Complaint Type: Problems with Product/Service. Allow me to explain. Other than the initial investment, which would be returned, Weaver said that Gary Marenzi and Rebecca Prange would have $40 million of free life insurance. 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. Actions does not process claims and we cannot advise you on the So PacLife could theoretically explain away its underperformance as variability in the market. Date. 3/23/2022: Stipulation and Order - STIPULATION AND ORDER PROPOSED STIPULATED PROTECTIVE ORDER GOVERNING CONFIDENTIAL INFORMATION, 5/3/2022: Minute Order - MINUTE ORDER (COURT ORDER: NOTICE OF RELATED CASE), 5/3/2022: Certificate of Mailing for - CERTIFICATE OF MAILING FOR (COURT ORDER: NOTICE OF RELATED CASE) OF 05/03/2022, 5/10/2022: Notice - NOTICE COURT ORDER RE NOTICE OF RELATED CASE, 9/6/2022: Declaration - DECLARATION OF M. LILLY ISO MOTION TO COMPEL DISCOVERY, 9/6/2022: Motion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion, 1/12/2022: Notice - NOTICE NOTICE OF WITHDRAWAL OF MISTY A. MURRAY AS COUNSEL OF RECORD, 11/17/2021: Opposition - OPPOSITION PLAINTIFFS' OPPOSITION TO DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S DEMURRER TO COMPLAINT, 11/23/2021: Reply - REPLY DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S REPLY BRIEF ISO ITS DEMURRER, Hearing05/16/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Jury Trial, Hearing05/05/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Final Status Conference, Hearing11/17/2022 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"), DocketMotion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion; Filed by Pacific Life Insurance Company (Defendant), DocketDeclaration (of M. Lilly iso Motion to Compel Discovery); Filed by Pacific Life Insurance Company (Defendant), DocketCase Management Statement; Filed by Daniel M Silverman (Defendant). Counsel is associated with Defendants counsel, who is licensed to practice in California. @media(min-width:0px){#div-gpt-ad-theinsuranceproblog_com-large-leaderboard-2-0-asloaded{max-width:300px!important;max-height:250px!important;}}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. (Ibid.) (Id., 83.) 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. Unfortunately, IUL policies are not cut and dried. 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. Pacific Life Insurance Co. will have to pay requests for working capital from Marriott within 10 days of receiving a written request from Marriott. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. ; 379(a).) Consumers consider owning life insurance a vital part of financial wellness including aging Americans who want to ensure that their loved ones are provided for after they pass away. PHONE: 415-441-8669 | TOLL FREE: 888-50EVANS. status of any class action settlement claim. Thats criminal! Full Name Phone Email Address Comments. The Court denies Plaintiffs request for sanctions, as he did not make a reasonable effort to meet-and-confer before filing the motion. In her PacLife IUL class action lawsuit, Li says that she and countless other California policyholders were misled by marketing materials and sales illustrations insurance representatives showed them. The Court sustains the demurrer without leave to amend. Rules of Court, rule 9.40, subds. Visit Website. 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. Plaintiffs assert a First Cause of Action with five separate counts (for intentional misrepresentation, fraudulent concealment, professional negligence, unfair competition, and intentional infliction of emotional distress) against all defendants except United Omaha. The moving party shall provide notice and file proof of such with the Court. During these times, interest rates on a IUL policy may bottom out to the lowest possible rate. Visit Website. . 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. Lets say, someone has a $1 million life insurance need. al. (806) 345-7400. DocketNotice of Case Management Conference; Filed by Clerk. Plaintiffs counsel sent a meet-and-confer letter on December 20, 2022, at 3:22 p.m., requesting verified responses on or before December 21, 2022, at 12 Noon. This case was filed in U.S. District Courts, Nevada District Court. your claim status, claim form or questions about when payments are The Court orders Defendant to file a declaration on or before May 19, 2023, informing the Court whether Plaintiff has complied with this order. Hong Li, et al. 1:23-CV-22389 | 2023-06-27, U.S. District Courts | Contract | v. Pacific Life Insurance Co., et al.. Case No. However, this can result in some functions no longer being available. 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. Hong Li, et al. Pacific Life Insurance Company is a Southern California provider of life insurance, annuities, and mutual funds. Gary Marenzi, et al. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies risks while overstating their benefits, according to the plaintiff. (Id., 14.) Counsel at Cozen O'Connor on Friday removed an insurance coverage lawsuit against Pacific Life Insurance Co. to California Central District Court. administrator or law firm. But that application usually applies to whole life insurance. SEE ALL NEWS >. The case status is Pending - Other Pending. Regular mail: P.O. Hi Stewart, I think your oversimplifying by categorizing the world as only having investments. (Ibid.) Insurance sales representatives at Pacific Life Insurance Company (PacLife) may be deceiving consumers by presenting marketing misrepresentations about their Pacific Discovery Xelerator indexed universal life (PDX IUL) policies. On 08/16/2021 Kube filed a Contract - Insurance lawsuit against Pacific Life Insurance Company. Dependent on issuing company. The Class includes two groups of consumers: Those who are or were the purchaser of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson National Life Insurance Co. before March 12, 2018, and were charged a withdrawal and/or recapture charge when they withdrew funds from the annuity between Jan. 2, 2009, and Jan. 31, 2021. Plaintiffs filed a notice of non-opposition to the motion, which states: Plaintiffs will be actively working on the discovery responses and hopes to have them served by, or very shortly after, the hearing date of this motion. (Plaintiffs Notice of Non-Opposition, p. The complaint spends several pages building a case to define PacLife's character. Rules of Court, rule 9.40, subd. 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. If a market index performs poorly, interest rates will sharply fall meaning that a consumer may miss out on significant interest gains. The trustee is Gregory E. Prange. The same logic applies to whole life, too. Plaintiffs filed a response stating: When youre right, youre right. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. You . 2023-06-02, Polk County Florida Courts | Property | 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. (Ibid.) Defendant served RPDs on December 1, 2021. (Id., 16.) The trustee for these trusts is Wesley A. Prange. If you make a purchase using 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. If you make a purchase using settlement administrator or your attorney for any updates regarding The dramatic change in policy values was the motivation for filing the lawsuit. 6:23-CV-02569 | 2023-06-08, U.S. District Courts | Labor | This field is for validation purposes and should be left unchanged. drug injury lawsuits and product liability lawsuits. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. Privacy Policy | Just under 300 employees from Newport Beach-based Pacific Life Insurance Co. were laid off last week in light of the ongoing coronavirus pandemic and low interest rates . You must contact the Click Change Settings if you want to tailor the use of your cookies. On October 26, 2020, Wintrust sent another bill for $210,424.58 for interest due, of which $103,775.57 was due by November 19, 2020, and sought additional collateral of $52,150. 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. NEWPORT BEACH, Calif.-- ( BUSINESS WIRE )--Pacific Life Insurance Company announced today that Darryl Button has been named CEO-Elect and will . (Id., 31.) I had a life insurance policy with Pacific Life. Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. (Ibid.) 7:30 AM - 4:30 PM. Weaver represented that they would pay interest on the loan during the first year but nothing more out-of-pocket afterwards. Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. Top Class Actionss website and social media posts use affiliate links. WENTWORTH ORIGINATIONS, LLC. . Your email address will not be published. Pacific LifeCorp Announces Pricing of Private Placement of $750 Million Aggregate Principal Amount of 5.400% Senior Notes due 2052. The settlement was approved by a Georgia district court and included direct payments to class members, and cash credits to affected consumers annuity accounts. The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. Email this Business. PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. A 2008 California class action lawsuit was filed against EquiTrust Life Insurance Co., alleging that the company breached its covenant of good faith and fair dealing. 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. 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. Despite representing IUL policies as capable of resulting in high returns, Pacific Life allegedly knew most consumers were unlikely to receive these impressive interest rates and returns. The class action goes as far as to allege that PacLife structured the PDX Policies in a way that incentivizes its sales agents to heap even more risk on the unwitting policyowners, offering their own sales agents commissions if they successfully push through a PDX IUL policy sale. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. 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. In the case of a sudden or unexpected death, life insurance can help cover debts and provide income for bereaved family members. I have been very concerned about the excessively high fees involved and am having trouble seeing how this can possibly work as illustrated to me by my producer. This order does not preclude Plaintiffs from filing a separate case against United Omaha. All Rights Reserved. Pacific Life Insurance Co. misrepresented their indexed life insurance policies in order to convince consumers to pay for this insurance, according to plaintiff Hong Lis, Indexed universal life insurance policies differ from other policies in their applicable interest rate. The plaintiffs had purchased variable annuity contracts from Pacific Life Insurance through independent brokers. This website is not intended for viewing or usage by European Union citizens. 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. Although Li brought her PacLife class action lawsuit on behalf of a Class of California policyholders, consumers from all states may have been impacted by similar policies. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? (Ibid.) In 2020, a California woman took legal action by filing a class action lawsuit against Pacific Life Insurance Company. United Omaha demurs to all of these claims, arguing that there is improper joinder. 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. Click Change Settings if you want to tailor the use of your cookies. 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. Some misrepresented policies may include PDX policies issued between February 2017 and early 2019. The case status is Pending - Other Pending. Harris County District Courts | Other | Reliance was founded in 1817, officially incorporating in 1820, as the Fire Association of Philadelphia, organized by 5 hose and 11 engine fire companies. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. 0:23-CV-01700 | 2023-06-07, U.S. District Courts | Labor | The Court heard the motion on November 17, 2022, and ordered Plaintiffs to produce verified responses, without objections, within thirty (30) days. The Evans Law Firm serves areas throughout California, including San Francisco, Oakland, Sacramento, San Jose, Alameda, Santa Cruz, Berkeley, Walnut Creek, Hayward, Richmond, Marin, San Rafael, Santa Rosa, Petaluma, Fremont, Palm Springs, Indio and Counties: Alameda, Bay Area, Contra Costa, Los Angeles, Marin, Riverside, San Bernadino, San Diego, San Francisco, San Mateo, Santa Clara Counties and all South Bay, East Bay and all Northern and Southern California counties. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. (Cal. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. 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. 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. 2023-05-25, Nineteenth Circuit Courts - Martin County | Contract | The complaint does allege specific wrong-doing on the behalf of agent Xu. History In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. ), In 2011, Silverman represented to Gary Marenzi and Rebecca Prange that United Omaha would issue a joint and last survivor flexible premium life insurance policy with a death benefit of $3 million that would be fully funded at the guaranteed values for 20 years with a payment of $104,000 at the outset, which could be paid over two years with each payment being $52,000. (Id., 11.) Due to the fluctuating performance of these market indexes, IUL policies can have significantly higher interest rates than other policies when the market is performing well. Pac Life is not the only guilty party here, it is all of the dishonest IMOs who lure in frankly dumb agents my means of above average commissions for a high borrowing contract. EquiTrust Life Insurance Company, since 2011 a subsidiary of Guggenheim Partners LLC, has long been a major provider of life insurance and annuities products to senior citizens. Were looking at the situation and noting the various implications of this lawsuit. Plaintiffs acknowledge that they owe document products to both defendants.. Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. The Court orders Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, to pay Defendant monetary sanctions in the amount of $2,464.50. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. Company profile page for Pacific Life Insurance Co including stock price, company news, press releases, executives, board members, and contact information v. Pacific Life Insurance Co., et al., Case No. (Id., 19.) 5:00 AM - 5:00 PM Pacific Time. (Id., 19-21. Product/material availability and features may vary by state. Rebecca Prange and Wesley Prange signed her application around the same time period. Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. (Id., 22.) VS PACIFIC LIFE INSURANCE COMPANY, ET AL. Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. (Id., 27.) You can change these settings at any time. You can email info@evanslaw.com, or call toll free (888)503-8267 or locally at (415) 441-8669. Decide which cookies you want to allow. 3. A bunch of scary language & fear tactics, but not substance. I didnt understand that the illustration involved my borrowing from my policy and reinvesting large sums for several more years. Evans Law Firm, Inc. wasnt involved with this case but will investigate annuities sold by Pacific Life Insurance Company. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); July 8, 2023 in California Financial Elder Abuse Attorney, Orange County Financial Elder Abuse Attorney: Caregiving Couple Arrested For Financial Elder Abuse. Although IUL policies have the potential to have interest rates which vastly exceed those seen with other life insurance policies, there are also risks associated with these accounts. Top Class at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. Theres good and bad about many things are on the internet, as well as people misrepresenting things. (Id., 4.) 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. your claim status, claim form or questions about when payments are DocketNotice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. We can be reached by email at info@evanslaw.com, or by telephone at (888) 503-8267 or (415) 441-8669.
I Rejected Him To Test Him,
New Townhomes In Woodbury, Mn,
Dealing With Wilber & Associates,
Articles P