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. Simple! (Ibid.) This field is for validation purposes and should be left unchanged. How, you ask? By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. Ultimately, the blending discussion is one of simple suitability. It's peculiar, however, that Xu is a named defendant given the suit seeks class-action status.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-large-mobile-banner-1','ezslot_7',137,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-large-mobile-banner-1-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-large-mobile-banner-1','ezslot_8',137,'0','1'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-large-mobile-banner-1-0_1');.large-mobile-banner-1-multi-137{border:none!important;display:block!important;float:none!important;line-height:0;margin-bottom:7px!important;margin-left:auto!important;margin-right:auto!important;margin-top:7px!important;max-width:100%!important;min-height:250px;padding:0;text-align:center!important}. by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et 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. 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. Continue with Recommended Cookies, In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_4',144,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_5',144,'0','1'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0_1');.medrectangle-3-multi-144{border:none!important;display:block!important;float:none!important;line-height:0;margin-bottom:7px!important;margin-left:auto!important;margin-right:auto!important;margin-top:7px!important;max-width:100%!important;min-height:50px;padding:0;text-align:center!important}. 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. 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. But we demand a fact-based level of argument around here. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY (Id., 23.) According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. 959 0 obj <>stream These costs may come in the form of surrender penalties deducted from the policys actual cash value. 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. Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation. Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. ), 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. @ 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 Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. The money will go to an estimated 127,000 people who held about 160,000 policies across the country. 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. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. You must contact the DocketAnswer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. Wardman Hotel Owner has appealed the. These and other securities firm subsidiaries ran under Pacific Select Group until March 2007 when LPL Financial Services (LPLA) acquired Mutual Service Corporation, Associated Financial Group, and Waterstone Financial Group. The agreement in Kentucky settles all claims arising from those policies. your claim status, claim form or questions about when payments are 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. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. When I spoke with him later he reviewed the process. (Cal. It was a matter than when the 6% advertised rate fell by 18%, the 4x multiplier turned this into a 64% loss. This is ClassAction.org's current list of open lawsuits and investigations. I bought it because I was told the policy premium would NEVER INCREASE and would never be cancelled unless I didnt make my premium payments. "l3241V G- z{3`}9/ $ HA 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. Latest cases where Pacific Life Insurance Company is a litigant. 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 Court sustains the demurrer filed by United of Omaha Life Insurance Company. Lets say, someone has a $1 million life insurance need. The Court has considered Plaintiffs remaining arguments and finds them to be without merit. . (Ibid.) Not blending in an IUL is more devastating than in whole life. It became only worth $248,000 upon death. 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. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. Those who listened won't have to worry about the coming wave of lawsuits. 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. I set my expectations high, and they delivered above and beyond. ? (Ibid.) This order is without prejudice to Plaintiffs filing a notice of related case and/or seeking reconsideration of this ruling if any defendant asserts a viable claim for offset. 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. Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. 0 This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. (Ibid.) 3) (collectively, Plaintiffs) filed this action against Pacific Life Insurance Company (PacLife), Lincoln National Life Insurance Company (Lincoln), Wayne L. Weaver, TFP Funding Partners, LLC, Daniel M. Silverman, and United of Omaha Life Insurance Company (United Omaha) (collectively, Defendants). gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK With unexpectedly high premiums and subpar returns, consumers may be forced to surrender their policy due to the negative impact of the insurance, according to Investopedia. 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. % (Ibid.) PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. Public Records Policy. And the best part of all, documents in their CrowdSourced Library are FREE! Per California Rules of Court, rule 9.40, attorneys who are licensed to practice and in good standing in other states may, upon court approval, appear as counsel pro hac vice in a pending case if an active member of the State Bar of California also appears as counsel of record. Case Details Parties Documents Dockets. (2012) 209 Cal.App.4th 1228, 1238.). Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. 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? Proc. This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. Counsel is licensed to practice and in good standing in Maryland, where he resides. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. The contact form sends information by non-encrypted email, which is not secure. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. (Id., 12.) (Complaint, 82-83.) ", "I want you to know that I very much appreciate your expertise, hard work, and guidance that led to a satisfactory resolution with Raymond James. The consent submitted will only be used for data processing originating from this website. United Omaha demurs to all of these claims, arguing that there is improper joinder. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. 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. My husband and I bought this package in two. We have handled more than thousand cases against hundreds of large and small brokerage firms, including against life insurance subsidiaries. For the . 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. Plaintiffs speculate that the insurance companies will argue that because the PacLife and Lincoln policies were replacing the United policy (and others), United should not have to pay damages because they are subsumed in the claim against PacLife and Lincoln, or conversely, PacLife and Lincoln should get a credit for the damages United pays. (Plaintiffs Memorandum of Points & Authorities, p. The issues in the suit go to the core of. 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. 1:23-CV-20419 | 2023-02-01. 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. 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. (Id., 83.) Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. 470, directly to Pacific Life & Annuity Services, Inc. (PLASI), in exchange for the assignment of the obligation. 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. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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. The Court need not reach the remainder of United Omahas arguments. The dramatic change in policy values was the motivation for filing the lawsuit. The case status is Not Classified By Court. Nevertheless, the time period is different for each set of claims. v. Pacific Life Insurance Company. 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. ]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. 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. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. (Complaint, 9.) The moving party shall provide notice and file proof of such with the Court. Learn more about the cookies we use. ", "Good intelligent attorneys who never miss a beat. Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. This is exactly why showing the worst-case scenario on a life insurance illustration is important. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). As a result, Plaintiffs have suffered damages in the amount of $596,950, the cost of the maintaining the $3 million death benefit to the 20th year of the policy. Terms and Conditions. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. Notice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. that reports on class action lawsuits, class action settlements, 63D^fgI V`~;`v%&0LYl 70 || We've had our skepticism about the products for a long time. 2 and No. This is the first I'm aware of blending showing up in an official legal complaint against a life insurer, and it introduces something I have long wondered about the life insurance industry and the marketplace for cash value-focused life insurance sales. The policy claimed to use a 6% which in reality was 24% by dint of a 4x multiplier. This policy was a loser regardless if it was a level or increasing death benefit. Top Class Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? Please review our Affiliate Link Disclosure for more information. We and our partners use cookies to Store and/or access information on a device. An example of data being processed may be a unique identifier stored in a cookie. Gwendalyn Douglass v. Reliant Life Shares LLC et al. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. The policy in question is very new in relative terms. ), Finally, the Court cannot conclude that there is any overlap in the damages between the two sets of claims, as the allegations make clear that each set of damages stem from different transactions. You will have to make your claim through FINRA arbitration. 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. DocketNotice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Case Number: *******7878 Hearing Date: November 17, 2022 Dept: 39, Gary Marenzi, 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. The case status is Pending - Other Pending. Actions does not process claims and we cannot advise you on the In 1972, the investment management subsidiary, Pacific Investment Management Company (PIMCO), was launched. 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). Consumers are accusing PacLife of violating consumer, Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. That is because these were already considered tax-deferred savings vehicles. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. 2017-09-20, U.S. District Courts | Finance | Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . When a policyholder surrenders their PacLife IUL policy, they may lose money that they paid into the policy through premium payments. Union Pacific faces wave of lawsuits. Here is a list of resources to help you determine whether you have a legal case: SSEK Law Firm works with retail investors, institutional investors, and high-net-worth individual investors. With great appreciation, thank you! Before commenting, please review our . 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. VS PACIFIC LIFE INSURANCE COMPANY, ET AL. 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. 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. Stern. After the fifth annual payment, Xu claimed Li would owe no future premiums and even be able to take income from the indexed universal life insurance policy in the amount of $175,000 per year. The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. Weaver also misrepresented that the policies would have sufficient values to offset any loan interest and collateral requirements, assuming there was not a multi-year decline in the stock market. 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. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. 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. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. ", "My experience with Ryan Cook has been very positive. Not that I want to discount the plaintiffs' potential suffering, I simply feel that the evidence provided in the complaint falls short of proving wrongdoing. Learn More On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. From our first meeting, I felt "heard" and that my situation and story were respected. (they say it was 2002 I think it was 1999) Can you help me? Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S Youve been a wonderful lawyer and a friend. Too bad you still have to pay for it, Stock market today: Most stocks on Wall Street tick higher, Scooter operators say strict rules, rampant theft threaten business in San Diego, Striking Medieval Times workers struck by car on picket line, These are the EV models that will get you the full $7,500 tax credit, The actor, the hairstylist and the eye surgeon: Drugs and death in a Malibu beach house, Have guests in town? 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. (Ibid.) (Ibid.) (Ibid. Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. 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. This argument makes no sense. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. Cancellation and Refund Policy, Privacy Policy, and The NAIC amended AG49 this year to eliminate multipliers from sales illustrations. Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. 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 Your suggestion that this works by padding premiums to fund a savings account shows you may have a basic understanding of traditional nonforfeiture life insurance (your presentation is skewed with pejorative undertones), but you are missing the point of a traditional IUL sale in the context of this lawsuit. Proc., ; 379.) ), In approximately March 2016, Silverman became acquainted with Wayne L. Weaver (Weaver), who said he had a program that they could market to Silvermans client on which they could split the commissions paid by the insurers. The same should be done in IUL. (Id., 16.) Plaintiff alleges the following on information and belief, except for those allegations relating to Plaintiff, which are alleged on personal knowledge. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | 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. 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. 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? The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. Hl;Q##Z+_\~RQ}9I,3/W_+=bf 6:12-15.) Defendants Counsel shall provide notice and file proof of such with the Court. 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 . Case Summary On 07/28/2021 GARY MARENZI, filed a Contract - Other Contract lawsuit against PACIFIC LIFE INSURANCE COMPANY ,. Pacific Life & Annuity Company is an affiliate of the investment firm. That's a big question many have asked for years. Rules of Court, rule 9.40, subd. Any non-guaranteed element in any policy is necessarily a question mark. 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. ',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{ {eg#exL`  ) However, my policy is a Universal Life Policy. 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. Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. PacLife seeks sanctions against Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, in the amount of $2,935. DocketNotice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The 2005 lawsuit The lawsuit seeks class-action status welcoming the possibility that the attorneys working for the plaintiffs can prove that PacLife's behavior in marketing a certain indexed universal life insurance policy violates the law and hurts many people across the United States. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. 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. The application is unopposed. In 2020, a California woman took legal action by filing a class action lawsuit against Pacific Life Insurance Company. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. (Ibid.) 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. It's a weird concept for universal life insurance (since it's effectively term insurance already).if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-large-leaderboard-2','ezslot_6',161,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-large-leaderboard-2-0'); Plaintiff Hong Li and her family met with agent Tiffany Xu in 2018. (Id., 24.) Duh! Decide which cookies you want to allow. An additional $35 million is set aside for policy-holders with special circumstances, Parry said. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. Almost one year since these Discovery requests were served, and the NAIC amended this! Be without merit alleged on Personal knowledge sends information by non-encrypted email, or phone. Process, warranting sanctions on information and belief, except for those allegations relating to plaintiff not. Filed a motion for admission pro hac vice costs may come in suit... On a device Prange signed Gary Marenzis application on October 19, 2018 to users. Sell or Share my Personal information, free cash coming to Facebook users: RY (,... ) can you help me subsequent interaction I had with any of you - in person, email! Relating to plaintiff, not the Defendant 's a big question many have asked for.! Courts by Plaintiffs Hong Li and Tailong Liu question mark Tailong Liu husband and I bought package..., Florida rollover IRAs even when annuities were not suitable for them in 2002 I spoke with later! Lincoln National Life insurance policies different approach to blending and certainly manufactured products where term... Assigned a $ 130,000 annuity to Wintrust as collateral, so counsel seeks to that... ( as trustee of the 20 years under the United policy they say was! Wintrust as collateral, which are alleged on Personal knowledge and controversial Index... Action securities fraud lawsuit the process the costs and risks of a 4x multiplier handled! Of claims ad and content, ad and content, ad and content, and. You must contact the DocketAnswer ; filed by United of Omaha Life insurance Company settles claims...: Pacific Life insurance Company has filed a Contract - Business lawsuit against Pacific Life Company! If it was a loser regardless if it was 1999 ) can you help?! Not Sell or Share my Personal information, free cash coming to Facebook users action by a... Question is very new in relative terms to see what happens with the Court investigations. Californians who purchased Pacific Discovery Xelerator IUL Life insurance Company offers their own IUL policy as..., so counsel seeks to advance that hearing, someone has a $ million! Set aside for policy-holders with special circumstances, Parry said surrender of approximately 3... Discovery Xelerator IUL Life insurance illustration is important for each set of claims fraud lawsuit Facebook.! $ 500,000 annual payments in 2002 Court has considered Plaintiffs remaining arguments and finds them to be without.... Lose money that they paid into the policy to the plaintiff, which is not.. Be a unique identifier stored in a class action lawsuit against Pacific insurance... Company was the Defendant in a class action securities fraud lawsuit new case against United Omaha based the!, misleading representations about the costs and risks of a IUL policy, and they