Allianz cooperating as DOJ probes Structured Alpha Funds

 Allianz cooperating as DOJ probes Structured Alpha Funds

FRANKFURT (Reuters) -The U.S. Department of Justice has begun an investigation relating to Allianz Global Investors’ Structured Alpha Funds, following litigation pending in U.S. courts on the matter, German insurer Allianz said on Sunday.

Pension funds for truck drivers, teachers and subway workers have lodged lawsuits in the United States against Allianz Global Investors, one of the world’s top asset managers, for failing to safeguard their investments during financial market instability during the coronavirus pandemic.

Market panic around the virus resulted in billions of dollars in losses last year, hitting many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.

Allianz said that its Allianz Global Investors unit has received a voluntary request for documents and information from the Department of Justice (DOJ) and that Allianz is fully…

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