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. The application is unopposed. 0:23-CV-01700 | 2023-06-07, U.S. District Courts | Labor | All Rights Reserved. Forms - Pacific Life So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. Click Accept if you consent. Counsel has not appeared pro hac vice in California in the past two years. This case was filed in U.S. District Courts, Minnesota District Court. Were not defending the product, the company, or anyone involved in selling it. Write a 100k IUL and another 900k a 30 year term policy. With respect to the first set of claims, Plaintiffs allege that Weaver made a series of misrepresentations concerning the terms of the PacLife and Lincoln policies, and that Silverman was negligent in not verifying this information. By continuing to use this website, you agree to UniCourts General Disclaimer, Terms of Service, In contrast, an IUL policys interest rate will vary depending on the performance of a certain stock market index, such as the S&P 500, according to. Counsel is associated with Defendants counsel, who is licensed to practice in California. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. The Court grants Defendants motion to compel. You can change these settings at any time. (Id., 16.) Defendant served RPDs on December 1, 2021. Pacific Life The settlement was approved by a Georgia district court and included direct payments to class members, and cash credits to affected consumers annuity accounts. Nov. 21, 1998 12 AM PT <i> From Associated Press</i> Pacific Life Insurance Co. of Newport Beach has agreed to pay more than $115 million to settle a class-action lawsuit claiming it. National Life Insurance Review - Investopedia Dependent on issuing company. The litigation ultimately concluded in a large settlement paid by Pacific Life Insurance. (800) 347-7787. Box 2378 Omaha, NE 68103-2378 Overnight Mail: 6750 Mercy Rd, 4th Floor, RSD Omaha, NE 68106 Pacific Life & Annuity Company (Retirement Solutions Division): P.O. Policies are linked to different market indexes and may have widely varying participation rates and other limits that change the way that market performance affects their interest rates. Terms and Conditions. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); July 8, 2023 in California Financial Elder Abuse Attorney, Orange County Financial Elder Abuse Attorney: Caregiving Couple Arrested For Financial Elder Abuse. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. Class Action Lawsuit List | Open & Current Cases | ClassAction.org That's a big question many have asked for years. Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. 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. If consumers were deceived into taking out a PDX life insurance policy from PacLife through the use of deceptive marketing materials, their legal rights may have been violated. If you or a loved one has purchased a deferred annuity from Pacific Life Insurance Company, please contact Evans Law Firm, Inc. today for a free and confidential evaluation of your rights. This motion was filed on December 23, 2022. The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. (Id., 17.) National Pacific Dental, Inc. of Minnetonka, MN: 20195933: 4/11/2019: Brower, Amanda LeeAnn of Arlington: 20195920: . Contact Information. Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Unfortunately, Pacific Life Insurance Company has been accused of taking advantage of the need for this insurance by trapping consumers in ill-performing indexed life insurance policies. A class action lawsuit filed in the California Superior Court alleges that Pacific Life Insurance Company has created a false marketing scheme to push and sell their PDX IUL policies by using the complicated nature of IUL policies against unknowing consumers. Customer Service - Pacific Life Product/material availability and features may vary by state. 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. (Id., 24.) The court case, over disputed . Pacific Life Announces New Chief Financial Officer and Expansion of Management Committee. Its three-year average complaint score is 0.47, which means National Life has far fewer complaints than expected for a company of its size. Rules of Court, rule 9.40, subds. that reports on class action lawsuits, class action settlements, Pacific Life, a California-based insurance provider, and other defendants were hit with an insurance coverage lawsuit Tuesday in Washington Eastern District Court. The trustee is Gregory E. Prange. 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. United Omaha demurs to all of these claims, arguing that there is improper joinder. How, you ask? ), 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. 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. You can design it as 100k base policy and 900k as term in a whole life. (Ibid. (Id., 12.) (Declaration of Matthew E. Lilly, 3.) August 25, 2021 10:00 AM Eastern Daylight Time. The trustee for these trusts is Wesley A. Prange. Pacific LifeCorp Announces Pricing of Private Placement of $750 Million Aggregate Principal Amount of 5.400% Senior Notes due 2052. 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. The case status is Pending - Other Pending. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. In late August 2018, Gary Marenzi and Rebecca Prange met with Silverman and Weaver, during which Weaver represented that Marenzi and Prange would not have to pay premiums or interest out-of-pocket and while they might need to post a small amount of collateral, it would be refunded after the loan funded. Pacific Life Insurance Co. lays off almost 300 employees in light of status of any class action settlement claim. For information on deleting the cookies, please consult your browsers help function. Li agreed to buy the policy and PacLife officially issued the policy effective mid-2018. Consumers may not know about the intricacies of IUL policies, allowing PacLife to exploit their lack of knowledge. And a policy started in 2017 2019 somehow underperformed by 2020 (when the lawsuit was filed) Pretty short time frame to say something hasnt worked & need to file suit. 07/28/2021 Case Status: Pending - Other Pending Case Type: Contract - Other Contract Court: Los Angeles County Superior Courts Courthouse: Stanley Mosk Courthouse County, State: Los Angeles, California Judge Details Presiding Judge STEPHEN I. GOORVITCH Party Details Plaintiffs MARENZI GARY PRANGE GREGORY PRANGE REBECCA PRANGE WESLEY Defendants your claim status, claim form or questions about when payments are Two E Gilman St. Madison, WI 53703-1479. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. Get Directions. 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. The class action goes as far as to allege that PacLife structured the PDX Policies in a way that incentivizes its sales agents to heap even more risk on the unwitting policyowners, offering their own sales agents commissions if they successfully push through a PDX IUL policy sale. Nevertheless, the time period is different for each set of claims. By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. You might not like it, and thats completely fine. 6:12-15.) We can be reached by email at info@evanslaw.com, or by telephone at (888) 503-8267 or (415) 441-8669. drug injury lawsuits and product liability lawsuits. 2023-06-08, Palm Beach County 15th Judicial Circuit Courts | Contract | We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. (Id., 19.) Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Other life insurance policies may have a fixed interest rate, which stays the same over time, or a variable interest rate, which changes over time in a reflection of the economy. A lawsuit has been filed by Consumer Watchdog against Transamerica Life Insurance Company, alleging the company violated its policyholder agreement by raising premium rates 38 percent in. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. If you or a family member was sold a deferred annuity from Midland Life Insurance Company (Midland), and would like one of our lawyers to looks at it for a free and confidential review, please contact the Evans Law Firm. (Ibid.) 1:23-CV-22389 | 2023-06-27, U.S. District Courts | Contract | 2:2-3.) 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., 26.) 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. Business Profile for American General Life Insurance Company These claims relate primarily to premium financing issues and the related representations. ), 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. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The PacLife IUL Class Action Lawsuit is Hong Li, et al. This is exactly why showing the worst-case scenario on a life insurance illustration is important. On 08/16/2021 Kube filed a Contract - Insurance lawsuit against Pacific Life Insurance Company. There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. The Court also ordered Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,260. I'm not necessarily saying that was the circumstance in this specific case, but the complaint brought it up and itcould become a subject for further exploration among insurance regulators. Defendants Counsel shall provide notice and file proof of such with the Court. (Id., 25.) You . In August of this year, two California residents filed a lawsuit against the Pacific Life Insurance Company alleging:@media(min-width:0px){#div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0-asloaded{max-width:320px!important;max-height:50px!important;}}if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_3',144,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0');@media(min-width:0px){#div-gpt-ad-theinsuranceproblog_com-medrectangle-3-0_1-asloaded{max-width:320px!important;max-height:50px!important;}}if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[320,50],'theinsuranceproblog_com-medrectangle-3','ezslot_4',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:0px;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;}. (Id., 84.) . Consumers consider owning life insurance a vital part of financial wellness including aging Americans who want to ensure that their loved ones are provided for after they pass away. Darryl Button Named President and CEO of Pacific Life document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); "After a year of frustration working with the insurance company..my husband and I contacted Evans Law Firm. Counsel at Cozen O'Connor on Friday removed an insurance coverage lawsuit against Pacific Life Insurance Co. to California Central District Court. Other life insurance policies may have a fixed interest rate, which stays the same over time, or a variable interest rate, which changes over time in a reflection of the economy. The same should be done in IUL. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies risks while overstating their benefits, according to the plaintiff. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Id., 31.) Notice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. ; 379(a).) Based on the performance of the chosen market index, which varies depending on the state of the stock market, an IUL policys interest rate will increase or decrease. While many of us might look at market conditions and quickly draw such a conclusion, that case may be much more difficult to argue in a court of law. 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. (Id., 11.) 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. The Class includes two groups of consumers: Those who are or were the purchaser of a Perspective Series, Elite Series, or Retirement Latitude variable annuity from Jackson National Life Insurance Co. before March 12, 2018, and were charged a withdrawal and/or recapture charge when they withdrew funds from the annuity between Jan. 2, 2009, and Jan. 31, 2021. administrator or law firm.