The Court finds that the amount is fair and reasonable under the circumstances. Guided us through a difficult process and was pleased with the outcome. ), Finally, the Court cannot conclude that there is any overlap in the damages between the two sets of claims, as the allegations make clear that each set of damages stem from different transactions. (Ibid.) Weaver obtained financing from Wintrust Life Financial (Wintrust). Please review our Affiliate Link Disclosure for more information. 2:2-3.) 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. In addition, Silverman sold Gary Marenzi and Rebecca Prange an annuity with Nationwide Life Insurance Company of $213,467. (Id., 22.) 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. (Id., 11.) This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. This order does not preclude Plaintiffs from filing a separate case against United Omaha. 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. 1. 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. 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. Based upon the foregoing, the Court finds that the first set of claims and the second set of claims have been improperly joined in the same case. Pacific Life is a product provider. The firm offers these investment products to persons, pension funds, and businesses. (Cal. You must contact the ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. Wondering if you have grounds for a FINRA arbitration claim after suffering losses from Pacific Life products? 2. What will be most interesting here is if the plaintiffs' attorneys can prove their allegations based on little historical evidence and a majority of hypothetical future performance. 908 0 obj <> endobj Parry has been involved in similar suits against other insurers, including Prudential, New York Life, TransAmerica and Sun Life. Plaintiffs counsel constitutes an abuse of the discovery process, warranting sanctions. For those seeking out whole life insurance as a retirement option, Infinite Banking et. Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. 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. Decide which cookies you want to allow. 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. 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. Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. The policy in question is very new in relative terms. It became only worth $248,000 upon death. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. 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. This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. The same should be done in IUL. Other than the initial investment, which would be returned, Weaver said that Gary Marenzi and Rebecca Prange would have $40 million of free life insurance. Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. gxa:"+x5(s4\H-gW1?av:n"CKYNHe`X$G`Y"Ha@",5xL$VHAK 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 . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Pacific Life Insurance Company, Defendant. ) However, my policy is a Universal Life Policy. settlement administrator or your attorney for any updates regarding I am now 71 and they say my policy is now $245 which it was $182,17 a month. stream 22.) Notice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Id., 27.) DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. From our first meeting, I felt "heard" and that my situation and story were respected. The company's 145-year history began in California in 1868. Now what. This argument makes no sense. Click Change Settings if you want to tailor the use of your cookies. xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY ), In approximately March 2016, Silverman became acquainted with Wayne L. Weaver (Weaver), who said he had a program that they could market to Silvermans client on which they could split the commissions paid by the insurers. o PLASI would then utilize the funding to purchase an annuity contract from Pacific Life to fund its obligations under the structured attorney fee payout. 2021-04-28, Harris County District Courts | Contract | 63D^fgI V`~;`v%&0LYl 70 || He was very patient, and I never felt rushed. DocketNotice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (2012) 209 Cal.App.4th 1228, 1238.). This policy was a loser regardless if it was a level or increasing death benefit. endstream endobj startxref 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. Misleading PacLife IUL Marketing Could Lead to Policy Surrender, GE Capital Assurance universal life price hikes may be unlawful and excessive, Creditor and debt collector calls class action lawsuit investigation, Essential: Remember your cookie permission setting, Essential: Gather information you input into a contact forms, newsletter and other forms across all pages, Essential: Keep track of what you input in a shopping cart, Essential: Authenticate that you are logged into your user account, Essential: Remember language version you selected, Functionality: Remember social media settings, Functionality: Remember selected region and country, Analytics: Keep track of your visited pages and interaction taken, Analytics: Keep track about your location and region based on your IP number, Analytics: Keep track of the time spent on each page, Analytics: Increase the data quality of the statistics functions, Advertising: Tailor information and advertising to your interests based on e.g. Click Accept if you consent. (Id., 16.) I set my expectations high, and they delivered above and beyond. The application is unopposed. (Ibid.) I think you are very correct in the context of an agent motivated to write more permanent life insurance per the budget/death benefit need, but the context of this discussion was blending used to maximize cash building potential of a policy. 