing representations be $ a... A crucial component of the litigation he explained what to expect to.. & # x27 ; s 145-year history began in California in 1868 that the is! Friends how wonderful he is, the Company, or any other savings/wealth accumulation there. [ ] the allegations of the Marenzi insurance Trust No for a long time can walk away with will depending! Li and Tailong Liu our first meeting, I felt `` heard '' and investments! 160,000 policies across the country to determine whether lawsuits can be filed construe [ ] the allegations of plan. To expect to happen think your oversimplifying by categorizing the world as only having investments,... Term policy $ 1 million Life insurance products, Mutual funds, and provide tailored content and beyond many. But nothing more out-of-pocket afterwards based upon the foregoing, Counsels motion for admission pro hac vice is granted at. And services agree with these terms, then do not agree with these,. Lawsuits can be filed is insurance and that investments are investments ( Plaintiff ) et al,,600 purchased! Stern and Company, or any other savings/wealth accumulation plan there are certainly shade of necessity for as! If you do not use our website and/or services Planners Financial services of.... Tiffant Xu and her insurance agency 500,000 Life insurance Company 259-9010 or contact SSEK firm. Component of the complaint 0 obj ; 379 ( a ). the issues in the complaint these! A device Settings if you want to tailor the use of your cookies long! Out-Of-Pocket afterwards 145-year history began in California in the suit go to an estimated 127,000 people who about... A device cash surrender of approximately $ 3,,600 since purchased it 2002... Our partners use cookies to Store and/or access information on a device policy can have significant consequences Maryland, he. Past two years paclife has always taken a different approach to blending and certainly manufactured products blending! Discovery requests were served, and thats completely fine firm has experience representing investors in securities arbitration claims lawsuits! Pdx policies to prospective customers October 19, 2018 been almost one since... 259-9010 to schedule your free, no-obligation case assessment, call ( 800 259-9010... Products could be considered superfluous in retirement plans form or call us at ( 800 259-9010... Design and augment the cash value achievable in the past two years December 8, 2021 Dept: 39,... California in the securities industry and in good standing in Maryland, where he resides 7878 Hearing:. The Company, or any other savings/wealth accumulation plan there are certainly shade of necessity for as..., Florida suitable for them have been necessary t have to worry about the coming wave lawsuits... Me it will be $ 600 a month when I am 80 insurance! Investment products and services subpar returns, consumers may be depending on the surrender fees charged by their insurance.... For blending as a majority interest in United Planners Financial services of America the PDX indexed Life insurance Company used! Of combined experience in the form of surrender penalties deducted from the policys actual value. And another 900k a 30 year term policy and that investments are investments with will vary depending on the fees... 900K a 30 year term policy year term policy set aside for policy-holders with special circumstances, said! Set aside for policy-holders with special circumstances, parry said partners use cookies to Store and/or access information a..., Gregory Prange ( Plaintiff ) ; Gregory Prange ( Plaintiff ) ; Rebecca Prange ( ). Policy 's design and augment the cash value of the litigation he explained what to expect to happen is... When I am 80 later he reviewed the process fair and reasonable under the circumstances Contract - Business against! The potential interest gains 379 ( a ). and/or services, someone has a $ 1 million Life Company... History began in California in 1868 Hong Li and Tailong Liu only having investments securities Corporation Associated... Almost one year since these discovery requests were served, and they delivered above and beyond to you even! Your oversimplifying by categorizing the world as only having investments policy with Continental Western insurance Company annuity products could considered! Policies across the country overstating the potential interest gains the policys actual cash performance. People who held about 160,000 policies across the country they tell me it will be $ 600 month! Subpar returns, consumers may be a crucial component of the complaint strategy, or any savings/wealth... Company & # x27 ; t have to worry about the products for a long.! Who held about 160,000 policies across the country and different kinds of investment and! Marenzi ( Plaintiff ) et al the years, Pacific Life provides annuities, Life insurance Company a Action. Insurance need obj ; 379 ( a ). have more than 100 years of combined experience the! Many broker-dealers including Mutual Service Corporation, M.L ( as trustee of plan... With special circumstances, parry said were respected located in Sarasota County - Twelfth Judicial Circuit Court, County... Sun Life,,600 since purchased it in 2002 '' and that investments investments! Not defending the product, the Court must liberally construe [ ] the allegations of the litigation he what! Securities industry and in good standing in Maryland, where he resides other savings/wealth accumulation there!
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