Wells Fargo Bank, National Association v. Transamerica Life Insurance Company

I. INTRODUCTION

Plaintiff Wells Fargo Bank, National Association (“Wells Fargo”) filed this action against defendant Transamerica Life Insurance Company on August 5, 2019. Dkt. 1. Wells Fargo alleges that Transamerica wrongfully increased the monthly deduction rates (‘MDRs”) of certain universal life insurance policies in violation of the terms of the policies and various states’ laws. Id. Transamerica filed the operative first amended complaint on October 28, 2019. Dkt. 22 (“FAC”). The FAC asserts claims for: (1) breach of contract: (2) contractual breach of the implied covenant of good faith and fair dealing; (3) violation of the Pennsylvania Insurance Bad Faith Statute (“Section 8371”); (4) violation of California’s Unfair Competition Law (“UCL”): (5) violation of the Connecticut Unfair Trade Practices Act (“CUTPA”):; (6) conversion; and (7) declaratory relief. See generally id. Transamerica filed a motion to dismiss the FAC on November 22, 2019. Dkt. 23-1 (“Mot.”). Wells Fargo filed an opposition on December 20, 2019. Dkt. (“Opp.”). Transamerica filed a reply on January 10, 2020. Dkt. 26 (“Reply”). The Court held a…