A U.S. investment arm of Europe’s largest insurer, Allianz SE, has pled guilty to securities fraud. The firms will pay roughly $6 billion in penalties and restitution for investors who suffered losses when some of the subsidiary’s hedge funds tanked during the March 2020 market selloff.
Allianz's settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission are among the largest in corporate history. Investors have also filed more than two dozen lawsuits against Allianz over the Structured Alpha funds.
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