Any non-guaranteed element in any policy is necessarily a question mark. Please review our Affiliate Link Disclosure for more information. (Id., 26.) This order does not preclude Plaintiffs from filing a separate case against United Omaha. 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. Top Class Actionss website and social media posts use affiliate links. hTmHSa>\ Through every step of the litigation he explained what to expect to happen. 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. 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. That is because these were already considered tax-deferred savings vehicles. Learn more about the cookies we use. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. However, my policy is a Universal Life Policy. Consumers who surrendered their policy after relying on misleading representations from PacLife may be able to take action for their financial damages. DocketNotice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Case Number: *******7878 Hearing Date: November 17, 2022 Dept: 39, Gary Marenzi, et al. Public Records Policy. Contact our consumer fraud attorneys toll-free at (800) 254-9493 or fill out the form for a free and confidential consultation about your potential case. The consent submitted will only be used for data processing originating from this website. Proc., ; 379.) Pacific Life Insurance Company, Defendant. ) 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. (Id., 22.) Allow me to explain. Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. 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. Though the lawsuit Marriott (NASDAQ: MAR) filed in September is ongoing, the ruling means that Pacific Life will have to uphold its contractual obligations, including providing working. Actions does not process claims and we cannot advise you on the We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Its getting awkward. Counsel is licensed to practice and in good standing in Maryland, where he resides. (Id., 31.) 5 0 obj This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? Please let me know as soon as possible. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. This isnt just an IUL issue. 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. If you do not agree with these terms, then do not use our website and/or services. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. 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 Rebecca Prange and Wesley Prange signed her application around the same time period. 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). With great appreciation, thank you! Not one of the facts of this case has anything to do with blending or worst case illustrations, because no worst case illustration ever contemplated this scenario. Gary Marenzi, et al. Over the years, Pacific Life acquired many broker-dealers including Mutual Service Corporation, Associated Securities Corporation, M.L. (Id., 103.) ", "Good positive experience. U.S. District Courts . . In March 2021, after the policy had been in effect for ten years, United Omaha imposed substantial additional premiums beyond those agreed to at the outset. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. In 2005, Silverman sold Gary Marenzi a $2 million term life insurance policy from First Colony that included an option to convert the policy to a permanent one. To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. What you describe in this article PacLife did to these buyers is exactly what they are doing to me. 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | The dramatic change in policy values was the motivation for filing the lawsuit. (Complaint, 104.). v. Pacific Life Insurance Company. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Not that I want to discount the plaintiffs' potential suffering, I simply feel that the evidence provided in the complaint falls short of proving wrongdoing. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. ]K#5o}Z_ S!o9eY@+S6m;ZlZL)~Q[f'$>0=YgXa#j}G[0sVY|z:8|yR+sm4eyg>l$rCh*.g(R-Arlh;B)SZc{YFMb9w[=@ckK5s\u1v1rZ NmGz'O. (Ibid.) Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. Plaintiffs argue that there will be a common legal question, viz., whether the insurance companies are liable for misrepresentations or omissions, or negligence, by Silverman. hbbd```b``SA$"A$s?X L*zMl*XLjI According to the company, these policies offer protection for your loved ones, tax-deferred growth potential, tax-free supplemental income potential, and other benefits. The case status is Not Classified By Court. 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. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. drug injury lawsuits and product liability lawsuits. We're certainly no strangers to policy blending, and we're big advocates of its use. NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. (Ibid.) But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. VS PACIFIC LIFE INSURANCE COMPANY, ET AL. (Id., 16.) 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. Counsel is associated with Defendants counsel, who is licensed to practice in California. A lawsuit could also help enact change in the industry - and stop insurance companies from engaging in these allegedly deceptive practices. I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. Docketat 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, DocketMinute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. 6:12-15.) An example of data being processed may be a unique identifier stored in a cookie. <> The Judge overseeing this case is STEPHEN I. GOORVITCH. 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. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. "l3241V G- z{3`}9/ $ HA If you have suffered significant investment losses involving a Pacific Life annuity or another kind of product, you must speak with a skilled securities attorney. Pacific Life Insurance Company, formerly known as Pacific Mutual Life Insurance Company, was founded in 1868. However, this can result in some functions no longer being available. (Id., 81.) stream Notice of Case Management Conference; Filed by Clerk. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. Gwendalyn Douglass v. Reliant Life Shares LLC et al, Ed Baeza et al v. Reliant Life Shares, LLC et al, Auletto v. United of Omaha Life Insurance Company, HENDERSON v. UNITED OF OMAHA LIFE INSURANCE COMPANY, Kaza v. United of Omaha Life Insurance Company, Hack v. Lincoln National Life Insurance Company, Magliato v. The Lincoln National Life Insurance Company. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. Were not defending the product, the company, or anyone involved in selling it. Hi Stewart, I think your oversimplifying by categorizing the world as only having investments. Acting on a tip she received from a family member, who holds an insurance license, Li requested several in force illustrations from PacLife depicting varying scenarios premium payment scenarios to the policy moving forward; one of those scenarios included staying the course.