In addition, Silverman sold Gary Marenzi and Rebecca Prange an annuity with Nationwide Life Insurance Company of $213,467. 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. Top Class Actionss website and social media posts use affiliate links. Cancellation and Refund Policy, Privacy Policy, and Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms. ',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{ {eg#exL` ) For those seeking out whole life insurance as a retirement option, Infinite Banking et. Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. Were not defending the product, the company, or anyone involved in selling it. By contrast, the second set of claims stem from allegations that Silverman and United Omaha quoted a price for a life insurance policy but did not disclose the premium depended upon Gary Marenzi and Rebecca Prange having a particular insurance rating. 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. (Id., 19.) This order does not preclude Plaintiffs from filing a separate case against United Omaha. Ultimately, the blending discussion is one of simple suitability. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. Those who listened won't have to worry about the coming wave of lawsuits. (Id., 23.) Therefore, the Court sustains United Omahas demurrer on this basis. 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. This isnt just an IUL issue. at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. Everyone I dealt with was exceptional. DocketAnswer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). 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. PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. their policy due to the negative impact of the insurance, according to Investopedia. We're certainly no strangers to policy blending, and we're big advocates of its use. Rebecca Prange and Wesley Prange signed her application around the same time period. Please let me know as soon as possible. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); Please note: Top Class Actions is not a settlement 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. 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. Defendants Counsel shall provide notice and file proof of such with the Court. Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. They are both named as defendants in the complaint. 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. 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. United Omaha shall provide notice and file proof of such with the Court. An IUL class action lawsuit investigation is underway to probe into allegations that people who purchased Indexed Universal Life (IUL) insurance policies were misled into expecting unrealistic rates of return that comes after insurance companies presented used fabricated and false illustrations in marketing literature and sales material. Based upon the foregoing, the Court finds that the first set of claims and the second set of claims have been improperly joined in the same case. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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 list is updated frequently, so check . With the mention that companies can often cause problems for a product category as a whole when they issue products like this. Counsel has not appeared pro hac vice in California in the past two years. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. Manage Settings Petersburg, and Washington, D.C. 1. 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. 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. (Id., 14.) In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. (Ibid.) We've had our skepticism about the products for a long time. An example of data being processed may be a unique identifier stored in a cookie. Pacific Life is a product provider. 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. We need to be part of this fraudulent sales class law suit. 2:8-15.) 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. I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. (Id., 26.) 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. My husband and I bought this package in two. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY 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 goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. And the best part of all, documents in their CrowdSourced Library are FREE! The lawsuit addressed their IUL product - PDX. Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. So PacLife could theoretically explain away its underperformance as variability in the market. When a policy is surrendered, the policyholder will lose the premiums they paid. On 06/29/2021 ABIGAIL MAMBOLEO filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. U.S. District Courts . (Ibid.) The dramatic change in policy values was the motivation for filing the lawsuit. Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. ), Beginning on or about September 8, 2016, and continuing during 2017, Weaver and Silverman made proposals to Gary Marenzi and Rebecca Prange under which the trusts would obtain tens of millions of dollars of premium-financed life insurance without paying out-of-pocket except for the first year. Heres how to claim your share, Newsom, IRS give Californians until October to file tax returns, Column: Hate Fox News? Pacific Life Insurance Company, Defendant. ) Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. 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. 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. The complaint spends several pages building a case to define PacLife's character.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-box-4','ezslot_3',133,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-box-4-0'); It also mentions another aspect of PacLife's product that touches on a very interesting subject. Each lawyer and staff member of our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents investors of Pacific Life products that have suffered investment losses. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. For the . If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. 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. 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. 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}. January 4, 2022, so Counsel seeks to advance that hearing wrote Financial in. 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