Convicted Allianz Unit Accused Of Bilking Retail Investors

By Stewart Bishop (May 25, 2022, 8:26 PM EDT) -- Following the bombshell guilty plea last week by Allianz Global Investors U.S. and more than $6 billion in financial penalties, the beleaguered asset manager on Tuesday was hit with a proposed securities class action in California federal court claiming it defrauded retail investors.

It appears to be the first class action to be filed after AGI, a unit of Germany's Allianz SE, last week pled guilty to securities fraud and settled with the U.S. Securities and Exchange Commission in connection with a group of multibillion-dollar investment funds called "Structured Alpha," which tanked amid market volatility during the COVID-19 pandemic.

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