Through every step of the litigation he explained what to expect to happen. Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 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. How can I get in touch with you to join the law suit? This order is without prejudice to Plaintiffs filing a notice of related case and/or seeking reconsideration of this ruling if any defendant asserts a viable claim for offset. SSEK Law Firm represents clients who have suffered losses involving these investment products against the financial firms that marketed and sold these investments to them. drug injury lawsuits and product liability lawsuits. 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. Rebecca Prange and Wesley Prange signed her application around the same time period. document.getElementById( "ak_js_5" ).setAttribute( "value", ( new Date() ).getTime() ); @2023 Top Class Actions. Side note on this: the complaint does charge that PacLife materially misrepresented the conservative nature of IUL by both failing to disclose the risk of loss when an index return is zero (net loss due to insurance expense deductions) as well as the impact the multiplier has on the policy. 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. (Id., 12.) 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. It was a matter than when the 6% advertised rate fell by 18%, the 4x multiplier turned this into a 64% loss. For those seeking out whole life insurance as a retirement option, Infinite Banking et. ANTHONY ALAIMO, Senior District Judge . (Complaint, 9.) 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. I can only speculate, but I'm guessing that the plaintiffs' legal team's case will hinge heavily on its ability to prove that PacLife cannot return to the capability it assumed at policy issue and that those assumptions were never going to materialize. Absent that rating, United Omaha would charge a greater premium. The issues in the suit go to the core of abusive IUL . DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The trustee is Gregory E. Prange. %PDF-1.4 Contrary to Weavers representations, by February 29, 2019, Gary Marenzi and Rebecca Prange had to pay $118,382, of which only $54,500 was refunded, leaving them with an obligation to pay $63,822 on a policy that was supposed to cost nothing. 2 and No. 63D^fgI V`~;`v%&0LYl 70 || The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. According to Pacific Lifes IUL marketing materials, a surrender charge will apply to all policies surrendered within their first 10 years. This website is not intended for viewing or usage by European Union citizens. This is not a matter of failing to illustrate the worse case scenario as someone suggested. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. This isnt just an IUL issue. DocketNotice of Case Management Conference; Filed by Clerk. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. That said, I do have some additional thoughts on what the plaintiffs' legal team might have in their possession that could be bad news for PacLife, and potentially bad news for the insurance industry as a whole.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-medrectangle-4','ezslot_2',158,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-4-0'); At the core of this lawsuit are PacLife's PDX Indexed Universal Life Insurance policy and its extremely obtuse multiplier bonus. ), 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. (Ibid.) (Id., 27.) In 1994 it became a publicly-traded company that managed fixed-income securities. Pacific Life Insurance Company, Case 0:10-cv-60754-JIC) alleging that Pacific Life Insurance marketed and sold high premium payment Flex XII life insurance policies that Pacific Life represented were appropriate for use in funding Internal Revenue Code IRC 412 (i) pension plans, that premiums paid on the policies were fully tax deductible and For the . I am now 71 and they say my policy is now $245 which it was $182,17 a month. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. Finally, one place to get all the court documents we need. Top Class 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. (Ibid. 937 0 obj <>/Filter/FlateDecode/ID[<58768771925F2449B604DCE4A3FB14BB>]/Index[908 52]/Info 907 0 R/Length 124/Prev 840995/Root 909 0 R/Size 960/Type/XRef/W[1 3 1]>>stream ", "Good positive experience. the content you have visited before, Advertising: Gather personally identifiable information such as name and location, Advertising: Use information for tailored advertising with third parties, Advertising: Allow you to connect to social sites, Advertising: Identify device you are using. Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. (c), (e).). Plaintiffs argue that there is some potential overlap in damages. 2005: In this class action lawsuit, Pacific Life and its sales team were accused of securities fraud. I will be forever grateful. The company's 145-year history began in California in 1868. 908 0 obj <> endobj v. Pacific Life Insurance Company. The point in discussing blending was that the complaint brought it up in the context that the agents who sold the policy did not disclose to the client that there was an option to potentially make a better policy that had a lower cost versus a non-blended design. Wardman Hotel Owner has appealed the. (Ibid.) The Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. If a lawsuit can be filed, indexed universal life insurance policyholders may be able to recover compensation for any harm they suffered in buying these policies. that reports on class action lawsuits, class action settlements, A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. This order does not preclude Plaintiffs from filing a separate case against United Omaha. ; 379(a).) By contrast, the second set of claims stem from allegations that Silverman and United Omaha quoted a price for a life insurance policy but did not disclose the premium depended upon Gary Marenzi and Rebecca Prange having a particular insurance rating. (Complaint, 104.). hbbd```b``SA$"A$s?X L*zMl*XLjI Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. In other words, Plaintiffs allege that their insurance plan involved keeping the United Omaha policy, because it purportedly had been paid-up for 20 years. (Ibid.) 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}. 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 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. In 2005, Silverman sold Gary Marenzi a $2 million term life insurance policy from First Colony that included an option to convert the policy to a permanent one. such links, we may receive a commission, but it will not result in any additional charges to you. Plaintiffs assert a First Cause of Action with five separate counts (for intentional misrepresentation, fraudulent concealment, professional negligence, unfair competition, and intentional infliction of emotional distress) against all defendants except United Omaha. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. 3. This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. 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