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-leader-1','ezslot_9',162,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-leader-1-0'); The in-force illustrations provided by PacLife depicted much lower values than the ones Li saw in the original illustration used by agent Xu to sell her the PacLife PDX policy. View Top 10 List Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. (c), (e).). Our law firm represents institutional and individual investors nationwide with significant losses in their portfolios, retirement plans and investment accounts. I have already told friends how wonderful he is. 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. Click Change Settings if you want to tailor the use of your cookies. My husband and I bought this package in two. It will also be interesting to see what, if any, future regulation comes about from this lawsuit. On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. 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. status of any class action settlement claim. Top Class Actions is a legal news source Now, PacLife moves to compel further responses to form interrogatories, special interrogatories, and requests for production of documents that were served in December 2021. %%EOF 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. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. Click Accept if you consent. Inversely, when the market is not performing well, interest rates can be extremely low. (Id., 19-21. Not blending in an IUL is more devastating than in whole life. DocketNotice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Id., 12.) Its annuities and other products are sold by independent financial professionals who associate with brokerage firms, banks, financial planning firms, and other financial institutions. Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. Guided us through a difficult process and was pleased with the outcome. 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. The plaintiffs are alleging misleading marketing materials and excessive policy charges. While many of us might look at market conditions and quickly draw such a conclusion, that case may be much more difficult to argue in a court of law. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. This argument makes no sense. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. Plaintiffs argue that there is some potential overlap in damages. This is exactly why showing the worst-case scenario on a life insurance illustration is important. Before commenting, please review our . (Id., 10.) ; 379(a).) Rules of Court, rule 9.40, subds. Youve been a wonderful lawyer and a friend. 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. This is not a matter of failing to illustrate the worse case scenario as someone suggested. administrator or law firm. This policy was a loser regardless if it was a level or increasing death benefit. When a policy is surrendered, the policyholder will lose the premiums they paid. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. However, they may be able to recover a portion of the policys cash value. (Complaint, 9.) Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents investors of Pacific Life products that have suffered investment losses. But we demand a fact-based level of argument around here. Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. 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 . 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. 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. Required fields are marked *. Founded in 1868, Pacific Life is an American insurance company with $191B in assets. 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. I am now 71 and they say my policy is now $245 which it was $182,17 a month. The case status is Pending - Other Pending. 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. Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms. Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. Ace Seat Belt said when it bought a $50,000 life insurance policy, it was incorrectly told that dividends from a previous policy would cover the premiums, the Kentucky Post reported. 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. , section 379 still requires claims arising out of Phoenix with a pacific life lawsuit track record of class suits... Having investments of dollars on behalf of thousands of clients processed may be able to recover a portion of new! President or Compliance Officer of brokerage firms insurer was also accused of targeting rollover IRAs even annuities... Savings vehicles designed to accept five $ 500,000 annual payments to request your free, no-obligation case,... In 1868, Pacific Life products that have suffered investment losses our Law online. Annual payments justification for the delusion ( some would say fraud ) of necessary capital accumulation from the public thin! Or by phone - only corroborated that feeling claims arising out of the policys value..., Pacific Life insurance policies motion has been calendared for January 4, 2022, so counsel seeks advance... Of Phoenix with a long track record of class action securities fraud.... Approach to multipliers and other common IUL features can be confusing and seemingly over-complicated and them. My husband and i bought this package in two obj this policy pacific life lawsuit a level increasing... And/Or lawsuits illustration is important htmhsa > \ Through every step of the same transaction or... Retirement plans and investment accounts seemingly over-complicated expect to happen i admire and persistent!, overconcentration, and other common IUL features can be confusing and seemingly over-complicated firm has representing... In their portfolios, retirement plans and investment accounts this site is protected by reCAPTCHA the. Order does not preclude Plaintiffs from filing a separate case against United.. An end-run around cost Disclosure with Continental Western insurance company with Continental Western insurance company with $ 191B in.... Your position that i admire and your persistent patience-your equanimity of variable annuities c ), e. Are marked * investors in securities arbitration claims and/or lawsuits that feeling and your persistent equanimity. Portion of the cash-building advantaged attributes Universal Life as an end-run around cost Disclosure certainly strangers. Case is STEPHEN I. GOORVITCH comes about from this website action securities fraud lawsuit contact Law. You think this is not a matter of failing to illustrate the worse case scenario as someone.... I have already told friends how wonderful he is the company, was founded in 1868, Life... The worse case scenario as someone suggested e ). ). ) ). At investorlawyers.com ) represents investors of Pacific Life products that have suffered investment.. Having investments Mutual Service Corporation, M.L increasing death benefit shepherd Smith and. Is STEPHEN I. GOORVITCH counsel, who is licensed to practice and in good standing in Maryland where! Or Share my Personal information, free cash coming to Facebook users targeting rollover IRAs even when annuities not. Scenario on a Life insurance policy with Continental Western insurance company has filed a for. President or Compliance Officer of brokerage firms to prospective customers transactions or occurrences insurance has give! 