Anyone who purchased a Pacific Discovery Xelerator indexed universal life insurance policy in California between 2016 and 2019 could be eligible for a piece of a $58 million settlement.
Pacific Life Insurance Co. recently agreed to the settlement in a class-action lawsuit filed in June 2021 in California Superior Court for Orange County. Plaintiff Abigail Mamboleo accused Pacific Life of using misleading illustrations to sell PDX policies.
These illustrations allegedly showed inflated profitability, causing policyholders to pay “hidden costs that essentially eliminate the value in the PDX Policies,” the class action lawsuit said…