This is ClassAction.org's current list of open lawsuits and investigations. On October 26, 2020, Wintrust sent another bill for $210,424.58 for interest due, of which $103,775.57 was due by November 19, 2020, and sought additional collateral of $52,150. ", "Good positive experience. Harris County District Courts | Other | Plaintiffs cannot satisfy the first element because the two sets of claims arise from different transactions. According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. (Complaint, 9.) 0 Top Class Actionss website and social media posts use affiliate links. Plaintiffs argue that there is some potential overlap in damages. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. 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. (Id., 19-21. (Ibid. There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. Public Records Policy. PacLife issued a $20 million policy on Gary Marenzi, but declined to approve Rebecca Prange. (Id., 22.) With great appreciation, thank you! Stern. (Ibid.) (Ibid.) The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. The Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. Do not miss the opportunity to let SSEK represent you. Rules of Court, rule 9.40, subds. 4. ',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{ {eg#exL`  ) Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. (Id., 16.) Allow me to explain. v. Pacific Life Insurance Company, et al. Gary Marenzi, et al. The Judge overseeing this case is STEPHEN I. GOORVITCH. We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. In 2008, SWS Group agreed to buy M.L. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. Plaintiffs speculate that the insurance companies will argue that because the PacLife and Lincoln policies were replacing the United policy (and others), United should not have to pay damages because they are subsumed in the claim against PacLife and Lincoln, or conversely, PacLife and Lincoln should get a credit for the damages United pays. (Plaintiffs Memorandum of Points & Authorities, p. 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. ), 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. DocketNotice of Case Management Conference; Filed by Clerk. Docketat 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, DocketMinute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. Maybe next time spend a little more time on reading comprehension before unloading your half-cocked rant because you have some beef with life insurance, marketing organizations, or whatever has you all in an uproar. In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. 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. Now what. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. v. Pacific Life Insurance Company. (Ibid.) Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. In 1994 it became a publicly-traded company that managed fixed-income securities. According to the company, these policies offer protection for your loved ones, tax-deferred growth potential, tax-free supplemental income potential, and other benefits. My husband and I bought this package in two. 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 Again, Plaintiffs ignore their own allegations: The contract with United Omaha was only 20 years, so their claims against United Omaha do not stretch beyond the 20-year period of the contract. They get a fat commission check and leave the policy underfunded, waiting to blow up in a few years. Counsel is associated with Defendants counsel, who is licensed to practice in California. <> 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. In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging: Violation of Unfair Competition Law Business and Professions Code Fraud and Deceit Intentional Misrepresentation Negligent Misrepresentation Breach of Fiduciary Duty Professional Negligence NFU?[(c=h?qoCAI=tNsx0@0w/n[x'uhY55mPk/4IoKzWq}S0p?M/dPlZ:.y`W;V2(h'4| S Based upon the foregoing, Counsels motion for admission pro hac vice is granted. endstream endobj startxref By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, Plaintiffs allege that [t]he one policy Silverman did not eliminate immediately was the United policy, because it was essentially paid-up for 20 years . What you describe in this article PacLife did to these buyers is exactly what they are doing to me. Please review our Affiliate Link Disclosure for more information. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. 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. 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. 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. 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 . Pacific Asset Management, which now concentrates on corporate credit securities, was created. 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. It will also be interesting to see what, if any, future regulation comes about from this lawsuit. This was not disclosed to the policyholder. You will have to make your claim through FINRA arbitration. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. ), Beginning on or about September 8, 2016, and continuing during 2017, Weaver and Silverman made proposals to Gary Marenzi and Rebecca Prange under which the trusts would obtain tens of millions of dollars of premium-financed life insurance without paying out-of-pocket except for the first year. 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. Recently, a class-action lawsuit was filed against Pacific Life regarding its popular and controversial PDX Index Universal Life (IUL) product. The plaintiffs are alleging misleading marketing materials and excessive policy charges. %%EOF This is an interesting lawsuit for several reasons and while I'm not surprised PacLife is at the center of an indexed universal life insurance lawsuit, I'm suspect of the strength of the plaintiffs' argument. Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. Youve been a wonderful lawyer and a friend. The company is based in Newport Beach, California, and offers consumers a wide variety of life insurance products, investment products, retirement planning services, and annuities, among others. These representations allegedly downplayed the costs and risks associated with the PDX indexed life insurance policies while overstating the potential interest gains. Pacific Life Named One of World's Most Ethical Companies for Sixth Consecutive Year In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer. 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. Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. 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. Weaver represented that the cash value of their then-existing policies with MassMutual would be applied to the new policies to minimize the interest and collateral requirements. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. 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. The Court sustains the demurrer filed by United of Omaha Life Insurance Company. 3. Consumers are accusing PacLife of violating consumer, Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. 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. 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