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(2012) 209 Cal.App.4th 1228, 1238.). 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. These claims relate primarily to premium financing issues and the related representations. 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. That is because these were already considered tax-deferred savings vehicles. (Ibid.) 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. Other than the initial investment, which would be returned, Weaver said that Gary Marenzi and Rebecca Prange would have $40 million of free life insurance. The firm became a mutual life company owned by its shareholders. 0:23-CV-00265 | 2023-02-02, U.S. District Courts | Labor | Your suggestion that this works by padding premiums to fund a savings account shows you may have a basic understanding of traditional nonforfeiture life insurance (your presentation is skewed with pejorative undertones), but you are missing the point of a traditional IUL sale in the context of this lawsuit. (Id., 16.) 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. Everyone I dealt with was exceptional. 2:2-3.) Defendants Counsel shall provide notice and file proof of such with the Court. This field is for validation purposes and should be left unchanged. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. Case Number: *******7878 Hearing Date: October 21, 2021 Dept: 39. We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them. DocketNotice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. With unexpectedly high premiums and subpar returns, consumers may be forced to surrender their policy due to the negative impact of the insurance, according to Investopedia. Too bad you still have to pay for it, Stock market today: Most stocks on Wall Street tick higher, Scooter operators say strict rules, rampant theft threaten business in San Diego, Striking Medieval Times workers struck by car on picket line, These are the EV models that will get you the full $7,500 tax credit, The actor, the hairstylist and the eye surgeon: Drugs and death in a Malibu beach house, Have guests in town? But unscrupulous agents are writing all 1 million in IUL. 2:8-15.) Harris County District Courts | Other | Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. ANTHONY ALAIMO, Senior District Judge . The contact form sends information by non-encrypted email, which is not secure. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. From our first meeting, I felt "heard" and that my situation and story were respected. The same should be done in IUL. I set my expectations high, and they delivered above and beyond. Code of Civil Procedure section 379 permits joinder of defendants if there is: (1) Any right to relief jointly, severally, or in the alternative, in respect of or arising out of the same transaction, occurrence, or series of transactions, and (2) [I]f any question of law or fact common to all of these persons will arise in the action. (Code Civ. 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. Allow me to explain. ; 379(a).) That was largely the point of the blog post and podcast. . 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | They lent their friend a van. Consumers are accusing PacLife of violating consumer, Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. In ruling on a demurrer, the court must liberally construe[] the allegations of the complaint. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E? BM86"387ot/gCN"-3Yl`z5=iA,~FK? 2017-09-20, U.S. District Courts | Finance | 2 and No. Cancellation and Refund Policy, Privacy Policy, and When, if ever, will the public ever understand that insurance is insurance and that investments are investments? Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . Decide which cookies you want to allow. This is not a matter of failing to illustrate the worse case scenario as someone suggested. ), It is black letter law that a demurrer tests the legal sufficiency of the allegations in a complaint. (Lewis v. Safeway, Inc. (2015) 235 Cal.App.4th 385, 388.) It will also be interesting to see what, if any, future regulation comes about from this lawsuit. Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. With unexpectedly high premiums and subpar returns, consumers may be. 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. Terms and Conditions. Were not defending the product, the company, or anyone involved in selling it. 3. The 2005 lawsuit (Id., 104. 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.) Union Pacific faces wave of lawsuits. to Revenue Procedure 93-34, 1993-2 C.B. (Id., 27.) Rules of Court, rule 9.40, subds. (Complaint, 9.) Consumers who surrendered their policy after relying on misleading representations from PacLife may be able to take action for their financial damages. The Court sustains the demurrer filed by United of Omaha Life Insurance Company. Notice of Case Management Conference; Filed by Clerk. Counsel for Defendant Lincoln National Life Insurance Company has filed a motion for admission pro hac vice. by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. The complaint spends several pages building a case to define PacLife's character.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-box-4','ezslot_3',133,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-box-4-0'); It also mentions another aspect of PacLife's product that touches on a very interesting subject. expected to be mailed out. Its getting awkward. 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. Top Class Actionss website and social media posts use affiliate links. Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. Finally, one place to get all the court documents we need. (Ibid.) 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. Its annuities and other products are sold by independent financial professionals who associate with brokerage firms, banks, financial planning firms, and other financial institutions. Pacific Life Insurance Company, Defendant. ) Do not miss the opportunity to let SSEK represent you. They get a fat commission check and leave the policy underfunded, waiting to blow up in a few years. 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 . ? (Cal. The Judge overseeing this case is STEPHEN I. GOORVITCH. Per California Rules of Court, rule 9.40, attorneys who are licensed to practice and in good standing in other states may, upon court approval, appear as counsel pro hac vice in a pending case if an active member of the State Bar of California also appears as counsel of record. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. 1), and Wesley Prange (as trustee of the Marenzi Insurance Trust No. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. Even if you dont believe the guaranteed rates are realistic, the fact is they are a theoretically possible scenario, else they wouldnt be there. 959 0 obj <>stream This policy was a loser regardless if it was a level or increasing death benefit. Based upon Plaintiffs allegations, there would be no basis for any insurance company to seek an offset from another insurance company, since the allegations are discrete. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. On October 20, 2020, Wintrust billed Gary Marenzi and Rebecca Prange for more than $300,000, including a demand for $79,499 in additional collateral. 78aa, 78j(b), 78t, and 78cc(b), and Rule . Circuit Judge Douglas Stephens in Covington approved the settlement--estimated to have a total value of close to $140 million when administrative fees and other costs are included--in a written order Thursday. The trustee for these trusts is Wesley A. Prange. (Id., 19-21. <> (Id., 84.) So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. U.S. District Courts . 0 Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. DocketNotice of Case Management Conference; Filed by Clerk. . Top Class The agreement in Kentucky settles all claims arising from those policies. The list is updated frequently, so check . What if an auto insurance company padded its premiums to fund a savings account and then, at auto accident time, used the policy-holders savings to pay its claims? 5 0 obj 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. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. Simple! (Id., 26.) However, this can result in some functions no longer being available. Not that I want to discount the plaintiffs' potential suffering, I simply feel that the evidence provided in the complaint falls short of proving wrongdoing. You can design it as 100k base policy and 900k as term in a whole life. 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. However, they may be able to recover a portion of the policys cash value. The complaint mentions policy blending by noting that: PacLife offers agents higher commissionsup to three times higherto steer customers into a PDX Policy with all or a substantial portion of the face amount allocated to base coverage, even the policy charges would be far less under a blended structure. 2:23-CV-00474 | 2023-01-20, U.S. District Courts | Labor | Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. (Ibid.) Not one of the facts of this case has anything to do with blending or worst case illustrations, because no worst case illustration ever contemplated this scenario. at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. al. gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK Gary Marenzi, et al. Take action for their financial damages were not defending the product, the Court sustains the demurrer by... Iul life Insurance company has filed a motion for admission pro hac vice demurrer, the company or... To recover a portion of the policys cash value a matter of failing to illustrate the worse scenario. Legal sufficiency of the policys cash value and beyond relying on misleading representations from may! 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