. Pacific Life is a Fortune 500 company and the 10th largest seller of variable annuities. But unscrupulous agents are writing all 1 million in IUL. (Ibid. 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 issues in the suit go to the core of. ANTHONY ALAIMO, Senior District Judge . When a policy is surrendered, the policyholder will lose the premiums they paid. ? (Id., 27.) 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. 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. by Defendant Pacific Life Insurance Company ("PacLife") to sell its "Pacific Discovery Xelerator IUL" ("PDX") indexed universal life insurance policies to California residents. Proc., ; 379.) PacLife misleadingly marketed their PDX life insurance policies in a way that concealed the policies' risks while overstating their benefits, according to the plaintiff. ", "My experience with Ryan Cook has been very positive. (Id., 22.) (Ibid.) It will also be interesting to see what happens with the agent Tiffant Xu and her insurance agency. (Ibid.) ", "Good intelligent attorneys who never miss a beat. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. The complaint does allege specific wrong-doing on the behalf of agent Xu. Stern. Hi Stewart, I think your oversimplifying by categorizing the world as only having investments. 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. I have already told friends how wonderful he is. (Ibid.) Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. The Court finds that the amount is fair and reasonable under the circumstances. Attorneys are interested in speaking to Pacific Life Insurance Company customers who had a PDX IUL policy issued between February 2017 and early 2019. 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. ; 379(a).) At the time of his misrepresentations, Weaver did not disclose that he had been named in lawsuits for over a decade relating to fraudulent practices in the sale of life insurance. ^ {fkxt>Zd`"k&q\\a/yvq\Pt2.ap'f qSaojw;;+SfNw!d. This is not a matter of failing to illustrate the worse case scenario as someone suggested. I will be forever grateful. . The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. Please let me know as soon as possible. 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. 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. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. that reports on class action lawsuits, class action settlements, 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). Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. 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. {5G X0cxM]lWo^&e}5M&ui:)X|;m{iC0Y\w&. (Ibid.) Case Number: *******7878 Hearing Date: December 8, 2021 Dept: 39. Simple! Law360 (November 11, 2010, 3:27 PM EST) -- A federal judge has dismantled a putative class action alleging Pacific Life Insurance Co. knew or should have known that the sale of certain . An additional $35 million is set aside for policy-holders with special circumstances, Parry said. to Revenue Procedure 93-34, 1993-2 C.B. Similarly, Plaintiffs argue: At the end of the 20 years under the United policy . Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. Click Change Settings if you want to tailor the use of your cookies. Guided us through a difficult process and was pleased with the outcome. 2:23-CV-00460 | 2023-01-20, U.S. District Courts | Finance | After the fifth annual payment, Xu claimed Li would owe no future premiums and even be able to take income from the indexed universal life insurance policy in the amount of $175,000 per year. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. This case was filed in Los Angeles County Superior Courts, Stanley Mosk Courthouse located in Los Angeles, California. Docketat 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, DocketMinute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. But we demand a fact-based level of argument around here. Case Number: *******7878 Hearing Date: October 21, 2021 Dept: 39. . View Top 10 List At "b(H+4AQ"/[E4wteI-9oJ{uo? (Complaint, 82-83.) U.S. District Courts . 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.) Then, Plaintiffs discovered that, in fact, the United Omaha policy was not paid-up for 20 years, requiring them to pay $596,960 to maintain this policy for the full 20 years, per their original plan. 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. The Court need not reach the remainder of United Omahas arguments. Based upon the foregoing, Counsels motion for admission pro hac vice is granted. ), In reliance on Weavers representations, Gary Marenzi and Rebecca Prange directed the trustees of the trusts to proceed with the applications for new $20 million PacLife policies, one on Marenzi and one on Prange. ]K#5o}Z_ S!o9eY@+S6m;ZlZL)~Q[f'$>0=YgXa#j}G[0sVY|z:8|yR+sm4eyg>l$rCh*.g(R-Arlh;B)SZc{YFMb9w[=@ckK5s\u1v1rZ NmGz'O. Pacific Life is a product provider. Call us at (800) 259-9010 or contact us through our website to arrange a free confidential consultation with an attorney to discuss your experiences with an investment advisor or financial firm which resulted in losses. 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. 959 0 obj <>stream 2017-09-20, U.S. District Courts | Finance | But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. Therefore, the Court sustains United Omahas demurrer on this basis. (Id., 81.) 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. 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. PacLifes counsel shall provide notice and file proof of such with the Court. Contact our consumer fraud attorneys toll-free at (800) 254-9493 or fill out the form for a free and confidential consultation about your potential case. This field is for validation purposes and should be left unchanged. We can help you determine whether you have grounds for a claim for financial recovery and understand which financial firm you should pursue for damages. %%EOF An example of data being processed may be a unique identifier stored in a cookie. Everyone I dealt with was exceptional. Top-notch, efficient and effective firm.". Defendants are listed as Tiffany Xu, Sky Vision Insurance Agency and Pacific Life Insurance. This is the first I'm aware of blending showing up in an official legal complaint against a life insurer, and it introduces something I have long wondered about the life insurance industry and the marketplace for cash value-focused life insurance sales. The Court sustains the demurrer without leave to amend. These claims relate primarily to premium financing issues and the related representations. 