Allianz is close to agreeing settlements with the major investors in its failed Structured Alpha hedge funds, which failed during the early days of the global pandemic, according to a report by Bloomberg.
Allianz is close to agreeing settlements with the major investors in its failed Structured Alpha hedge funds, which failed during the early days of the global pandemic, according to a report by Bloomberg.
Speaking in an interview on Bloomberg TV, Chief Financial Officer Giulio Terzariol, said: “We achieved an agreement with the majority of the investors. There are still ongoing conversations with remaining plaintiffs. We are in conversations with the US Department of Justice, and this conversation is very constructive.”
Blue Cross & Blue Shield and New York’s Metropolitan Transportation Authority as well as other pension funds are among the investors to have brought multiple lawsuits against Allianz over the failure of the funds, leading the German insurer to last week announce that it would take a EUR3.7 billion charge in relation to the legal action and regulatory investigations.