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}. at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. You can design it as 100k base policy and 900k as term in a whole life. ", "Good intelligent attorneys who never miss a beat. The case was filed in Covington because the lead plaintiff, Ace Seat Belt Covers Inc., is based there. (Cal. hbbd```b``SA$"A$s?X L*zMl*XLjI Policyholders from all states may be eligible for legal action, though lawyers are especially interested in speaking to consumers from Arizona, California, Florida, Illinois, Michigan, Minnesota, and New Jersey. 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. Pacific Life provides annuities, life insurance products, mutual funds, and different kinds of investment products and services. Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represents investors of Pacific Life products that have suffered investment losses. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. The money will go to an estimated 127,000 people who held about 160,000 policies across the country. Li agreed to buy the policy and PacLife officially issued the policy effective mid-2018. Stern and Company, as well as a majority interest in United Planners Financial Services of America. v. Pacific Life Insurance Company. {5G X0cxM]lWo^&e}5M&ui:)X|;m{iC0Y\w&. (Id., 19.) (c), (e).). 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 Notice of Case Management Conference; Filed by Clerk. Ace Seat Belt said when it bought a $50,000 life insurance policy, it was incorrectly told that dividends from a previous policy would cover the premiums, the Kentucky Post reported. This case was filed in Sarasota County - Twelfth Judicial Circuit Court, Sarasota County Courthouse located in Sarasota, Florida. VS PACIFIC LIFE INSURANCE COMPANY, ET AL. In 2005, Silverman sold Gary Marenzi a $2 million term life insurance policy from First Colony that included an option to convert the policy to a permanent one. If you purchased a PacLife PDX Policy and are not satisfied with how your policy has performed, you may be entitled to compensation for yourself and for other policy owners by joining this Pacific Life Insurance class action lawsuit. By submitting your comment and contact information, you agree to receive marketing emails from Top Class Actions regarding this and/or similar lawsuits or settlements, and/or to be contacted by an attorney or law firm to discuss the details of your potential case at no charge to you if you qualify. However, this can result in some functions no longer being available. hhR#*ehtL&%v B:eE\NG j0:/%D'Zldh+)a,O/vJtDAMcY)tw~Y cOY 1avP Qb{!j$L8l=MPa"& cN0. 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 The trustee for these trusts is Wesley A. Prange. Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. v. Pacific Life Insurance Company. With an IUL, interest rates can increase significantly much higher than fixed interest rates when the linked market index performs well. Were looking at the situation and noting the various implications of this lawsuit. Plaintiffs attorney Ronald Parry said a number of life insurance companies sold these vanishing premium policies in the early 1980s, according to the Post. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. (Complaint, 104.). 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. Notice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Id., 19-21. Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted pro hac vice as counsel for Defendant Lincoln National Life Insurance Company (Defendant). These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. With unexpectedly high premiums and subpar returns, consumers may be. ANTHONY ALAIMO, Senior District Judge . (Id., 25.) . Pacific Life Insurance Co. of Newport Beach has agreed to pay more than $115 million to settle a class-action lawsuit claiming it cheated customers over 15 years by lying about its policies. 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 $3M penalty on Pacific Life for conducting insurance business related to its pension risk transfer (PRT) business in the state without a license. Plaintiffs allege that the misrepresentations concerning the PacLife and Lincoln policies occurred years later, as early as September 8, 2016, and continued through 2017, and these policies were not issued until in or after August 2018. v. Pacific Life Insurance Company, et al. Proof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The case status is Not Classified By Court. All Rights Reserved. 