Pacific Life

Founded in 1868, Pacific Life is an American insurance company with $191B in assets. Originally called Pacific Mutual Life, in 1997, the company changed its name to Pacific Life Insurance Company (PLIC) and adopted the humpback whale as its logo. The firm became a “mutual” life company owned by its shareholders.

Pacific Life provides annuities, life insurance products, mutual funds, and different kinds of investment products and services. The firm offers these investment products to persons, pension funds, and businesses. Pacific Life & Annuity Company is an affiliate of the investment firm.

Shepherd Smith Edwards and Kantas (SSEK Law Firm at represents investors of Pacific Life products that have suffered investment losses. These losses may have been a result of unsuitability, misrepresentations and omissions, overconcentration, and other types of financial advisor negligence.

Key Acquisitions During the Company’s Long History 1971: Pacific Investment Management Company Launched

In 1972, the investment management subsidiary, Pacific Investment Management Company (PIMCO), was launched. In 1994 it became a publicly-traded company that managed fixed-income securities. Allianz acquired PIMCO in 2000.

2007: Pacific Asset Management Created

Pacific Asset Management, which now concentrates on corporate credit securities, was created.

Over the years, Pacific Life acquired many broker-dealers including Mutual Service Corporation, Associated Securities Corporation, M.L. Stern and Company, as well as a majority interest in United Planners Financial Services of America.

The insurer also acquired Tower Asset Management and Sorrento Pacific Financial. 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. In 2008, SWS Group agreed to buy M.L. Stern.

Firm’s Products Sold By Brokerage Firms and Other Financial Institutions to Customers

Pacific Life is a product provider. Its annuities and other products are sold by independent financial professionals who associate with brokerage firms, banks, financial planning firms, and other financial institutions.

If you have suffered significant investment losses involving a Pacific Life annuity or another kind of product, you must speak with a skilled securities attorney. 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. You will have to make your claim through FINRA arbitration.

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.

Examples of Claims Involving Pacific Life

According to the firm’s 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.

  • 2020: Pacific Life Insurance Company was the defendant in a class action securities fraud lawsuit. This lawsuit was filed on behalf of Californians who purchased Pacific Discovery Xelerator IUL life insurance policies. The plaintiffs are alleging misleading marketing materials and excessive policy charges.

  • 2005: In this class action lawsuit, Pacific Life and its sales team were accused of securities fraud. They allegedly did not disclose that tax deferral advantages in their annuity products could be considered superfluous in retirement plans. That is because these were already considered tax-deferred savings vehicles. The insurer was also accused of targeting rollover IRAs even when annuities were not suitable for them.

SSEK Law Firm believes that filing your own individual FINRA arbitration claim, rather than joining a class action, increases your chances for maximum recovery. Having your own skilled securities lawyers fighting for your recovery and protecting your legal rights is integral. We recommend this because the brokerage firm you are pursuing for damages will have their own legal team fighting for them.

Pacific Life Products Resources

Wondering if you have grounds for a FINRA arbitration claim after suffering losses from Pacific Life products? Here is a list of resources to help you determine whether you have a legal case:

Knowledgeable Annuities and Mutual Fund Attorneys

SSEK Law Firm works with retail investors, institutional investors, and high-net-worth individual investors. Over the years, our experienced investor lawyers have collectively recovered many millions of dollars on behalf of thousands of clients.

To request your free, no-obligation case assessment, call (800) 259-9010 or contact SSEK Law Firm online.

Shepherd Smith Edwards & Kantas LTD LLP Law Firm Provides Counsel for Claims Against Pacific Life
Team Photo

Our law firm represents institutional and individual investors nationwide with significant losses in their portfolios, retirement plans and investment accounts. Our attorneys and staff have more than 100 years of combined experience in the securities industry and in securities law. Several of our lawyers served for years as Vice President or Compliance Officer of brokerage firms.

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. Each attorney at our firm has experience representing investors in securities arbitration claims and/or lawsuits. We have handled more than thousand cases against hundreds of large and small brokerage firms, including against life insurance subsidiaries.

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.

Client Reviews
"I am going to miss conversations with you, Sam Edwards. You’ve been a wonderful lawyer and a friend. I loved learning legal jargon from you. But, even more, it is your self-respect and commitment to your position that I admire and your persistent patience-your equanimity. With great appreciation, thank you!" M.B.
"My experience with Ryan Cook has been very positive. Through every step of the litigation he explained what to expect to happen. When I spoke with him later he reviewed the process. He was very patient, and I never felt rushed. I have already told friends how wonderful he is." L.R.
"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. From our first meeting, I felt "heard" and that my situation and story were respected. Every subsequent interaction I had with any of you - in person, via email, or by phone - only corroborated that feeling. 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. I will be forever grateful." M.L.
"Good positive experience. Guided us through a difficult process and was pleased with the outcome. Everyone I dealt with was exceptional." A.G.
"Good intelligent attorneys who never miss a beat. I set my expectations high, and they delivered above and beyond. Do not miss the opportunity to let SSEK represent you. Top-notch, efficient and effective firm." S.M.
Contact Us
  1. 1 Free Consultation
  2. 2 No Recovery, No Fee
  3. 3 Over 100 Years Experience

Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation.