), In reliance on Weavers representations, Gary Marenzi and Rebecca Prange directed the trustees of the trusts to proceed with the applications for new $20 million PacLife policies, one on Marenzi and one on Prange. Allow me to explain. When I spoke with him later he reviewed the process. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Pac Life Sued for Fraud in Class Action Over Deceptive IUL Sales To read the class action complaint (a MUST read), click on the following link: http://advisorshare.com/pac-life-class-action-pdx-iul I've been warning about Pac Life's PDX IUL policy for years. The lawsuit addressed their IUL product - PDX. If you purchased a PacLife PDX Policy and are not satisfied with how your policy has performed, you may be entitled to compensation for yourself and for other policy owners by joining this Pacific Life Insurance class action lawsuit. DocketComplaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. . Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. 6?7$c+i)J"@hXR\1. With great appreciation, thank you! Wondering if you have grounds for a FINRA arbitration claim after suffering losses from Pacific Life products? The trustee for these trusts is Wesley A. Prange. ", "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. Please let me know as soon as possible. In 1972, the investment management subsidiary, Pacific Investment Management Company (PIMCO), was launched. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. Top Class Actions is a legal news source DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 6:12-15.) Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. The lawsuit was filed by Bonnet, Fairbourn, Friedman and Balint, a law firm in Phoenix with a long track-record of class action suits in life insurance, including huge settlements in vanishing premium and COI increases. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. The money will go to an estimated 127,000 people who held about 160,000 policies across the country. This surrender charge will reduce the policys available cash value thereby limiting the amount that a policyholder can collect after surrendering their policy. 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. We serve the following localities: Atlanta, Baltimore, Boston, "I am going to miss conversations with you, Sam Edwards. Contact Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, Elder Financial Abuse by Brokers and Investment Advisors. The plaintiffs are alleging misleading marketing materials and excessive policy charges. ), 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. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. 2021-04-28, Harris County District Courts | Contract | 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 policy claimed to use a 6% which in reality was 24% by dint of a 4x multiplier. Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. 3:23-CV-00124 | 2023-02-02, U.S. District Courts | Labor | 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. After the fifth annual payment, Xu claimed Li would owe no future premiums and even be able to take income from the indexed universal life insurance policy in the amount of $175,000 per year. Counsel is licensed to practice and in good standing in Maryland, where he resides. 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. 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. PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. Absent that rating, United Omaha would charge a greater premium. Over the years, Pacific Life acquired many broker-dealers including Mutual Service Corporation, Associated Securities Corporation, M.L. (Ibid.) The case was filed in Covington because the lead plaintiff, Ace Seat Belt Covers Inc., is based there. All Rights Reserved. (Ibid.) (Id., 26.) By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. ", "Good positive experience. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. ANTHONY ALAIMO, Senior District Judge . (Id., 10.) Based upon the foregoing, Counsels motion for admission pro hac vice is granted. The contact form sends information by non-encrypted email, which is not secure. (Id., 104. You must contact the In 2009, Silverman sold Gary Marenzi and Rebecca Prange a $2 million second-to-die or survivorship policy with MassMutual, which Wesley Prange as the trustee of the Marenzi Insurance Trust Number Three owned. PacLifes counsel shall provide notice and file proof of such with the Court. (Ibid.) Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. The list is updated frequently, so check . 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. These and other securities firm subsidiaries ran under Pacific Select Group until March 2007 when LPL Financial Services (LPLA) acquired Mutual Service Corporation, Associated Financial Group, and Waterstone Financial Group. Rules of Court, rule 9.40, subd. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. In addition, Silverman sold Gary Marenzi and Rebecca Prange an annuity with Nationwide Life Insurance Company of $213,467. 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. ", "Good intelligent attorneys who never miss a beat. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. This is the first I'm aware of blending showing up in an official legal complaint against a life insurer, and it introduces something I have long wondered about the life insurance industry and the marketplace for cash value-focused life insurance sales. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. Circuit Judge Douglas Stephens in Covington approved the settlement--estimated to have a total value of close to $140 million when administrative fees and other costs are included--in a written order Thursday. v. Pacific Life Insurance Group, et al. With unexpectedly high premiums and subpar returns, consumers may be. An additional $35 million is set aside for policy-holders with special circumstances, Parry said. Inversely, when the market is not performing well, interest rates can be extremely low. Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. 2005: In this class action lawsuit, Pacific Life and its sales team were accused of securities fraud. 78aa, 78j(b), 78t, and 78cc(b), and Rule . 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. Defendants Counsel shall provide notice and file proof of such with the Court. Pacific Life provides annuities, life insurance products, mutual funds, and different kinds of investment products and services. 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}. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. 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. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. These facts standing alone support the Courts decision. 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 . 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. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? 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. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. Counsel has not appeared pro hac vice in California in the past two years. VS PACIFIC LIFE INSURANCE COMPANY, ET AL. 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. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. Required fields are marked *. I will be forever grateful. It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. (2012) 209 Cal.App.4th 1228, 1238.). A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. This isnt just an IUL issue. Parry has been involved in similar suits against other insurers, including Prudential, New York Life, TransAmerica and Sun Life. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. These costs may come in the form of surrender penalties deducted from the policys actual cash value. 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. The firm offers these investment products to persons, pension funds, and businesses. <> strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. "l3241V G- z{3`}9/ $ HA The Court sustains the demurrer filed by United of Omaha Life Insurance Company. Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. %PDF-1.6 % (Id., 27.) 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. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. v. Pacific Life Insurance Company. The exact amount that a policyholder can walk away with will vary depending on the surrender fees charged by their insurance provider. I think you are very correct in the context of an agent motivated to write more permanent life insurance per the budget/death benefit need, but the context of this discussion was blending used to maximize cash building potential of a policy. (Id., 19-21. 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. (Id., 14.) These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. However, they may be able to recover a portion of the policys cash value. Hl;Q##Z+_\~RQ}9I,3/W_+=bf This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. Top Class Actionss website and social media posts use affiliate links. Before commenting, please review our . Now, United Omaha demurs to the complaint, which Plaintiffs oppose. How can I get in touch with you to join the law suit? The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. Decide which cookies you want to allow. 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). v. Pacific Life Insurance Company, et al. 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. Case Number: *******7878 Hearing Date: December 2, 2021 Dept: 39, Gary Marenzi, et al. 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. (Ibid. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Learn more about the cookies we use. (Id., 22.) That is because these were already considered tax-deferred savings vehicles. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. Case Summary On 07/28/2021 GARY MARENZI, filed a Contract - Other Contract lawsuit against PACIFIC LIFE INSURANCE COMPANY ,. expected to be mailed out. On June 28, 2001, Rebecca Prange established the Marenzi Insurance Trust Number Two for the purpose of holding title to one or more life insurance policies on her life. ), In approximately March 2016, Silverman became acquainted with Wayne L. Weaver (Weaver), who said he had a program that they could market to Silvermans client on which they could split the commissions paid by the insurers. Notice of Case Management Conference; Filed by Clerk. The complaint does allege specific wrong-doing on the behalf of agent Xu. Simple! The lawsuit does not specify a monetary reward Hughes hopes to receive from Pacific, but it asks for a sum that would compensate Hughes for economic and non-economic losses, as well as attorney fees. 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. Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. al. Given the makeup of the life insurance market in terms of annual sales (overwhelmingly cash accumulation product majority), Im dubious to your claim that anything wore thin with the public decades ago. Blending for indexed universal life insurance policies normally has little long term effect on cash value accumulation and most typically results in a reduced surrender charge. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. Pacific Life Insurance Company, Defendant. ) DocketNotice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. With the Court care insurance Sam Edwards on Rebecca Prange, Gregory Prange ( Plaintiff ) ; Rebecca an! Wesley A. Prange the contact form sends information by non-encrypted email, which is not performing well, rates... And the 10th largest seller of variable annuities offers their own IUL policy known as Pacific. 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