? the content you have visited before, Advertising: Gather personally identifiable information such as name and location, Advertising: Use information for tailored advertising with third parties, Advertising: Allow you to connect to social sites, Advertising: Identify device you are using. (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. 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. your claim status, claim form or questions about when payments are (Id., 12.) There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. ), 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. to Revenue Procedure 93-34, 1993-2 C.B. 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. 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. 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. Write a 100k IUL and another 900k a 30 year term policy. This policy was a loser regardless if it was a level or increasing death benefit. By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. (Id., 14.) PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. In 2008, SWS Group agreed to buy M.L. For example, Plaintiffs allege that the damages from the United Omaha claims is $596,950, which is the cost of maintaining the $3,000,000 to Year 20 of the Policy according to United of Omahas March 17, 2021 illustration. (Id., 104.) It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. 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). ), 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. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. 78aa, 78j(b), 78t, and 78cc(b), and Rule . Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. As a result, Plaintiffs have suffered damages in the amount of $596,950, the cost of the maintaining the $3 million death benefit to the 20th year of the policy. Here are 22 essential L.A. spots for every tourist, Column: We cant afford another writers strike. 63D^fgI V`~;`v%&0LYl 70 || We serve the following localities: Atlanta, Baltimore, Boston, "I am going to miss conversations with you, Sam Edwards. You might not like it, and thats completely fine. Weaver also misrepresented that the policies would have sufficient values to offset any loan interest and collateral requirements, assuming there was not a multi-year decline in the stock market. gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK Stern. at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. Therefore, the Court grants the ex parte application and advances the hearing on the motion to the same date/time as the case management conference: December 8, 2021, at 8:30 a.m. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. Learn more about the cookies we use. (Ibid.) U.S. District Courts . 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. Plaintiffs suggest that this creates an overlap in damages because they jury will have to determine whether the increased costs stem from United Omahas misrepresentations or as a cost to cover from PacLife and Lincoln. A IUL policys cash value is the amount of money that a policy generates through interest revenue. Cancellation and Refund Policy, Privacy Policy, and Pacific Life refers to Pacific Life Insurance Company and its affiliates, including Pacific Life & Annuity Company. DocketComplaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Rules of Court, rule 9.40, subds. 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | ANTHONY ALAIMO, Senior District Judge . You can design it as 100k base policy and 900k as term in a whole life. 3:5-7.) Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. In other words, Plaintiffs allege that their insurance plan involved keeping the United Omaha policy, because it purportedly had been paid-up for 20 years. 4. We and our partners use cookies to Store and/or access information on a device. 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. On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. administrator or law firm. (Id., 23.) The plaintiffs are alleging misleading marketing materials and excessive policy charges. 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. Not blending in an IUL is more devastating than in whole life. Simple! al. 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. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. 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. According to the agreement, Pacific will pay $49.4 million to add to the value of existing policies, and offer another $32 million worth of insurance to members whose policies have expired. (Id., 84.) ", "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. This website is not intended for viewing or usage by European Union citizens. 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. At "b(H+4AQ"/[E4wteI-9oJ{uo? Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. The dramatic change in policy values was the motivation for filing the lawsuit. The 2005 lawsuit Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. This surrender charge will reduce the policys available cash value thereby limiting the amount that a policyholder can collect after surrendering their policy. So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. Before commenting, please review our . 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. (Ibid.) Consumers are accusing PacLife of violating consumer protection laws by deceiving their customers and failing to disclose the risks and fees associated with their PDX policies. 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. If you make a purchase using Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. Counsel has not appeared pro hac vice in California in the past two years. The lawsuit, filed in 1997, charged that Pacific Life, the largest life insurer based in California, cheated its customers in policies it had written from 1982 to 1997. 2021-04-28, Harris County District Courts | Contract | Originally called Pacific Mutual Life, in 1997, the company changed its name to Pacific Life Insurance Company (PLIC) and adopted the humpback whale as its logo. The application is unopposed. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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). The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. 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. The policy in question is very new in relative terms. ", "My experience with Ryan Cook has been very positive. The policy claimed to use a 6% which in reality was 24% by dint of a 4x multiplier. 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. When I spoke with him later he reviewed the process. (they say it was 2002 I think it was 1999) Can you help me? (Ibid.) This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. These claims relate primarily to premium financing issues and the related representations. SSEK Law Firm believes that filing your own individual FINRA arbitration claim, rather than joining a class action, increases your chances for maximum recovery. settlement administrator or your attorney for any updates regarding Pacific Life Insurance Company, Defendant. ) Case Details Parties Documents Dockets. In 2011, Silverman sold Gary Marenzi and Rebecca Prange a single premium policy from Mutual of Omaha, which was owned by the Marenzi Insurance Trust Number Three. Nevertheless, the time period is different for each set of claims. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. Misleading PacLife IUL Marketing Could Lead to Policy Surrender, GE Capital Assurance universal life price hikes may be unlawful and excessive, Creditor and debt collector calls class action lawsuit investigation, Essential: Remember your cookie permission setting, Essential: Gather information you input into a contact forms, newsletter and other forms across all pages, Essential: Keep track of what you input in a shopping cart, Essential: Authenticate that you are logged into your user account, Essential: Remember language version you selected, Functionality: Remember social media settings, Functionality: Remember selected region and country, Analytics: Keep track of your visited pages and interaction taken, Analytics: Keep track about your location and region based on your IP number, Analytics: Keep track of the time spent on each page, Analytics: Increase the data quality of the statistics functions, Advertising: Tailor information and advertising to your interests based on e.g. This is an interesting lawsuit for several reasons and while I'm not surprised PacLife is at the center of an indexed universal life insurance lawsuit, I'm suspect of the strength of the plaintiffs' argument. On May 9, 2005, the Court granted Plaintiffs' motion for class certification (the "Certification Order"), on behalf of all persons or entities who purchased an individual deferred variable annuity contract, or who received a certificate to a group variable deferred annuity contract, issued by Pacific Life Insurance Company, or who made an additional . This argument makes no sense. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. On October 20, 2020, Wintrust billed Gary Marenzi and Rebecca Prange for more than $300,000, including a demand for $79,499 in additional collateral. 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. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife), Pacific Life Insurance Company offers their own IUL policy known as the, . that reports on class action lawsuits, class action settlements, 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. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. ), It is black letter law that a demurrer tests the legal sufficiency of the allegations in a complaint. (Lewis v. Safeway, Inc. (2015) 235 Cal.App.4th 385, 388.) 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. 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. 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. The Judge overseeing this case is STEPHEN I. GOORVITCH. Pacific Life Insurance Company, Case 0:10-cv-60754-JIC) alleging that Pacific Life Insurance marketed and sold high premium payment Flex XII life insurance policies that Pacific Life represented were appropriate for use in funding Internal Revenue Code IRC 412 (i) pension plans, that premiums paid on the policies were fully tax deductible and When a policyholder surrenders their PacLife IUL policy, they may lose money that they paid into the policy through premium payments. Is no denying the notion that PacLife has one of the Marenzi insurance no... Between February 2017 and early 2019 include any confidential or sensitive information in a class action securities fraud.! ; Rebecca Prange ( Plaintiff ) et al are alleging misleading marketing materials and excessive policy charges unicourt uses to... 6 % which in reality was 24 % by dint of a multiplier... A contact form, text message, or series of transactions or occurrences or usage by European Union.... 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