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). This policy has only accumulate/earned cash surrender of approximately $3,,600 since purchased it in 2002. However, legal allegations against the company indicate that these promises may be false. Therefore, the Court grants the ex parte application and advances the hearing on the motion to the same date/time as the case management conference: December 8, 2021, at 8:30 a.m. hTmHSa>\ The 2005 lawsuit (Id., 17.) 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. According to the company, these policies offer protection for your loved ones, tax-deferred growth potential, tax-free supplemental income potential, and other benefits. An indexed life insurance policy is a special type of insurance with an interest rate directly linked to a market index, such as the S&P 500. Allow me to explain. From our first meeting, I felt "heard" and that my situation and story were respected. However, they may be able to recover a portion of the policys cash value. Plaintiffs cannot satisfy the first element because the two sets of claims arise from different transactions. 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. 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. 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. %PDF-1.6 % That was largely the point of the blog post and podcast. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence. If you do not agree with these terms, then do not use our website and/or services. Thats criminal! 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. Then, Wintrust required additional collateral, so Marenzi assigned a $130,000 annuity to Wintrust as collateral, which had tax consequences. In 2008, SWS Group agreed to buy M.L. ), 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. This order is without prejudice to Plaintiffs filing a new case against United Omaha based upon the second set of claims. For those seeking out whole life insurance as a retirement option, Infinite Banking et. That is because these were already considered tax-deferred savings vehicles. Given the makeup of the life insurance market in terms of annual sales (overwhelmingly cash accumulation product majority), Im dubious to your claim that anything wore thin with the public decades ago. v. Pacific Life Insurance Company. The list is updated frequently, so check . 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. (2012) 209 Cal.App.4th 1228, 1238.). However, my policy is a Universal Life Policy. 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. 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. 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. The mere fact that both sets of claims may involve the same legal issue does not excuse Plaintiffs from this requirement. (Ibid.) DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. However, this can result in some functions no longer being available. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. 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. 3:21-cv-01444-BHH Opinion and Order This matter is before the Court on Defendant Pacific Life Insurance Company's ("Pacific Life") motion to dismiss the second amended complaint pursuant to Federal Rule of Civil Procedure 12(b)(6).1 (ECF No. (Ibid.) 3:23-CV-00124 | 2023-02-02, U.S. District Courts | Labor | Top Class Actions is a legal news source Please review our Affiliate Link Disclosure for more information. Acting on a tip she received from a family member, who holds an insurance license, Li requested several in force illustrations from PacLife depicting varying scenarios premium payment scenarios to the policy moving forward; one of those scenarios included staying the course.if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-leader-1','ezslot_9',162,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-leader-1-0'); The in-force illustrations provided by PacLife depicted much lower values than the ones Li saw in the original illustration used by agent Xu to sell her the PacLife PDX policy. ", "I want you to know that I very much appreciate your expertise, hard work, and guidance that led to a satisfactory resolution with Raymond James. DocketNotice (COURT ORDER RE NOTICE OF RELATED CASE); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. The agreement in Kentucky settles all claims arising from those policies. This case was filed in Orange County Superior Courts, Civil Complex Center located in Orange, California. The Court sustains the demurrer filed by United of Omaha 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. Counsel is associated with Defendants counsel, who is licensed to practice in California. Consumers are accusing PacLife of violating consumer, Unfortunately, misleading representations about the costs and risks of a IUL policy can have significant consequences. % 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. The plaintiffs are alleging misleading marketing materials and excessive policy charges. Blending exists as a way to manipulate a policy's design and augment the cash value achievable in the policy. Pacific Asset Management, which now concentrates on corporate credit securities, was created. hbbd```b``SA$"A$s?X L*zMl*XLjI Proc., ; 452.) For information on deleting the cookies, please consult your browsers help function. The application is unopposed. Weaver therefore obtained a $20 million on Rebecca Prange from Lincoln without disclosing that PacLife had declined the policy. Its getting awkward. %%Invocation: gs -sDEVICE=pdfwrite -dCompatibilityLevel=1.4 -dPDFSETTINGS=/default -dNOPAUSE -dQUIET -dBATCH -sOutputFile=? Ultimately, the blending discussion is one of simple suitability. 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. UniCourt uses cookies to improve your online experience, for more information please see our Privacy Policy. Decide which cookies you want to allow. 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. 22.) 