Allianz said on Wednesday that it was fielding a request for information from the U.S. Securities and Exchange Commission over a series of funds that suffered sharp losses amid the coronavirus-led market meltdown earlier this year and are the subject of an investor lawsuit.
The funds in question are Allianz’s “Structured Alpha” hedge funds managed by Allianz Global Investors. Allianz made the disclosure in its earnings report.
In July, the Arkansas Teacher Retirement System filed a lawsuit in a Manhattan court to recover losses of least $774 million in the first quarter of 2020 for the funds.
Allianz said the case was “legally and factually flawed,” but that it expects that other investor suits may emerge.
Allianz said it was fully cooperating with SEC’s request for information about the Structured Alpha funds.
(Reporting by Tom Sims and Alexander Huebner, editing by Thomas Seythal)
Photograph: U.S. Securities and Exchange Commission building in Washington, D.C. on July 13, 2020. Photo credit: Bill Clark/CQ Roll Call via AP Images.
Topics Lawsuits
Was this article valuable?
Here are more articles you may enjoy.
Senators Launch Probe Into Demotech’s Ratings in Florida 
Aon Adds to List of Brokers Suing Howden US for Alleged Poaching, Theft 
Twice Injured Firefighter Loses Second Workers’ Compensation Claim 
Head of EEOC Urges White Men to Report Discrimination 
