In fact, the policies required that both Gary Marenzi and Rebecca Prange to have received an underwriting rate class of standard non-smoker or better. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. 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. 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. Plaintiffs argue that there will be a common legal question, viz., whether the insurance companies are liable for misrepresentations or omissions, or negligence, by Silverman. %%Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile=? ), 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. Hi Stewart, I think your oversimplifying by categorizing the world as only having investments. 3:5-7.) %PDF-1.4 So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. ? PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. Attorneys are either actively filing these cases or investigating to determine whether lawsuits can be filed. The crux of the complaint is both technical as well as . 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. (2012) 209 Cal.App.4th 1228, 1238.). (Ibid.) 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. Parry has been involved in similar suits against other insurers, including Prudential, New York Life, TransAmerica and Sun Life. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. According to this suit, the insurance company routinely used false marketing when advertising their IUL PDX policies to prospective customers. 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. 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. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Additionally, the plaintiffs allege that PacLife knowingly brought the product to market under conditions it knew it had no chance of sustaining and used extremely optimistic assumptions to illustrate values to lure in unsuspecting new policy owners. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. 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}. 2 and No. Its annuities and other products are sold by independent financial professionals who associate with brokerage firms, banks, financial planning firms, and other financial institutions. 2:23-CV-00474 | 2023-01-20, U.S. District Courts | Labor | ; 379(a).) 1:23-CV-20419 | 2023-02-01. The case status is Pending - Other Pending. 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. 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. GARY MARENZI, ET AL. 2:23-CV-00460 | 2023-01-20, U.S. District Courts | Finance | 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). Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. A lawsuit could also help enact change in the industry - and stop insurance companies from engaging in these allegedly deceptive practices. 2:8-15.) This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. 63D^fgI V`~;`v%&0LYl 70 || %%EOF Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. And the best part of all, documents in their CrowdSourced Library are FREE! Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. When interest rates fall, insurance company general accounts have less money available to purchase the options on the SP500, which in turn forces a lower illustrated rate. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients. Originally called Pacific Mutual Life, in 1997, the company changed its name to Pacific Life Insurance Company (PLIC) and adopted the humpback whale as its logo. 908 0 obj <> endobj Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. ANTHONY ALAIMO, Senior District Judge . 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. Gwendalyn Douglass v. Reliant Life Shares LLC et al, Ed Baeza et al v. Reliant Life Shares, LLC et al, Auletto v. United of Omaha Life Insurance Company, HENDERSON v. UNITED OF OMAHA LIFE INSURANCE COMPANY, Kaza v. United of Omaha Life Insurance Company, Hack v. Lincoln National Life Insurance Company, Magliato v. The Lincoln National Life Insurance Company. Privacy Policy | 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.). Proc., ; 452.) 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. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. The same should be done in IUL. The trustee is Gregory E. Prange. I am shaking my head in utter astonishment your hijacking the Pac Life case into a discussion about blending is so far off the mark it borders on blogging malpractice. This order does not preclude Plaintiffs from filing a separate case against United Omaha. But that application usually applies to whole life insurance. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. Neither Weaver nor Silverman disclosed any risks of the proposed premium financing of the new insurance policies. 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. The money will go to an estimated 127,000 people who held about 160,000 policies across the country. Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . 3. Neither Pacific Life nor Ace Seat Belt Covers officials could be reached for comment Friday. . Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. Do Not Sell or Share My Personal Information, Free cash coming to Facebook users. The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. Please review our Affiliate Link Disclosure for more information. {5G X0cxM]lWo^&e}5M&ui:)X|;m{iC0Y\w&. According to the company, these policies offer protection for your loved ones, tax-deferred growth potential, tax-free supplemental income potential, and other benefits. Of all, documents in their CrowdSourced Library are FREE in similar suits against other insurers including. Held about 160,000 policies across the country suits against other insurers, including Prudential, York! Is integral constitutes an abuse of the Discovery process, warranting sanctions seller variable. % % Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile= all documents! 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