I set my expectations high, and they delivered above and beyond. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. He was very patient, and I never felt rushed. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. (Ibid.) On October 20, 2020, Wintrust billed Gary Marenzi and Rebecca Prange for more than $300,000, including a demand for $79,499 in additional collateral. In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging: Violation of Unfair Competition Law Business and Professions Code Fraud and Deceit Intentional Misrepresentation Negligent Misrepresentation Breach of Fiduciary Duty Professional Negligence The crux of the complaint is both technical as well as . Click Accept if you consent. ", "I want you to know that I very much appreciate your expertise, hard work, and guidance that led to a satisfactory resolution with Raymond James. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. The Court has considered Plaintiffs remaining arguments and finds them to be without merit. 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.) This blog has done nothing to educate anybody. Write a 100k IUL and another 900k a 30 year term policy. ), In reliance on Weavers representations, Gary Marenzi and Rebecca Prange directed the trustees of the trusts to proceed with the applications for new $20 million PacLife policies, one on Marenzi and one on Prange. 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. stream Some of our partners may process your data as a part of their legitimate business interest without asking for consent. The issues in the suit go to the core of. 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. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. (Ibid.) Case Details Parties Documents Dockets. The firm became a mutual life company owned by its shareholders. 22.) It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. 2. (Complaint, 104.). These claims relate primarily to premium financing issues and the related representations. This is ClassAction.org's current list of open lawsuits and investigations. Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. 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. ANTHONY ALAIMO, Senior District Judge . Now, United Omaha demurs to the complaint, which Plaintiffs oppose. ANTHONY ALAIMO, Senior District Judge . Privacy Policy | At "b(H+4AQ"/[E4wteI-9oJ{uo? 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. Inversely, when the market is not performing well, interest rates can be extremely low. (a).) 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. 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. Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. For information on deleting the cookies, please consult your browsers help function. The company's 145-year history began in California in 1868. ", "Good positive experience. 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. 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. v. Pacific Life Insurance Company, et al. 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. ) ) ) ) ) ) ) ) ) Civil Action No. The consent submitted will only be used for data processing originating from this website. My husband and I bought this package in two. ATTORNEY NEWSLETTER Pacific Life Insurance Company was the target of a class action lawsuit related to sales of deferred annuities. There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. The Court sustains the demurrer filed by United of Omaha Life Insurance Company. 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 . 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. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. Li and her family met a second time with Xu and at that meeting, Xu presented Li with a new life insurance illustration for the same PacLife IUL policy, but with a few alterations from the original proposal that appeared to make little significant change to policy values. by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. 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. (Id., 81.) 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. 1:23-CV-20419 | 2023-02-01. Union Pacific faces wave of lawsuits. PacLife issued a $20 million policy on Gary Marenzi, but declined to approve Rebecca Prange. 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. Notice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY This was not disclosed to the policyholder. Not Hollywood, not L.A., not the country, Davids Bridal files for bankruptcy protection, may close all stores, Vidiots returns: L.A. institution reveals opening date for new movie theater, video store, Stocks drift higher as earnings season kicks into gear, Quiet luxury: No flash, no logos, but big-time style. (they say it was 2002 I think it was 1999) Can you help me? strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. It became only worth $248,000 upon death. Proc., ; 379.) I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. Case Summary On 07/28/2021 GARY MARENZI, filed a Contract - Other Contract lawsuit against PACIFIC LIFE INSURANCE COMPANY ,. 470, directly to Pacific Life & Annuity Services, Inc. (PLASI), in exchange for the assignment of the obligation. Were not defending the product, the company, or anyone involved in selling it. ), Finally, the Court cannot conclude that there is any overlap in the damages between the two sets of claims, as the allegations make clear that each set of damages stem from different transactions. Not blending in an IUL is more devastating than in whole life. % When I spoke with him later he reviewed the process. 2021-04-28, Harris County District Courts | Contract | Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. 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. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. A IUL policys cash value is the amount of money that a policy generates through interest revenue. 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. 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. 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. Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. View Top 10 List (Ibid.) settlement administrator or your attorney for any updates regarding 3:23-CV-00124 | 2023-02-02, U.S. District Courts | Labor | (Id., 19.) (2012) 209 Cal.App.4th 1228, 1238.). Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. (Ibid.) Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. 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. 3:23-CV-00355 | 2023-02-01, U.S. District Courts | Labor | 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. 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., 24.) 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. 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. Any non-guaranteed element in any policy is necessarily a question mark. However, they may be able to recover a portion of the policys cash value. 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. Simple! Allianz acquired PIMCO in 2000. Wardman Hotel Owner has appealed the. 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. Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. Pacific Life also holds the mortgage on the hotel, which totaled $122.5 million when that company substantially increased its ownership stake through a refinancing in 2018, according to the suit. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. Therefore, the Court sustains United Omahas demurrer on this basis. Stern. ), 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. VS PACIFIC LIFE INSURANCE COMPANY, ET AL. (Cal. The agreement in Kentucky settles all claims arising from those policies. I have already told friends how wonderful he is. In 2020, a California woman took legal action by filing a class action lawsuit against Pacific Life Insurance Company. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. Other than the initial investment, which would be returned, Weaver said that Gary Marenzi and Rebecca Prange would have $40 million of free life insurance. I bought it because I was told the policy premium would NEVER INCREASE and would never be cancelled unless I didnt make my premium payments. <> The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. The list is updated frequently, so check . %%EOF The Court sustains the demurrer without leave to amend. On that same date, Gary Marenzi and Rebecca Prange established the Marenzi Insurance Trust Number Three for the purpose of holding title to one or more life insurance policies on their lives. The lawsuit seeks class-action status welcoming the possibility that the attorneys working for the plaintiffs can prove that PacLife's behavior in marketing a certain indexed universal life insurance policy violates the law and hurts many people across the United States. 6?7$c+i)J"@hXR\1. 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. The largest life insurance companies include MetLife, Prudential Financial, New York Life, Lincoln Financial, Northwestern Mutual and AIG. 0 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. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The trustee for these trusts is Wesley A. Prange. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. U.S. District Courts . (Id., 84.) %PDF-1.6 % According to the firms CRD records, Pacific Life has been the subject of regulatory claims and litigation, such as: 2022: The New York State Department of Financial Services (DFS) imposed a $3M penalty on Pacific Life for conducting insurance business related to its pension risk transfer (PRT) business in the state without a license. I will be forever grateful. The Court need not reach the remainder of United Omahas arguments. Rules of Court, rule 9.40, subds. To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. Before commenting, please review our . (Code Civ. Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. Too bad you still have to pay for it, Stock market today: Most stocks on Wall Street tick higher, Scooter operators say strict rules, rampant theft threaten business in San Diego, Striking Medieval Times workers struck by car on picket line, These are the EV models that will get you the full $7,500 tax credit, The actor, the hairstylist and the eye surgeon: Drugs and death in a Malibu beach house, Have guests in town? The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Required fields are marked *. . A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife), Pacific Life Insurance Company offers their own IUL policy known as the, . 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. (Id., 19-21. Top-notch, efficient and effective firm.". 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. ), 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. %PDF-1.4 This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. 0:23-CV-00265 | 2023-02-02, U.S. District Courts | Labor | 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. How can I get in touch with you to join the law suit? On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. 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 lawsuit addressed their IUL product - PDX. The plaintiffs are alleging misleading marketing materials and excessive policy charges. Duh! (Ibid.) 63D^fgI V`~;`v%&0LYl 70 || 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. 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