Milwaukee Pension Fund Sues Allianz Over $286M Loss

Law360 (October 16, 2020, 10:00 PM EDT) -- A pension fund for Milwaukee city employees sued Allianz Global Investors in Wisconsin federal court Friday, claiming the investment manager took a self-interested gamble early in the pandemic that cost the workers hundreds of millions of dollars of their pension savings.

In its complaint, the Employees' Retirement System of the City of Milwaukee, or CMERS, told the court that AllianzGI's "negligent mismanagement" of the so-called Alpha Funds caused the pension fund to lose at least $286 million on its investments.

Instead of adhering to the Alpha Funds' investment mandate, which called for the funds to be "market-neutral" and protected against downsides,...

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