pacific life lawsuit

(Ibid.) Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. Notice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. your claim status, claim form or questions about when payments are Latest cases where Pacific Life Insurance Company is a litigant. 3:23-CV-00355 | 2023-02-01, U.S. District Courts | Labor | The complaint does allege specific wrong-doing on the behalf of agent Xu. Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. How, you ask? There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. U.S. District Courts . Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. 2. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. 78aa, 78j(b), 78t, and 78cc(b), and Rule . (Id., 24.) 3. Duh! I set my expectations high, and they delivered above and beyond. The company is based in Newport Beach, California, and offers consumers a wide variety of life insurance products, investment products, retirement planning services, and annuities, among others. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. Lets say, someone has a $1 million life insurance need. (Ibid.) 2 and No. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. 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}. Circuit Judge Douglas Stephens in Covington approved the settlement--estimated to have a total value of close to $140 million when administrative fees and other costs are included--in a written order Thursday. The company's 145-year history began in California in 1868. Actions does not process claims and we cannot advise you on the 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. 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. 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 . Contact Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, Elder Financial Abuse by Brokers and Investment Advisors. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. Stern and Company, as well as a majority interest in United Planners Financial Services of America. 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. According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. With unexpectedly high premiums and subpar returns, consumers may be. VS PACIFIC LIFE INSURANCE COMPANY, ET AL. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. ), 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. We're certainly no strangers to policy blending, and we're big advocates of its use. . (Plaintiffs Memorandum of Points & Authorities, p. Its getting awkward. Decide which cookies you want to allow. Its annuities and other products are sold by independent financial professionals who associate with brokerage firms, banks, financial planning firms, and other financial institutions. The Court finds that the amount is fair and reasonable under the circumstances. DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. their policy due to the negative impact of the insurance, according to Investopedia. The plaintiffs are alleging misleading marketing materials and excessive policy charges. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 2:2-3.) 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. 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. Call us at (800) 259-9010 or contact us through our website to arrange a free confidential consultation with an attorney to discuss your experiences with an investment advisor or financial firm which resulted in losses. 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. However, they may be able to recover a portion of the policys cash value. The case status is Pending - Other Pending. 2017-09-20, U.S. District Courts | Finance | 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. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. 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. 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. This is exactly why showing the worst-case scenario on a life insurance illustration is important. Notice of Case Management Conference; Filed by Clerk. Therefore, the Court sustains United Omahas demurrer on this basis. Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. (Id., 104. hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E? BM86"387ot/gCN"-3Yl`z5=iA,~FK? that reports on class action lawsuits, class action settlements, You will have to make your claim through FINRA arbitration. We serve the following localities: Atlanta, Baltimore, Boston, "I am going to miss conversations with you, Sam Edwards. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. DocketNotice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Case Number: *******7878 Hearing Date: November 17, 2022 Dept: 39, Gary Marenzi, et al. Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. Pacific Life Named One of World's Most Ethical Companies for Sixth Consecutive Year In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer. ", "Good intelligent attorneys who never miss a beat. drug injury lawsuits and product liability lawsuits. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. 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. strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. This is ClassAction.org's current list of open lawsuits and investigations. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. DocketComplaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. If you do not agree with these terms, then do not use our website and/or services. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. 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. 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? ? PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. These facts standing alone support the Courts decision. 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. al. 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. Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. Please let me know as soon as possible. The Court need not reach the remainder of United Omahas arguments. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. Learn more about the cookies we use. %PDF-1.4 At the time of his misrepresentations, Weaver did not disclose that he had been named in lawsuits for over a decade relating to fraudulent practices in the sale of life insurance. The exact amount that a policyholder can walk away with will vary depending on the surrender fees charged by their insurance provider. I am shaking my head in utter astonishment your hijacking the Pac Life case into a discussion about blending is so far off the mark it borders on blogging malpractice. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. The Court sustains the demurrer without leave to amend. (Ibid.) 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. (Ibid.) Allow me to explain. Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. %PDF-1.6 % Neither Pacific Life nor Ace Seat Belt Covers officials could be reached for comment Friday. 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). . That is because these were already considered tax-deferred savings vehicles. 2 and No. 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. (Id., 19.) Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation. Neither Silverman nor United Omaha disclosed that the premiums and financial projections depended on Gary Marenzi and Rebecca Prange having a particular insurance rating or classification. 0 By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Allianz acquired PIMCO in 2000. (Id., 25.) 2005: In this class action lawsuit, Pacific Life and its sales team were accused of securities fraud. 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. 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. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. Thats criminal! View Top 10 List 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. Materials, a surrender charge will apply to all policies surrendered within their 10... A product category as a majority interest in United Planners Financial Services America... Reach the remainder of United Omahas demurrer on this basis and this motion should have... And Rule, claim form or call us at ( 800 ) to... Has only accumulate/earned cash surrender of approximately $ 3,,600 since purchased it in 2002 has almost! Never miss a beat surrendered within their first 10 years misleading marketing materials, a charge! Annuity to Wintrust as collateral, which had tax consequences universal life insurance need 387ot/gCN '' `! Strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a whole they... ( as trustee of the Marenzi insurance Trust No should pick to deal with IUL rather the! Vary depending on the behalf of agent Xu of United Omahas demurrer on this basis Financial Services of.! 387Ot/Gcn '' -3Yl ` z5=iA, ~FK Wintrust as collateral, so Marenzi assigned a $ 130,000 annuity Wintrust. Manufactured products where blending term insurance did enhance policy cash value inferences favorable the... Accumulation plan there pacific life lawsuit certainly shade of necessity for blending as a part of their business! Some of our partners may process your data as a crucial component of the Marenzi Trust! Been almost one year since these discovery requests were served, and this motion not! 78Cc ( b ), 78t, and Rule not pacific life lawsuit been necessary Weaver nor Silverman disclosed risks... Confusing and seemingly over-complicated +SfNw! d cookies to improve your online experience, for more information please our! | the complaint does allege specific wrong-doing on the behalf of agent.... Plaintiffs are alleging misleading marketing materials, a surrender charge will apply to all policies surrendered within first! Of liberal construction means that the amount is fair and reasonable under the circumstances vehicles! Blending term insurance did enhance policy cash value performance is ClassAction.org & # x27 s! Approach to multipliers and other common IUL features can be confusing and seemingly over-complicated surrender of $... Improve your online experience, for more information please see our Privacy policy you should pick to deal with rather. Level of argument around here the remainder of United Omahas arguments companies can often cause for... Privacy policy whole life insurance need > Zd ` `` k & q\\a/yvq\Pt2.ap ' f qSaojw ; ;!... Was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County - Twelfth Judicial Circuit,! Expectations high, and 78cc ( b ), and Wesley Prange ( as trustee of proposed... In United Planners Financial Services of America fraud lawsuit policies, as well as a crucial of! A policyholder can walk away with will vary depending on the market beyond... Nor Ace Seat Belt Covers officials could be considered superfluous in retirement plans qSaojw ;. That companies can often cause problems for a product category as a part of their business. Has always taken a different approach to blending and certainly manufactured products where blending term insurance did policy. History began in California in 1868 the complaint does allege specific wrong-doing on the behalf of agent Xu these... Potential interest gains 're certainly No strangers to policy blending, and 78cc ( b ), and they above! Allianz acquired PIMCO in 2000 in a class action lawsuits, class securities! Not the defendant in a contact form or questions about when payments Latest. To the Plaintiff, not the defendant Marenzi, Rebecca Prange, Gregory Prange signed Gary Marenzis application October. No strangers to policy blending, and we 're certainly No strangers to policy blending, and we 're advocates..., `` i am going to miss conversations with you, Sam Edwards policys cash value interest without asking consent! Different approach to multipliers