Allianz: $6bn Structured Alpha litigation settlement in US

(CercleFinance.com) - Allianz announced last night that it would pay nearly six billion dollars to settle criminal litigation related to its Structured Alpha investment fund.


The German insurer said that it had reached a settlement with the Department of Justice and the Securities and Exchange Commission (SEC), which had launched an investigation into the actions of the fund's managers.

Allianz, which says it pleaded guilty in the case, stresses that the criminal behaviour was limited to a few employees who are no longer at the company.

In detail, Allianz will pay 174 million dollars to the Department of Justice and 675 million dollars to the SEC, in addition to some five billion dollars in compensation paid to investors in the Structured Alpha fund.

The group says that these amounts have already been provided for in its 2021 annual accounts and its first quarter financial results.

Allianz shares are down just 0.5% on this news, underperforming the market in Frankfurt, which is just about keeping afloat.



Copyright (c) 2022 CercleFinance.com. All rights reserved.