',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{ {eg#exL` ) endstream endobj 909 0 obj <>>>/Pages 894 0 R/StructTreeRoot 892 0 R/Type/Catalog>> endobj 910 0 obj <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/XObject 943 0 R>>/Rotate 0/Type/Page>> endobj 911 0 obj <>stream Plaintiffs cannot satisfy the first element because the two sets of claims arise from different transactions. (Ibid.) With an IUL, interest rates can increase significantly much higher than fixed interest rates when the linked market index performs well. Therefore, the Court sustains United Omahas demurrer on this basis. This isnt just an IUL issue. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. (Complaint, 9.) (Id., 103.) Silverman also sold Rebecca Prange a $500,000 term life insurance policy with First Colony Life Insurance Company (First Colony), which she owned individually. But that application usually applies to whole life insurance. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. Click Accept if you consent. 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 agreement in Kentucky settles all claims arising from those policies. Thats criminal! (Ibid.) 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). This varies from other life insurance policies with either fixed or variable interest rates. 1:23-CV-20419 | 2023-02-01. Wondering if you have grounds for a FINRA arbitration claim after suffering losses from Pacific Life products? 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. Absent that rating, United Omaha would charge a greater premium. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Ibid.) 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. Notice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted. The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. The case was filed in Covington because the lead plaintiff, Ace Seat Belt Covers Inc., is based there. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. After making two $500,000 premium payments, Li became suspect of the policy when statements she received from PacLife reported value far different from the figures she anticipated. Pacific Life Insurance Company, Defendant. ) . The complaint spends several pages building a case to define PacLife's character.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-box-4','ezslot_3',133,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-box-4-0'); It also mentions another aspect of PacLife's product that touches on a very interesting subject. ATTORNEY NEWSLETTER Pacific Life Insurance Company was the target of a class action lawsuit related to sales of deferred annuities. 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. Continue with Recommended Cookies, In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging:if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_4',144,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0');if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_5',144,'0','1'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0_1');.medrectangle-3-multi-144{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:50px;padding:0;text-align:center!important}. United Omaha demurs to all of these claims, arguing that there is improper joinder. Now, PacLife moves to compel further responses to form interrogatories, special interrogatories, and requests for production of documents that were served in December 2021. at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. (Id., 83.) Gary Marenzi, et al. status of any class action settlement claim. This is ClassAction.org's current list of open lawsuits and investigations. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. That's a big question many have asked for years. Pacific Asset Management, which now concentrates on corporate credit securities, was created. 908 0 obj <> endobj by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. The same should be done in IUL. The firm became a mutual life company owned by its shareholders. Stern and Company, as well as a majority interest in United Planners Financial Services of America. (Id., 26.) The moving party shall provide notice and file proof of such with the Court. 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 same logic applies to whole life, too. In 2011, Silverman sold Gary Marenzi and Rebecca Prange a single premium policy from Mutual of Omaha, which was owned by the Marenzi Insurance Trust Number Three. Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. We might speculate on future scenarios using math equations, but thats all they are speculations. NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. U.S. District Courts . These costs may come in the form of surrender penalties deducted from the policys actual cash value. This order does not preclude Plaintiffs from filing a separate case against United Omaha. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. . Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Please review our Affiliate Link Disclosure for more information. Youve been a wonderful lawyer and a friend. Terms and Conditions. Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. When I spoke with him later he reviewed the process. Proc., ; 452.) The complaint does allege specific wrong-doing on the behalf of agent Xu. ", "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. And the best part of all, documents in their CrowdSourced Library are FREE! (Ibid. Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms. That said, I do have some additional thoughts on what the plaintiffs' legal team might have in their possession that could be bad news for PacLife, and potentially bad news for the insurance industry as a whole.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-medrectangle-4','ezslot_2',158,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-4-0'); At the core of this lawsuit are PacLife's PDX Indexed Universal Life Insurance policy and its extremely obtuse multiplier bonus. 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. Notice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Weaver represented that they would pay interest on the loan during the first year but nothing more out-of-pocket afterwards. Were looking at the situation and noting the various implications of this lawsuit. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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 case status is Not Classified By Court. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. Rules of Court, rule 9.40, subd. Everyone I dealt with was exceptional. In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. 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. 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. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. When a policyholder surrenders their PacLife IUL policy, they may lose money that they paid into the policy through premium payments. Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. Its annuities and other products are sold by independent financial professionals who associate with brokerage firms, banks, financial planning firms, and other financial institutions. 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. 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. ), 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. Its getting awkward. 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. I set my expectations high, and they delivered above and beyond. These claims relate primarily to premium financing issues and the related representations. 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. ", "My experience with Ryan Cook has been very positive. endstream endobj startxref (Ibid.) 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. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. It became only worth $248,000 upon death. If you make a purchase using What you describe in this article PacLife did to these buyers is exactly what they are doing to me. (Id., 25.) The company's 145-year history began in California in 1868. (Id., 104. They lent their friend a van. (a).) (Ibid.) The policy claimed to use a 6% which in reality was 24% by dint of a 4x multiplier. In other words, Plaintiffs allege that their insurance plan involved keeping the United Omaha policy, because it purportedly had been paid-up for 20 years. Decide which cookies you want to allow. 1. You can change these settings at any time. Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. I can only speculate, but I'm guessing that the plaintiffs' legal team's case will hinge heavily on its ability to prove that PacLife cannot return to the capability it assumed at policy issue and that those assumptions were never going to materialize. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. Case Number: *******7878 Hearing Date: October 21, 2021 Dept: 39. 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. An indexed life insurance policy is a special type of insurance with an interest rate directly linked to a market index, such as the S&P 500. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY 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. The lawsuit addressed their IUL product - PDX. 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. Simple! 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. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. (Id., 27.) We're certainly no strangers to policy blending, and we're big advocates of its use. Defendants are listed as Tiffany Xu, Sky Vision Insurance Agency and Pacific Life Insurance. Side note on this: the complaint does charge that PacLife materially misrepresented the conservative nature of IUL by both failing to disclose the risk of loss when an index return is zero (net loss due to insurance expense deductions) as well as the impact the multiplier has on the policy. 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). 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