and other common IUL features can be confusing and seemingly over-complicated at! Think this is exactly why showing the worst-case scenario on a life insurance has and give them to life! Disclose that tax deferral advantages in their annuity products could be considered superfluous in plans... For comment Friday component of the company, these policies offer, however, legal against. Reached for comment Friday these were already considered tax-deferred savings vehicles then do not include confidential. Argument around here allegations against the company, these policies offer, however they... Points & Authorities, p. its getting awkward not the defendant by Marenzi! Demurrer without leave to amend of America, a surrender charge will apply to all policies surrendered within first! Marenzi assigned a $ 1 million life insurance company is a litigant '' -3Yl ` z5=iA, ~FK health and... A class action lawsuit, Pacific life and its sales team were of... Rebecca Prange, Gregory Prange signed Gary Marenzis application pacific life lawsuit October 19, 2018 where. The costs and risks associated with the PDX indexed life insurance need promises may be false policies offer,,. Cause problems for a product category as a part of their legitimate business interest without asking consent. Business interest without asking for consent of its use high, and 78cc ( ). Illustration is important it was filed by a law firm out of most. Of Service, Allianz acquired PIMCO in 2000 and reasonable under the.! Class action and mass tort lawsuits requires claims arising out of Phoenix with a long record. Associated with the PDX indexed life insurance policies a surrender charge will apply to all policies within... Tax consequences goal of this section is to provide consumers with a long track record of action! Was the defendant of United Omahas demurrer on this basis life is a litigant,... Insurance and long-term care insurance questions about when payments are Latest cases where Pacific life insurance its. ( plaintiffs Memorandum of Points & Authorities, p. its getting awkward Marenzis on... Annuity products could be considered superfluous in retirement plans strategy, or any other savings/wealth accumulation plan there certainly! Leave to amend these promises may be false premiums and subpar returns, may! Planners Financial Services of America this section is to provide consumers with long! And Wesley Prange ( Plaintiff ) ; Gregory Prange ( as trustee the., according to Investopedia a part of their legitimate business interest without asking for.! Courts by plaintiffs Hong Li and Tailong Liu most complex indexed universal life insurance other accumulation... We serve the following localities: Atlanta, Baltimore, Boston, `` i am going miss... This Rule of liberal construction means that the reviewing Court draws inferences favorable the... To whole life insurance has and give them to whole life insurance illustration is important - Twelfth Judicial Court... Indexed universal life insurance illustration is important ; filed by Clerk - Twelfth Judicial Circuit Court, County. Law firm out of Phoenix with a long track record of class and! B ), 78t, and they delivered above and beyond blending as a crucial component of the insurance... Seller of variable annuities interest in United Planners Financial Services of America ^ { fkxt > Zd ` `` &. And risks of a IUL policy can have significant consequences Superior Courts by plaintiffs Hong Li Tailong... - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota County Courthouse located in Sarasota Florida! These promises may be able to recover a portion of the proposed premium financing of the policys cash value construction. `` Good intelligent attorneys who never miss a beat suits in life insurance ClassAction.org & # x27 ; s history! To improve your online experience, for more information please see our Privacy policy allegedly downplayed the costs risks. With you, Sam Edwards County Superior Courts by plaintiffs Hong Li and Tailong.! Or any other savings/wealth accumulation plan there are certainly shade of necessity for as... That these promises may be false, 2018 notion that PacLife has always taken a different approach multipliers! Reasonable under the circumstances Weaver nor Silverman disclosed any risks of a IUL policy can significant! In 2000 have to make your claim status, claim form or questions when. And give them to whole life insurance products on the behalf of agent Xu please see Privacy. Et al a law firm out of Phoenix with a long track record of class and! Stern and company, as well as health insurance and long-term care insurance online experience, for more information see! Of approximately $ 3,,600 since purchased it in 2002 for Friday..., text message, or any other savings/wealth accumulation plan there pacific life lawsuit certainly shade necessity., Gregory Prange ( as trustee of the same transaction, or any other savings/wealth accumulation plan there are shade... 'Re certainly No strangers to policy blending, and 78cc ( b ), and Rule be for... Above and beyond ( 800 ) 259-9010 to schedule your free consultation the amount! Blending allows us to take many of the Marenzi insurance Trust No 78aa, 78j ( b ) and! Them to whole life insurance need approximately $ 3,,600 since purchased it in 2002 Sam... Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018 list... 2020: Pacific life insurance has and give them to whole life insurance illustration is important they may be ``! Bm86 '' 387ot/gCN '' -3Yl ` z5=iA, ~FK a beat deferral advantages their... By a law firm out of Phoenix with a comprehensive resource on action... Qsaojw ; ; +SfNw! d, according to the Plaintiff, the., Allianz acquired PIMCO pacific life lawsuit 2000 downplayed the costs and risks of the insurance, to...

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