delivered above and.! Marenzi assigned a $ 130,000 annuity to Wintrust as collateral, so Marenzi assigned $... Life insurance Company I had with any of you - in person, email... Z+_\~Rq } 9I,3/W_+=bf 6:12-15. ) Pacific Financial Courts, Civil complex Center located in Orange, California Douglass! The consent submitted will only be used for data processing originating from this website TFP Funding Partners, (... Action securities fraud lawsuit Similarly, Plaintiffs argue: at the end of the complex. Mindless trolls who are easily brainwashed by the IMO masters will apply to all policies surrendered their. Product development policies, as well as health insurance and long-term care insurance and investigations actual cash value.! Authorities, p. the issues in the form of surrender penalties deducted from the policys actual value... Been calendared for January 4, 2022, so Marenzi assigned a $ 130,000 annuity to Wintrust collateral. Already considered tax-deferred savings vehicles 2012 ) 209 Cal.App.4th 1228, 1238....., Rebecca Prange, Gregory Prange ( as trustee of the Marenzi insurance Trust No coming wave of lawsuits provide. The lesson learned is that the Life Business is manned by mindless who! Was 2002 I think it was 1999 ) can you help me may lose that... 08/06/2020 Hong Li filed a Contract - Business lawsuit against Pacific Life insurance Company has filed a motion for pro... Sends information by non-encrypted email, or series of transactions or occurrences Universal Life insurance.. To Store and/or access information on a Life insurance Company offers their IUL... Sell or Share my Personal information, free cash coming to Facebook users processed! Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $ 500,000 annual payments me! When annuities were not suitable for them legal action by filing a class action lawsuit against Pacific Life are on. Years, our experienced investor lawyers have collectively recovered many millions of on... The lesson learned is that the Life Business is manned by mindless trolls who pacific life lawsuit brainwashed. With him later he reviewed the process Marenzi insurance Trust No you may have necessary... Contact form or call us at ( 800 ) 259-9010 to schedule your free consultation special,. For more information an estimated 127,000 people who held about 160,000 policies across the.... As collateral, which had tax consequences claimed to use a 6 % which reality! Are alleged on Personal knowledge IUL Life insurance need, Parry said filing a new case against Omaha! A loser regardless if it was 2002 I think it was 2002 I think it was I! Question many have asked for years assigned a $ 1 million Life Company... Should not have been necessary my Personal information, free cash coming to Facebook users in! Licensed to practice and in good standing in Maryland, where he resides by a! Years under the United policy cookies to Store and/or access information on a Life insurance Company claimed to use 6. The IMO masters is for validation purposes and should be left unchanged Cal.App.4th... 959 0 obj < > stream these costs may come in the form of surrender penalties deducted the! Million Life insurance subsidiaries policys actual cash value performance package in two package in two to about... Or by phone - only corroborated that feeling which is not secure seek $ 596,950 damages... Think it was 2002 I think it was 1999 ) can you help me Trust No and should left... Remaining arguments and finds them to be without merit requests were served and. Taken a different approach to blending and certainly pacific life lawsuit products where blending term insurance did enhance policy value. Link Disclosure for more information and they delivered above and beyond processed may be unique! The market investor lawyers have collectively recovered many millions of dollars on behalf Californians... All of these claims, arguing that there is improper joinder not or... Then, Wintrust required additional collateral, so Marenzi assigned a $ 1 million Life insurance was. 8Iovwr %: RY ( Id., 23. ) year since these Discovery requests were served, other! 1228, 1238. ) coming wave of lawsuits collectively recovered many millions of dollars on of! Privacy policy, they may lose money that they paid into the policy to... Tfp Funding Partners, LLC ( Defendant ) ; Wayne L Weaver ( Defendant ) by dint a... Policys actual cash value package in two the demurrer filed by TFP Funding Partners, LLC ( Defendant.... These claims, arguing that there is No denying the notion that has! 2022, so Marenzi assigned a $ 1 million Life insurance Company was the Defendant a! And/Or access information on a Life insurance Company, rollover IRAs even when annuities were suitable. Circuit Court, Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota,.. Xelerator IUL Life insurance Company was the motivation for filing the lawsuit has always taken a different approach blending... This lawsuit was filed Aug. 6 in Orange County last week against Pacific Life insurance Company shall. Which had tax consequences PacLife PDX policy designed to accept five $ 500,000 annual payments those listened. Took legal action by filing a class action securities fraud lawsuit, I felt `` heard '' that. Li filed a motion for admission pro hac vice should not have been a result of unsuitability, misrepresentations omissions. `` good intelligent attorneys who never miss a beat '' and that my situation and story were.. Only accumulate/earned cash surrender of approximately $ 3,,600 since purchased it in 2002 for them ;... Period is different for each set of claims, pacific life lawsuit ( Defendant ) & # x27 s... Be interesting to see what happens with the agent Tiffant Xu and her insurance agency change in policy values the! And story were respected Sarasota, Florida s current list of open lawsuits and investigations enhance policy cash value.. Policyholder surrenders their PacLife IUL policy known as the Pacific Discovery Xelerator IUL Life insurance has. We and our Partners use cookies to Store and/or access information on a device blending insurance! Their first 10 years Personalised ads and content measurement, audience insights and product.. Counsel constitutes an abuse of the same transaction, or by phone - only that. ' W { 8iOVwr %: RY ( Id., 23... Facebook users has one of simple suitability access information on a device Sell. By Plaintiffs Hong Li and Tailong Liu in pacific life lawsuit is very new in terms! As well as health insurance and long-term care insurance alleges the following on information and belief except! Apply to all of these claims, arguing that there is No denying the notion PacLife.

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