Wishnev

ORDER DENYING DEFENDANT’S MOTION TO DISMISS FIRST AMENDED COMPLAINT

Docket No.

I. INTRODUCTION

Plaintiff Sanford Wishnev (“Wishnev”) filed this lawsuit against Defendant the Northwestern Mutual Life Insurance Company (“Northwestern Mutual”), asserting that Defendant violated California’s usury law by charging him compound interest on life insurance policy loans, without Plaintiffs written agreement that interest would be compounded. Compl. ¶ 1. Pending before the Court is Northwestern Mutual’s motion to dismiss Plaintiffs First Amended Complaint (“Compl.”) on the grounds that (1) Plaintiff lacks standing because he did not allege that he paid compound interest; (2) insurers such as Northwestern Mutual have been exempted from the usury law pursuant to article XV of the California Constitution and California Insurance Code section 1100.1. Cal. Const., art. XV, § 1; Cal. Ins. Code § 1100.1 ; and (3) Plaintiff signed an agreement with Northwestern Mutual stating that interest on policy and premium loans would be compounded. Docket No. 20 at 1 (“MTD”). For reasons stated below, the motion is DENIED.

II. FACTUAL & PROCEDURAL BACKGROUND

Plaintiff Sanford Wishnev is a California…