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Allianz settles law suit for hedge fund failures

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Allianz SE has settled a law suit filed by a group of investors over the failure of the company’s US-based Structured Alpha hedge funds, according to a report by Bloomberg.

Blue Cross and Blue Shield Association and Raytheon Technologies pension systems, who claimed they lost billions of dollars as a result of the fund failures, filed requests for dismissal with a judge after agreeing to a settlement with Allianz SE. The settlement is also believed to cover over 20 public pension funds, including the Arkansas Teacher Retirement System and the Employees’ Retirement System of the City of Milwaukee.

The company earlier in March took a USD4.2 billion charge to cover the settlements and related regulatory investigations.

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