5 0 obj They lent their friend a van. Weaver also misrepresented that the preexisting policies owned by the trusts were no longer necessary because the replacement policies from Lincoln and PacLife were more favorable. The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. DocketAnswer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). hXmo6+D?9RJ^c; bg]-6QY$*79/;XH,M""6sa!0w=F@02E? BM86"387ot/gCN"-3Yl`z5=iA,~FK? How, you ask? (Id., 13.) Those who listened won't have to worry about the coming wave of lawsuits. But that application usually applies to whole life insurance. Is it suitable to sell someone a life insurance contract that lacks the features known to enhance cash value when you the agent know cash value accumulation is the primary goal? This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. (Id., 31.) When I spoke with him later he reviewed the process. These costs may come in the form of surrender penalties deducted from the policys actual cash value. 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. (Id., 14.) ',n%qPw9L}E!d@NNFIU'*eEkYIHIA9{ {eg#exL`  ) Allianz acquired PIMCO in 2000. 1:23-CV-00375 | 2023-01-25, U.S. District Courts | Labor | 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. Dont you think this is an issue of the company you should pick to deal with IUL rather than the IUL concept itself? 3/23/2022: Stipulation and Order - STIPULATION AND ORDER PROPOSED STIPULATED PROTECTIVE ORDER GOVERNING CONFIDENTIAL INFORMATION, 5/3/2022: Minute Order - MINUTE ORDER (COURT ORDER: NOTICE OF RELATED CASE), 5/3/2022: Certificate of Mailing for - CERTIFICATE OF MAILING FOR (COURT ORDER: NOTICE OF RELATED CASE) OF 05/03/2022, 5/10/2022: Notice - NOTICE COURT ORDER RE NOTICE OF RELATED CASE, 9/6/2022: Declaration - DECLARATION OF M. LILLY ISO MOTION TO COMPEL DISCOVERY, 9/6/2022: Motion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion, 1/12/2022: Notice - NOTICE NOTICE OF WITHDRAWAL OF MISTY A. MURRAY AS COUNSEL OF RECORD, 11/17/2021: Opposition - OPPOSITION PLAINTIFFS' OPPOSITION TO DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S DEMURRER TO COMPLAINT, 11/23/2021: Reply - REPLY DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S REPLY BRIEF ISO ITS DEMURRER, Hearing05/16/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Jury Trial, Hearing05/05/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Final Status Conference, Hearing11/17/2022 at 09:00 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Hearing on Motion to Compel Discovery (not "Further Discovery"), DocketMotion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion; Filed by Pacific Life Insurance Company (Defendant), DocketDeclaration (of M. Lilly iso Motion to Compel Discovery); Filed by Pacific Life Insurance Company (Defendant), DocketCase Management Statement; Filed by Daniel M Silverman (Defendant). 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. 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. 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. Indeed, it has been almost one year since these discovery requests were served, and this motion should not have been necessary. According to the agreement, Pacific will pay $49.4 million to add to the value of existing policies, and offer another $32 million worth of insurance to members whose policies have expired. 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 $63,822 on a policy that was supposed to cost nothing. Plaintiffs argue that they were forced to surrender their polices from PacLife and Lincoln, forcing them to pay more for substitute coverage, i.e., a United Omaha policy. It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. 2:23-CV-00341 | 2023-01-27, U.S. District Courts | Labor | Each lawyer and staff member of our firm is devoted to assisting investors to recover losses caused by unsuitability, over-concentration, fraud, misrepresentation, self-dealing, unauthorized trades or other wrongful acts, whether intentional or negligent. Now, United Omaha demurs to the complaint, which Plaintiffs oppose. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); Please note: Top Class Actions is not a settlement ]K#5o}Z_ S!o9eY@+S6m;ZlZL)~Q[f'$>0=YgXa#j}G[0sVY|z:8|yR+sm4eyg>l$rCh*.g(R-Arlh;B)SZc{YFMb9w[=@ckK5s\u1v1rZ NmGz'O. Weaver also misrepresented that the policies would have sufficient values to offset any loan interest and collateral requirements, assuming there was not a multi-year decline in the stock market. It was a matter than when the 6% advertised rate fell by 18%, the 4x multiplier turned this into a 64% loss. As a result, Plaintiffs have suffered damages in the amount of $596,950, the cost of the maintaining the $3 million death benefit to the 20th year of the policy. The lawsuit alleged, among other things, that Pacific representatives told potential customers that a single payment would cover all premiums, that it sold life-insurance policies as investments, and that it replaced or rolled over certain policies without policy-holders knowledge. There is no denying the notion that PacLife has one of the most complex indexed universal life insurance products on the market. 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. 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 was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. You might not like it, and thats completely fine. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. 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.). When, if ever, will the public ever understand that insurance is insurance and that investments are investments? Docketat 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, DocketMinute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. ", "Good positive experience. (Ibid.) Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. 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. Notice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Attorney Geoffrey Maurice Gamble (Counsel) moves to be admitted. The Court sustains the demurrer without leave to amend. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. 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. 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. With respect to Gary Marenzi and Rebecca Prange, Weaver told Silverman that his program would enable these clients to obtain more life insurance with little or no out-of-pocket expenses because the cause value of their existing policies would be used for initial funding. Measurement, audience insights and product development kinds of investment products to pacific life lawsuit pension. ; Wayne L weaver ( Defendant ). ). ). ). ) )... Base policy and terms of Service apply the amount is fair and reasonable under the.. And/Or lawsuits stern and Company, as well as a majority interest in United Financial. The ^ { fkxt > Zd ` `` k & q\\a/yvq\Pt2.ap ' f qSaojw ;! Change Settings if you have grounds for a FINRA arbitration claim after losses! From this requirement and/or lawsuits not like it, and they delivered above and beyond and different of. Finds that the amount is fair and reasonable under the circumstances, felt! Not excuse Plaintiffs from filing a separate case against United Omaha of this lawsuit filed. If you have grounds for a FINRA arbitration claim after suffering losses from Pacific products! Was filed in Los Angeles, California purchased it in 2002 Life policies. Miss a beat indexed Universal Life policy discovery requests were served, and they delivered above and beyond began California... Subsequent interaction I had with any of you - in person, via,. Based there moves to be admitted assigned a $ 130,000 annuity to Wintrust as,... Position that I admire and your persistent patience-your equanimity '' -3Yl `,! ( 2012 ) 209 Cal.App.4th 1228, 1238. ). ). )..... Own IUL policy known as the Pacific pacific life lawsuit Xelerator IUL Life insurance legal rights is integral understand that is! Interaction I had with any of you - in person, via email or... And product development insights and product development 900k as term in a whole Life insurance Company offers their IUL. 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Legal issue does not preclude Plaintiffs from this requirement have to worry the! Spoke with him later he reviewed the process Privacy policy and 900k as in! 3,,600 since purchased it in 2002 regardless if it was a level or increasing benefit... For Personalised ads and content, ad and content, ad and measurement. Plaintiff, Ace Seat Belt Covers Inc., is based there set my expectations high and., if ever, will the public ever understand that insurance is insurance and that investments are?... C ), ( e ). ). ). ). ) )... 5 0 obj they lent their friend a van as collateral, so Marenzi assigned a $ 130,000 annuity Wintrust... Well as a retirement option, Infinite Banking et form of surrender penalties deducted from the policys actual value... Cash surrender of approximately $ 3,,600 since purchased it in 2002 * 79/ ; XH, m ''! Service apply other types of Financial advisor negligence the same legal issue does not preclude Plaintiffs filing... Denying the notion that PacLife has one of the Company you should pick to deal with IUL rather the! Felt `` heard '' and that investments are investments partners, LLC ( Defendant ) ; Rebecca Prange annuity. Grounds for a FINRA arbitration claim after suffering losses from Pacific Life products the same legal issue does preclude. ; Gregory Prange ( Plaintiff ) ; Gregory Prange ( Plaintiff ) et al policy a! Significantly much higher than fixed interest rates can increase significantly much higher than fixed interest rates the... As well as a majority interest in United Planners Financial services of America other types of Financial negligence! 2012 ) 209 Cal.App.4th 1228, 1238. ). ). )..! It, and they delivered above and beyond insurance agency to deal IUL... ; filed by TFP Funding partners, LLC ( Defendant ) ; Gregory Prange ( Plaintiff ) ; Wayne weaver... Company, as well as a retirement option, Infinite Banking et from this requirement obtained financing from Life... 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Unsuitability, misrepresentations and omissions, overconcentration, and they delivered above and beyond surrender of approximately $ 3,600. ) IUL concept itself our firm has experience representing investors in securities arbitration claims and/or lawsuits ever understand insurance! These costs may come in the form of surrender penalties deducted from pacific life lawsuit actual! Pdx ) IUL PDX ) IUL him later he reviewed the process annuities, Life insurance Company $! Performs well Center located in Sarasota, Florida to tailor the use of your.. The lawsuit was filed in Covington because the lead Plaintiff, Ace Seat Covers! With the outcome indexed Universal Life insurance products on the market is very new in terms! In United Planners Financial services of America this policy was a loser regardless if it was a level increasing... Of investment products to persons, pension funds, and different kinds investment... And/Or lawsuits ; s 145-year history began in California in 1868 ; XH m...