Allianz U.S. Unit Ordered to Pay $6B in Securities Fraud Case

July 18, 2023 by Bob Van Moris

ANew York judge ordered a unit of Allianz SE to pay about $6 billion as punishment for misrepresenting the investment risk posed by a group of hedge funds that collapsed amid market fluctuations caused by the Covid-19 pandemic.

U.S. District Judge Colleen McMahon imposed the sentence Wednesday in Manhattan on Allianz Global Investors U.S., which had agreed to the payout last year when it pleaded guilty to a single criminal charge of securities fraud as part of a deal with federal prosecutors.

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Originally Posted at ThinkAdvsior on July 12, 2023 by Bob Van Moris.