The U.S. District Court for the Southern District of Florida dismissed Aug. 22 several claims brought against Pacific Life Insurance Co. that arose from the insurer’s sale of individual life insurance policies for use in an employer-sponsored defined benefit plan under tax code Section 412(i) that was determined to be an abusive tax shelter (Zarrella v. Pacific Life Insurance Co., S.D. Fla., 0:10-cv-60754-JIC, 8/22/11).
Judge James I. Cohn dismissed with prejudice five fraud-based claims that Larry Zarrella brought against Pacific Life, finding that Zarrella’s second amended complaint failed to plead the justifiable reliance element needed for fraud-based claims. ...
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