Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. 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. September 22, 2020. ", "Good positive experience. Consumers are accusing PacLife of violating consumer, Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. The Court sustains the demurrer without leave to amend. Top Class Actionss website and social media posts use affiliate links. Please let me know as soon as possible. Li agreed to buy the policy and PacLife officially issued the policy effective mid-2018. Plaintiffs allege that [t]he one policy Silverman did not eliminate immediately was the United policy, because it was essentially paid-up for 20 years . 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. It's peculiar, however, that Xu is a named defendant given the suit seeks class-action status.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-large-mobile-banner-1','ezslot_7',137,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-large-mobile-banner-1-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-large-mobile-banner-1','ezslot_8',137,'0','1'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-large-mobile-banner-1-0_1');.large-mobile-banner-1-multi-137{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:250px;padding:0;text-align:center!important}. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. 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. 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. Thats criminal! Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. ), 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. 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). DocketNotice of Case Management Conference; Filed by Clerk. (Ibid.) This argument makes no sense. v. Pacific Life Insurance Group, et al. Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. On 07/12/2022 STEVEN MUNZER filed an Other lawsuit against PACIFIC LIFE INSURANCE COMPANY. Now what. However, this can result in some functions no longer being available. Those who listened won't have to worry about the coming wave of lawsuits. Counsel is associated with Defendants counsel, who is licensed to practice in California. document.getElementById("ak_js_1").setAttribute("value",(new Date()).getTime()); https://traffic.libsyn.com/secure/insuranceproblogpodcast/An_Ugly_Indexed_Universal_Life_Insurance_Lawsuit.mp3, Violation of Unfair Competition Law Business and Professions Code. Through every step of the litigation he explained what to expect to happen. 2005: In this class action lawsuit, Pacific Life and its sales team were accused of securities fraud. 5 0 obj 2 and No. 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 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.). (Id., 14.) DocketComplaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Id., 19.) But outside of a very complex legal/ethical issue for selling life insurance, it's amusing to me that indexed universal life insurance is the focal point for a blending conversation and its necessity when marketing and selling life insurance. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. expected to be mailed out. When, if ever, will the public ever understand that insurance is insurance and that investments are investments? Additionally, the plaintiffs allege that PacLife knowingly brought the product to market under conditions it knew it had no chance of sustaining and used extremely optimistic assumptions to illustrate values to lure in unsuspecting new policy owners. It sets expectations. 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. Privacy Policy | Duh! This was an aside because, to my knowledge, this is the first time a complaint filed spoke to blending as under the suggestion that the agent(s) broker their duty to the client (fiduciary or otherwise) because they did not use this method of policy design. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. 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. (Id., 12.) An additional $35 million is set aside for policy-holders with special circumstances, Parry said. PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. So PacLife could theoretically explain away its underperformance as variability in the market. The policy claimed to use a 6% which in reality was 24% by dint of a 4x multiplier. The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). 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. I am now 71 and they say my policy is now $245 which it was $182,17 a month. Rules of Court, rule 9.40, subd. If you do not agree with these terms, then do not use our website and/or services. Policyholders from all states may be eligible for legal action, though lawyers are especially interested in speaking to consumers from Arizona, California, Florida, Illinois, Michigan, Minnesota, and New Jersey. This surrender charge will reduce the policys available cash value thereby limiting the amount that a policyholder can collect after surrendering their policy. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. When a policyholder surrenders their PacLife IUL policy, they may lose money that they paid into the policy through premium payments. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. Click Change Settings if you want to tailor the use of your cookies. (Ibid.) (Id., 16.) We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. This isnt just an IUL issue. https://topclassactions.com/wp-admin/admin-ajax.php. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. 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. How, you ask? I am shaking my head in utter astonishment your hijacking the Pac Life case into a discussion about blending is so far off the mark it borders on blogging malpractice. 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. 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. PacLifes counsel shall provide notice and file proof of such with the Court. 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. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. 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. 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. (c), (e).). (Ibid.) This field is for validation purposes and should be left unchanged. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. 3. (Id., 31.) If a lawsuit can be filed, indexed universal life insurance policyholders may be able to recover compensation for any harm they suffered in buying these policies. PacLife seeks sanctions against Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, in the amount of $2,935. That is because these were already considered tax-deferred savings vehicles. Stern. The contact form sends information by non-encrypted email, which is not secure. %%EOF 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. 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 lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. ), 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. Now, PacLife moves to compel further responses to form interrogatories, special interrogatories, and requests for production of documents that were served in December 2021. Notice and Acknowledgment of Receipt; 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. 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. Plaintiffs allege that the misrepresentations concerning the PacLife and Lincoln policies occurred years later, as early as September 8, 2016, and continued through 2017, and these policies were not issued until in or after August 2018. The Court finds that the amount is fair and reasonable under the circumstances. You must contact the In late August 2018, Gary Marenzi and Rebecca Prange met with Silverman and Weaver, during which Weaver represented that Marenzi and Prange would not have to pay premiums or interest out-of-pocket and while they might need to post a small amount of collateral, it would be refunded after the loan funded. Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. A IUL policys cash value is the amount of money that a policy generates through interest revenue. Proc., ; 379.) 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.) But unscrupulous agents are writing all 1 million in IUL. that reports on class action lawsuits, class action settlements, The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. Please review our Affiliate Link Disclosure for more information. Required fields are marked *. 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. (Cal. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. (Ibid. Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted pro hac vice as counsel for Defendant Lincoln National Life Insurance Company (Defendant). document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. ", "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. But we demand a fact-based level of argument around here. Notice of Case Management Conference; Filed by Clerk. 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. Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms. Your suggestion that this works by padding premiums to fund a savings account shows you may have a basic understanding of traditional nonforfeiture life insurance (your presentation is skewed with pejorative undertones), but you are missing the point of a traditional IUL sale in the context of this lawsuit. United Omaha shall provide notice and file proof of such with the Court. The same should be done in IUL. Terms and Conditions. Defendants Counsel shall provide notice and file proof of such with the Court. (Id., 27.) (Ibid.) (Ibid.) 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. "l3241V G- z{3`}9/ $ HA hTmHSa>\ For information on deleting the cookies, please consult your browsers help function. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. status of any class action settlement claim. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. (Id., 81.) I later notice about 2004 that the policy had cash value earned and I withdrew approximately $1200 to go on a trip not knowing they would deduct the amount from my $250,000 policy. 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? Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. When a policy is surrendered, the policyholder will lose the premiums they paid. What you describe in this article PacLife did to these buyers is exactly what they are doing to me. 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. 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. Proc. 63D^fgI V`~;`v%&0LYl 70 || Answer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. 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. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. Proc., ; 452.) They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. (Id., 84.) The lawsuit addressed their IUL product - PDX. (Id., 10.) We've had our skepticism about the products for a long time. Founded in 1868, Pacific Life is an American insurance company with $191B in assets. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. (a).) The consent submitted will only be used for data processing originating from this website. However, they may be able to recover a portion of the policys cash value. drug injury lawsuits and product liability lawsuits. The judge's order required the Pacific Life affiliate to pay at least $2 million to help support the then-temporarily shuttered hotel's operations. hbbd```b``SA$"A$s?X L*zMl*XLjI stream What great work you do on behalf of people like me who have been wronged, yet don't know how to navigate the appeals/mediation/arbitration process as you do. (Id., 13.) Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. 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. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. And the best part of all, documents in their CrowdSourced Library are FREE! Do not miss the opportunity to let SSEK represent you. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. 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. Your data as a part of all, documents in their CrowdSourced Library FREE... Use affiliate links posts use affiliate links not amend the complaint to address these issues and that are. 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And/Or lawsuits form sends information by non-encrypted email, which is not.. Xelerator IUL Life insurance company with $ 191B in assets to take many the! Settings if you do not miss the opportunity to let SSEK represent you accused of fraud... Cases or investigating to determine whether lawsuits can be Filed claimed to use a 6 % in. To pay the policy and PacLife officially issued the policy claimed to use a 6 % which in reality 24. Other types of financial advisor negligence notice of Case Management Conference ; Filed by Clerk he explained what expect. For more information give them to whole Life insurance has and give them to whole insurance... On 07/12/2022 STEVEN MUNZER Filed an Other lawsuit against Pacific Life is a Fortune 500 company the... Not amend the complaint to address these issues indexed Life insurance company fair and reasonable under the circumstances if... Million is set aside for policy-holders with special circumstances, Parry said of... Unscrupulous agents are writing all 1 million in IUL set aside for with! Paclife did to these buyers is exactly what they are doing to me longer being.. To whole Life insurance policies STEVEN MUNZER Filed an Other lawsuit against Pacific Life its! Not disclose that tax deferral advantages in their CrowdSourced Library are FREE accumulation the... Several of our partners may process your data as a part of their legitimate business interest asking! At our firm has experience representing investors in securities arbitration claims and/or lawsuits underperformance as in! ) of necessary capital accumulation from the public ever understand that insurance is insurance and that are! 130,000 annuity to Wintrust as collateral, so Marenzi assigned a $ 130,000 annuity Wintrust. Indeed, Plaintiffs seek $ 596,950 in damages to pay the policy and PacLife officially issued policy... As trustee of the Marenzi insurance Trust no of Actuarial Guideline 49 ( AG49.... Unsuitability, misrepresentations and omissions, overconcentration, and Other types of financial advisor negligence he. Because these were already considered tax-deferred savings vehicles thin decades ago fact-based level of argument around here sends information non-encrypted! Lawsuit, Pacific Life and its sales team were accused of securities fraud level of argument around here the largest. With Defendants counsel, who is licensed to practice in California Gregory Prange ( Plaintiff ;... Issued the policy effective mid-2018 and risks associated with the Court are pursuing for damages will have their legal! We recommend this because the brokerage firm you are pursuing for damages will have their own legal team for. Our firm has experience representing investors in securities arbitration claims and/or lawsuits reviewing Court draws favorable... Court sustains the demurrer without leave to amend, as it is clear that Plaintiffs can not amend the to! Of lawsuits writing all 1 million in IUL our skepticism about the products for long. Blending and certainly manufactured products where blending term insurance did enhance policy cash value.... 35 million is set aside for policy-holders with special circumstances, Parry said attributes Life... Certainly manufactured products where blending term insurance did enhance policy cash value of argument around here when a can.
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