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. Privacy Policy | 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. 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. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. (Complaint, 9.) A tenured Pacific University professor is suing the school for $1.3 million, claiming he was illegally ousted from his position over comments he made about gender and race while teaching. According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. When, if ever, will the public ever understand that insurance is insurance and that investments are investments? 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. 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. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. (Ibid. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Pacific Life Insurance Company may have sold their indexed universal life (IUL) policies under misleading sales representations, which resulted in some consumers surrendering their policies due to unexpected fees. Rules of Court, rule 9.40, subds. With respect to the first set of claims, Plaintiffs allege that Weaver made a series of misrepresentations concerning the terms of the PacLife and Lincoln policies, and that Silverman was negligent in not verifying this information. Gwendalyn Douglass v. Reliant Life Shares LLC et al. It became only worth $248,000 upon death. Join a Free PacLife & Minnesota Life Lawsuit Investigation If you purchased the Pacific Discovery Xelerator (PDX) Universal Life policy from PacLife or the Eclipse IUL from Minnesota Life in the last 5 years, you may qualify to join this universal life insurance lawsuit or class action lawsuit investigation. status of any class action settlement claim. Counsel has not appeared pro hac vice in California in the past two years. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents investors of Pacific Life products that have suffered investment losses. (Id., 13.) 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. The Court finds that the amount is fair and reasonable under the circumstances. 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. GARY MARENZI, ET AL. 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 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. 2:8-15.) Case Number: *******7878 Hearing Date: October 21, 2021 Dept: 39. 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. ), 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. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Simple! (Id., 11.) %%EOF strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. Misleading PacLife IUL Marketing Could Lead to Policy Surrender, GE Capital Assurance universal life price hikes may be unlawful and excessive, Creditor and debt collector calls class action lawsuit investigation, Essential: Remember your cookie permission setting, Essential: Gather information you input into a contact forms, newsletter and other forms across all pages, Essential: Keep track of what you input in a shopping cart, Essential: Authenticate that you are logged into your user account, Essential: Remember language version you selected, Functionality: Remember social media settings, Functionality: Remember selected region and country, Analytics: Keep track of your visited pages and interaction taken, Analytics: Keep track about your location and region based on your IP number, Analytics: Keep track of the time spent on each page, Analytics: Increase the data quality of the statistics functions, Advertising: Tailor information and advertising to your interests based on e.g. What will be most interesting here is if the plaintiffs' attorneys can prove their allegations based on little historical evidence and a majority of hypothetical future performance. 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. Wondering if you have grounds for a FINRA arbitration claim after suffering losses from Pacific Life products? You can design it as 100k base policy and 900k as term in a whole life. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The complaint does allege specific wrong-doing on the behalf of agent Xu. Please review our Affiliate Link Disclosure for more information. Petersburg, and Washington, D.C. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. Weaver obtained financing from Wintrust Life Financial (Wintrust). I have already told friends how wonderful he is. Therefore, the Court sustains United Omahas demurrer on this basis. The Court sustains the demurrer without leave to amend. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. 908 0 obj <> endobj 3:23-CV-00355 | 2023-02-01, U.S. District Courts | Labor | (a).) 937 0 obj <>/Filter/FlateDecode/ID[<58768771925F2449B604DCE4A3FB14BB>]/Index[908 52]/Info 907 0 R/Length 124/Prev 840995/Root 909 0 R/Size 960/Type/XRef/W[1 3 1]>>stream 2 and No. Learn More Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. (Ibid.) In 2008, SWS Group agreed to buy M.L. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. I set my expectations high, and they delivered above and beyond. 2021-04-28, Harris County District Courts | Contract | For the . These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. 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. The same logic applies to whole life, too. Proc., ; 379.) Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. 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. With unexpectedly high premiums and subpar returns, consumers may be forced to surrender their policy due to the negative impact of the insurance, according to Investopedia. Plaintiffs would have had the option to keep the United policy if they wished to pay the then necessary premium, which presumably would have meant resuming the planned premium payments. (Plaintiffs Memorandum of Points & Authorities, p. 5 0 obj Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. (Cal. Top Class DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Lets say, someone has a $1 million life insurance need. ANTHONY ALAIMO, Senior District Judge . They tell me it will be $600 a month when I am 80. 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. 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. Prange ( Plaintiff ) et al, these policies offer, However, legal allegations against the indicate! To Plaintiffs filing a new case against PacLife policies while overstating the potential gains. Endobj 3:23-CV-00355 | 2023-02-01, U.S. District Courts | Labor | ( a ) )... 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