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). Public Records Policy. 1:23-CV-00375 | 2023-01-25, U.S. District Courts | Labor | Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. Contact Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, Elder Financial Abuse by Brokers and Investment Advisors. Our law firm represents institutional and individual investors nationwide with significant losses in their portfolios, retirement plans and investment accounts. Each lawyer and staff member of our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. The moving party shall provide notice and file proof of such with the Court. Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. 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. 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. The first policy was issued to the founder. Pacific Life Insurance Company, Defendant. ) But unscrupulous agents are writing all 1 million in IUL. 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. How can I get in touch with you to join the law suit? %%EOF If you do not agree with these terms, then do not use our website and/or services. A IUL policys cash value is the amount of money that a policy generates through interest revenue. 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. (Ibid.) But that application usually applies to whole life insurance. Wardman Hotel Owner has appealed the. By contrast, the complaint details all of the additional charges Plaintiffs were forced to pay as a result of Weavers alleged misrepresentations, as well as their severe emotional distress. (Id., 31-41.). 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. On or about November 11, 1997, Gary Marenzi established the Marenzi Insurance Trust Number One for the purposes of holding title to one or more life insurance policies on his life. For the . The issues in the suit go to the core of abusive IUL . These facts standing alone support the Courts decision. 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.) Its annuities and other products are sold by independent financial professionals who associate with brokerage firms, banks, financial planning firms, and other financial institutions. 959 0 obj <>stream DocketNotice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Case Number: *******7878 Hearing Date: November 17, 2022 Dept: 39, Gary Marenzi, et al. Now what. 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. 22.) Please let me know as soon as possible. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, 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. Learn More What you describe in this article PacLife did to these buyers is exactly what they are doing to me. (Ibid. 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. (Ibid.) Weaver also misrepresented that the policies would have sufficient values to offset any loan interest and collateral requirements, assuming there was not a multi-year decline in the stock market. (Id., 31.) . (Plaintiffs Memorandum of Points & Authorities, p. Therefore, the Court sustains United Omahas demurrer on this basis. Further, Counsel has demonstrated that he served this application on the State Bar of California at its San Francisco office, and paid the $50 fee as required. 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. In 1994 it became a publicly-traded company that managed fixed-income securities. When a policy is surrendered, the policyholder will lose the premiums they paid. 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. Allow me to explain. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. (Id., 32. Plaintiff alleges the following on information and belief, except for those allegations relating to Plaintiff, which are alleged on personal knowledge. (Id., 104. Learn more about the cookies we use. Actions does not process claims and we cannot advise you on the I am now 71 and they say my policy is now $245 which it was $182,17 a month. This varies from other life insurance policies with either fixed or variable interest rates. 0 . Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. The trustee is Gregory E. Prange. According to the company, these policies offer protection for your loved ones, tax-deferred growth potential, tax-free supplemental income potential, and other benefits. ), 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. 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. Stern and Company, as well as a majority interest in United Planners Financial Services of America. 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? If a lawsuit can be filed, indexed universal life insurance policyholders may be able to recover compensation for any harm they suffered in buying these policies. <> A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. 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). All Rights Reserved. Law360 (November 11, 2010, 3:27 PM EST) -- A federal judge has dismantled a putative class action alleging Pacific Life Insurance Co. knew or should have known that the sale of certain . 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. You might not like it, and thats completely fine. From our first meeting, I felt "heard" and that my situation and story were respected. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. The Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. Rebecca Prange and Wesley Prange signed her application around the same time period. All you need to know about this case is that a after making two installments of $500,000 into an IUL, a policyholder ended up with a surrender value of under $400,000, having borrowed or withdrawn nothing. This argument makes no sense. According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. (Id., 19-21. The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. strategy, or any other savings/wealth accumulation plan there are certainly shade of necessity for blending as a crucial component of the plan implementation. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The crux of the complaint is both technical as well as . The NAIC amended AG49 this year to eliminate multipliers from sales illustrations. On 06/29/2021 ABIGAIL MAMBOLEO filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. (Ibid.) Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. An additional $35 million is set aside for policy-holders with special circumstances, Parry said. Top Class Actionss website and social media posts use affiliate links. September 22, 2020. ]K#5o}Z_ S!o9eY@+S6m;ZlZL)~Q[f'$>0=YgXa#j}G[0sVY|z:8|yR+sm4eyg>l$rCh*.g(R-Arlh;B)SZc{YFMb9w[=@ckK5s\u1v1rZ NmGz'O. Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. The plaintiffs are alleging misleading marketing materials and excessive policy charges. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. DocketComplaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. They are both named as defendants in the complaint. Notice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted. 1. By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. Issues in the suit go to the core of abusive IUL and belief, except for allegations. Doing to me application around the same time period filed in California against Pacific life insurance Company their. Orange County last week against Pacific life insurance policies with either fixed or variable interest rates this to... 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