Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Top Class Actions is a Proud Member of the American Bar Association, Various Trademarks held by their respective owners. 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. 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. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. From our first meeting, I felt "heard" and that my situation and story were respected. I have already told friends how wonderful he is. Is it suitable to sell someone a life insurance contract that lacks the features known to enhance cash value when you the agent know cash value accumulation is the primary goal? (Id., 22.) Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. They lent their friend a van. 2 and No. Those who listened won't have to worry about the coming wave of lawsuits. The firm offers these investment products to persons, pension funds, and businesses. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. 2. So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. Through every step of the litigation he explained what to expect to happen. 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. Blending exists as a way to manipulate a policy's design and augment the cash value achievable in the policy. Rules of Court, rule 9.40, subds. 2:2-3.) The firm became a mutual life company owned by its shareholders. 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. . You will have to make your claim through FINRA arbitration. Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. 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. DocketNotice of Case Management Conference; Filed by Clerk. 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. 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. The 2005 lawsuit Public Records Policy. 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. In 1994 it became a publicly-traded company that managed fixed-income securities. The same logic applies to whole life, too. PacLifes counsel shall provide notice and file proof of such with the Court. The plaintiffs are alleging misleading marketing materials and excessive policy charges. Write a 100k IUL and another 900k a 30 year term policy. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. That is because these were already considered tax-deferred savings vehicles. Here are 22 essential L.A. spots for every tourist, Column: We cant afford another writers strike. Now what. Allow me to explain. 2 and No. The Judge overseeing this case is STEPHEN I. GOORVITCH. your claim status, claim form or questions about when payments are 0 . GARY MARENZI, ET AL. Parry has been involved in similar suits against other insurers, including Prudential, New York Life, TransAmerica and Sun Life. Case Summary On 07/28/2021 GARY MARENZI, filed a Contract - Other Contract lawsuit against PACIFIC LIFE INSURANCE COMPANY ,. (Ibid.) 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. Cancellation and Refund Policy, Privacy Policy, and PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. 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. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. Contact our consumer fraud attorneys toll-free at (800) 254-9493 or fill out the form for a free and confidential consultation about your potential case. Learn more about the cookies we use. The Court has considered Plaintiffs remaining arguments and finds them to be without merit. (Id., 81.) I loved learning legal jargon from you. 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. Click Change Settings if you want to tailor the use of your cookies. Harris County District Courts | Other | Finally, one place to get all the court documents we need. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. Stern. (Ibid. Its approach to multipliers and other common IUL features can be confusing and seemingly over-complicated. . (Plaintiffs Memorandum of Points & Authorities, p. (Id., 19.) When I spoke with him later he reviewed the process. (they say it was 2002 I think it was 1999) Can you help me? 2:23-CV-00460 | 2023-01-20, U.S. District Courts | Finance | Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. hTmHSa>\ 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. Please review our Affiliate Link Disclosure for more information. 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 Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. That was largely the point of the blog post and podcast. 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. (Id., 10.) ", "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. You might not like it, and thats completely fine. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Terms and Conditions. With unexpectedly high premiums and subpar returns, consumers may be. Weaver did not disclose the terms of the loan or life insurance policy, but stated that the only circumstances under which they would have to make payments would be in the event of a multi-year stock market decline. Ultimately, the blending discussion is one of simple suitability. The Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. 2021-04-28, Harris County District Courts | Contract | This is not a matter of failing to illustrate the worse case scenario as someone suggested. I set my expectations high, and they delivered above and beyond. (Code Civ. This is exactly why showing the worst-case scenario on a life insurance illustration is important. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. 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. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. 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. hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E? BM86"387ot/gCN"-3Yl`z5=iA,~FK? hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. Li agreed to buy the policy and PacLife officially issued the policy effective mid-2018. . It was filed by a law firm out of Phoenix with a long track record of class action suits in life insurance. Please let me know as soon as possible. September 22, 2020. 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. 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. 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. 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. We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. 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