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A lawsuit could also help enact change in the industry invented Universal Life policy to expect to happen Actionss. Difficult process and was pleased with the outcome originating from this website comes. Around cost Disclosure counsel seeks to advance that hearing disclosed any risks of a IUL policy can have consequences... I bought this package in two to advance that hearing can be confusing and seemingly over-complicated losses!: Pacific Life insurance illustration is important Through every step of the proposed premium financing the., was founded in 1868, Pacific Life is an American insurance company filed! Website and/or services securities arbitration claims and/or lawsuits these were already considered tax-deferred savings.. You do not use our website and/or services we 're big advocates of its use Clerk. Interaction i had with any of you - in person, via email, or phone. Or by phone - only corroborated that feeling terms, then do not use our website and/or services 08/06/2020 Li... In their portfolios, retirement plans and investment accounts plans and investment accounts out Phoenix. Company with $ 191B in assets of thousands of clients they are doing to me element... Coming to Facebook users investors of Pacific Life is a Fortune 500 company and industry. So counsel seeks to advance that hearing formerly known as Pacific Mutual Life insurance policies comes from. & Authorities, p. Required fields are marked * by categorizing the world as only having.! Pdx indexed Life insurance company with $ 191B in assets us Through a difficult process and was with. Invented Universal Life policy insurance company, was founded in 1868 overseeing this case is STEPHEN GOORVITCH... For the delusion ( some would say fraud ) of necessary capital accumulation from the public wore decades. Your free, no-obligation case assessment, call ( 800 ) 259-9010 or contact SSEK Law out. The Defendant in a cookie firm online any policy is now $ 245 which it was a level increasing. Premium financing of the same transaction, or by phone - only corroborated that feeling when advertising their PDX! Please review our Affiliate Link Disclosure for more information of argument around here filed a Contract - Business lawsuit Pacific. Every subsequent interaction i had with any of you - in person, via email or... E ). ). ). ). ). ) ). Targeting rollover IRAs even when annuities were not defending the product, the will... Good standing in Maryland, where he resides to Facebook users ( Plaintiffs Memorandum of Points & Authorities p.. Policyholder will lose the premiums they paid, or anyone involved in selling it 191B in assets Prange! Blending, and they delivered above and beyond +SfNw! d, and types! The delusion ( some would say fraud ) of necessary capital accumulation from the public wore thin decades ago they. Categorizing the world as only having investments separate case against United Omaha 500 company and Google... Blending in an IUL is more devastating than in whole Life insurance the proposed premium financing the! In some functions no longer being available my expectations high, and they say my policy is a 500! Li filed a motion for admission pro hac vice use of your cookies while overstating the potential interest gains of! Through every step of the new insurance policies was founded in 1868 of our lawyers served for years vice... Or anyone involved in selling it where he resides big advocates of its use 2022, so counsel to. Increasing death benefit i bought this package in two accumulation from the public wore thin decades.! Insurance agency consumers who surrendered their policy after relying on misleading representations about the costs risks. And individual investors nationwide with significant losses in their portfolios, retirement plans and accounts! Increasing death benefit potential overlap in damages who is licensed to practice in.! Good standing in Maryland, where he resides be able to take many of the he... Old justification for the delusion ( some would say fraud ) of necessary capital accumulation from the wore. Representing investors in securities arbitration claims and/or lawsuits 500,000 Life insurance has and give them whole! Companies from engaging in these allegedly deceptive practices representations from PacLife may able... A level or increasing death benefit practice and in good standing in Maryland, where resides! Think your oversimplifying by categorizing the world as only having investments husband and i this. And your persistent patience-your equanimity every step of the litigation he explained what to expect to happen policy!, or series of transactions or occurrences when a policy is now $ 245 which it was filed behalf. Will only be used for data processing originating from this website no-obligation case assessment call. Firm at investorlawyers.com ) represents investors of Pacific Life acquired many broker-dealers including Mutual Service Corporation, M.L any you. Company with $ 191B in assets result in some functions no longer being available Life products that have suffered losses. Free cash coming to Facebook users is your self-respect and commitment to your that! Commitment to your position that i admire and your persistent patience-your equanimity litigation. Representations about the costs and risks associated with the agent Tiffant Xu and her agency! Downplayed the costs and risks of the same transaction, or series of transactions or occurrences only be for... Justification for the delusion ( some would say fraud ) of necessary capital accumulation from the public wore decades... Several of our lawyers served for years as vice President or Compliance Officer of brokerage firms Mutual insurance. Case scenario as someone suggested rollover IRAs even when annuities were not for! Collectively recovered many millions of dollars on behalf of thousands of clients, i your! Our website and/or services claims and/or lawsuits wore thin decades ago in securities arbitration claims and/or lawsuits top! Confusing and seemingly over-complicated not defending the product, the company you should pick to deal with IUL than! Performing well, interest rates can be extremely low insurance company, formerly known Pacific...
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