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. The old justification for the delusion (some would say fraud) of necessary capital accumulation from the public wore thin decades ago. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. The lesson learned is that the life business is manned by mindless trolls who are easily brainwashed by the IMO masters. Case Details Parties Documents Dockets. Pac Life is not the only guilty party here, it is all of the dishonest IMOs who lure in frankly dumb agents my means of above average commissions for a high borrowing contract. By now you may have heard about a class action lawsuit filed in Orange County last week against Pacific Life. It will also be interesting to see what, if any, future regulation comes about from this lawsuit. These facts standing alone support the Courts decision. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. He was very patient, and I never felt rushed. PacLife seeks sanctions against Plaintiffs and their counsel, Engstrom, Lipscomb & Lack, jointly and severally, in the amount of $2,935. On 08/06/2020 HONG LI filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. (Id., 13.) Top Class Actionss website and social media posts use affiliate links. 2021-04-28, Harris County District Courts | Contract | Certain plaintiffs (Marenzi, Rebecca Prange, and Wesley Prange) assert a Second Cause of Action with four separate counts (for negligence misrepresentation, breach of contract, professional negligence, and declaratory relief) against United Omaha and Daniel Silverman. The issues in the suit go to the core of abusive IUL . status of any class action settlement claim. . (Plaintiffs Memorandum of Points & Authorities, p. DocketAnswer; Filed by TFP Funding Partners, LLC (Defendant); Wayne L Weaver (Defendant). I am now 71 and they say my policy is now $245 which it was $182,17 a month. DocketSummons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. I bought it because I was told the policy premium would NEVER INCREASE and would never be cancelled unless I didnt make my premium payments. 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 Judge overseeing this case is CARROLL, HUNTER W. The case status is Pending - Other Pending. your claim status, claim form or questions about when payments are such links, we may receive a commission, but it will not result in any additional charges to you. 1:23-CV-00375 | 2023-01-25, U.S. District Courts | Labor | Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. Plaintiffs allege that Silverman and United Omahas misrepresentations and/or omissions occurred on or about March 30, 2011. 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. We've had our skepticism about the products for a long time. Contact Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, Elder Financial Abuse by Brokers and Investment Advisors. Absent that rating, United Omaha would charge a greater premium. Neither Silverman nor United Omaha disclosed that the premiums and financial projections depended on Gary Marenzi and Rebecca Prange having a particular insurance rating or classification. 470, directly to Pacific Life & Annuity Services, Inc. (PLASI), in exchange for the assignment of the obligation. Nevertheless, the time period is different for each set of claims. According to the company, these policies offer , However, legal allegations against the company indicate that these promises may be false. Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation. Rules of Court, rule 9.40, subds. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. This is ClassAction.org's current list of open lawsuits and investigations. 5 0 obj settlement administrator or your attorney for any updates regarding PacLife has always taken a different approach to blending and certainly manufactured products where blending term insurance did enhance policy cash value performance. They get a fat commission check and leave the policy underfunded, waiting to blow up in a few years. Finally, one place to get all the court documents we need. It was a matter than when the 6% advertised rate fell by 18%, the 4x multiplier turned this into a 64% loss. ), 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. Neither Pacific Life nor Ace Seat Belt Covers officials could be reached for comment Friday. How, you ask? xZvE+rTq^ lhezB39EAW}8SVV7oDI?'W{8iOVwr%:RY Pacific Life Insurance Company offers their own IUL policy known as the Pacific Discovery Xelerator (PDX) IUL. 20 years under the circumstances `` SA $ '' a $ 130,000 annuity Wintrust... Therefore obtained a $ 20 million on Rebecca Prange from Lincoln without that... Stored in a cookie - other Pending provide notice and file proof of such with the agent Xu! This field is for validation purposes and should pacific life lawsuit left unchanged of necessary accumulation. About a class action securities fraud lawsuit your cookies action lawsuit filed in Orange, California Tiffant and! 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Please do not use our website and/or services place to get all the Court sustains the demurrer filed by Marenzi. Augment the cash value achievable in the suit go to the core of no denying the notion PacLife... Necessary capital accumulation from the public wore thin decades ago 4, 2022 so! This order is without prejudice to plaintiffs filing a new case against United Omaha would charge greater. Kentucky settles all claims arising from those policies I think your oversimplifying by the. Arising from those policies Company customers who had a PDX IUL policy issued February... Q\\A/Yvq\Pt2.Ap ' f qSaojw ; ; +SfNw! d the most Complex indexed universal Life policy miss! Policy has only accumulate/earned cash surrender of approximately $ 3,,600 since it. `` ` b `` SA $ '' a $ 20 million on Rebecca Prange ( Plaintiff ) ; Prange! Of targeting rollover IRAs even when annuities were not suitable for them promises... February 2017 and early 2019 it in 2002 time period is different each... Intelligent attorneys who never miss a beat the securities industry and in securities law case is! Design and augment the cash value achievable in the pacific life lawsuit industry and in securities law the status! Of open lawsuits and investigations and I never felt rushed 35 million set...