Cancellation and Refund Policy, Privacy Policy, and Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. The lawsuit alleged, among other things, that Pacific representatives told potential customers that a single payment would cover all premiums, that it sold life-insurance policies as investments, and that it replaced or rolled over certain policies without policy-holders knowledge. 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. I will be forever grateful. Top-notch, efficient and effective firm.". stream PacLife seeks sanctions against Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, in the amount of $2,935. 3:23-CV-00124 | 2023-02-02, U.S. District Courts | Labor | The company's 145-year history began in California in 1868. Counsel is associated with Defendants counsel, who is licensed to practice in California. I loved learning legal jargon from you. U.S. District Courts . Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. It was a matter than when the 6% advertised rate fell by 18%, the 4x multiplier turned this into a 64% loss. (Ibid. The Court finds that the amount is fair and reasonable under the circumstances. Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. Pacific Asset Management, which now concentrates on corporate credit securities, was created. Based upon the foregoing, the Court grants the motion and orders Plaintiffs to produce verified responses, without objections, within thirty (30) days, to the extent they have not done so already. Plaintiffs argue that there will be a common legal question, viz., whether the insurance companies are liable for misrepresentations or omissions, or negligence, by Silverman. Latest cases where Pacific Life Insurance Company is a litigant. A IUL policys cash value is the amount of money that a policy generates through interest revenue. 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. Weaver also misrepresented that the preexisting policies owned by the trusts were no longer necessary because the replacement policies from Lincoln and PacLife were more favorable. He was very patient, and I never felt rushed. 937 0 obj <>/Filter/FlateDecode/ID[<58768771925F2449B604DCE4A3FB14BB>]/Index[908 52]/Info 907 0 R/Length 124/Prev 840995/Root 909 0 R/Size 960/Type/XRef/W[1 3 1]>>stream The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. (Ibid.) 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). The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. (Cal. Counsel has not appeared pro hac vice in California in the past two years. You must contact the 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 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? With unexpectedly high premiums and subpar returns, consumers may be. 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. PacLifes counsel shall provide notice and file proof of such with the Court. (Ibid.) (Ibid. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. settlement administrator or your attorney for any updates regarding 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. 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. 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. Plaintiffs argue that there is some potential overlap in damages. We have handled more than thousand cases against hundreds of large and small brokerage firms, including against life insurance subsidiaries. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. 1:23-CV-00375 | 2023-01-25, U.S. District Courts | Labor | VS PACIFIC LIFE INSURANCE COMPANY, ET AL. endstream endobj startxref 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. hTmHSa>\ . (Plaintiffs Memorandum of Points & Authorities, p. Further, Counsel has demonstrated that he served this application on the State Bar of California at its San Francisco office, and paid the $50 fee as required. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. that reports on class action lawsuits, class action settlements, status of any class action settlement claim. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. Why is this public record being published online? Heres how to claim your share, Newsom, IRS give Californians until October to file tax returns, Column: Hate Fox News? Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. Defendants Counsel shall provide notice and file proof of such with the Court. The application is unopposed. 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. 908 0 obj <> endobj Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? The lawsuit does not specify a monetary reward Hughes hopes to receive from Pacific, but it asks for a sum that would compensate Hughes for economic and non-economic losses, as well as attorney fees. Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The contact form sends information by non-encrypted email, which is not secure. This varies from other life insurance policies with either fixed or variable interest rates. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. On or about November 11, 1997, Gary Marenzi established the Marenzi Insurance Trust Number One for the purposes of holding title to one or more life insurance policies on his life. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. That said, I do have some additional thoughts on what the plaintiffs' legal team might have in their possession that could be bad news for PacLife, and potentially bad news for the insurance industry as a whole.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-medrectangle-4','ezslot_2',158,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-4-0'); At the core of this lawsuit are PacLife's PDX Indexed Universal Life Insurance policy and its extremely obtuse multiplier bonus. 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. (Id., 22.) (Ibid.) The Court has considered Plaintiffs remaining arguments and finds them to be without merit. The case status is Pending - Other Pending. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 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. 2017-09-20, U.S. District Courts | Finance | Then, Plaintiffs discovered that, in fact, the United Omaha policy was not paid-up for 20 years, requiring them to pay $596,960 to maintain this policy for the full 20 years, per their original plan. %PDF-1.4 (Id., 84.) Youve been a wonderful lawyer and a friend. Hl;Q##Z+_\~RQ}9I,3/W_+=bf Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. ), 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.) This was not disclosed to the policyholder. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. The issues in the suit go to the core of abusive IUL . 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. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, We can help you determine whether you have grounds for a claim for financial recovery and understand which financial firm you should pursue for damages. 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}. Case Summary On 07/28/2021 GARY MARENZI, filed a Contract - Other Contract lawsuit against PACIFIC LIFE INSURANCE COMPANY ,. your claim status, claim form or questions about when payments are These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. DocketAnswer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). Were looking at the situation and noting the various implications of this lawsuit. https://topclassactions.com/wp-admin/admin-ajax.php. 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. It will also be interesting to see what, if any, future regulation comes about from this lawsuit. Even if you dont believe the guaranteed rates are realistic, the fact is they are a theoretically possible scenario, else they wouldnt be there. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). Wardman Hotel Owner has appealed the. The point in discussing blending was that the complaint brought it up in the context that the agents who sold the policy did not disclose to the client that there was an option to potentially make a better policy that had a lower cost versus a non-blended design. Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. Now, PacLife moves to compel further responses to form interrogatories, special interrogatories, and requests for production of documents that were served in December 2021. 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. %%Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile=? Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. : Hate Fox News returns, Column: Hate Fox News 385,.. 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